Document:

Exhibit 10.1b

	
CONFIDENTIAL INFORMATION CONTAINED IN THIS EXHIBIT HAS BEEN OMITTED FROM PUBLIC FILING PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT SUBMITTED TO THE U.S. SECURITIES AND EXCHANGE COMMISSION.  THE OMITTED INFORMATION, WHICH APPEARS ON 2 PAGES OF THIS
EXHIBIT AND HAS BEEN IDENTIFIED WITH THE SYMBOL “****,” HAS BEEN FILED SEPARATELY WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

EXECUTION COPY

NEITHER THE OFFER OR SALE OF THE WARRANTS REPRESENTED BY THIS WARRANT TO PURCHASE COMMON STOCK NOR THE OFFER OR SALE OF THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.  SUCH SECURITIES MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, (2) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (3) FOR OFFERS, SALES, PLEDGES AND TRANSFERS NOT IN VIOLATION OF THE RESTRICTION AND RIGHT OF FIRST OFFER SET OUT IN SECTIONS 4.2 AND 4.3 HEREOF, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE STATE
SECURITIES LAWS AND THE SECURITIES LAWS OF OTHER JURISDICTIONS, AND IN THE CASE OF A TRANSACTION EXEMPT FROM REGISTRATION, UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER
THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS OR THE COMPANY HAS RECEIVED FROM THE HOLDER REASONABLE ASSURANCE THAT THE SECURITIES CAN BE SOLD, ASSIGNED OR TRANSFERRED PURSUANT TO RULE 144 UNDER THE SECURITIES ACT.  SUBJECT TO SECTION 4.2. 
HEREOF, NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

EXPRESSJET HOLDINGS, INC.

WARRANT TO PURCHASE COMMON STOCK

            THIS WARRANT TO PURCHASE COMMON STOCK (this “Warrant”) is issued on February 17, 2010 (the “Issue Date”) and certifies that, for value received, United Air
Lines, Inc., a Delaware Corporation (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the Issue Date until 5:00 p.m. central time on the
Expiration Date  as defined in 0, (such time on such date, the “Termination Time”), to subscribe for and purchase from ExpressJet Holdings, Inc., a Delaware corporation (the “Company”), 2,700,000 fully paid and
nonassessble shares of Common Stock of the Company  (the “Warrant Shares”). The purchase price of each of the Warrant Shares shall be as provided in 0.

ARTICLE I

DEFINITIONS; CONSTRUCTION

            Section 1.1       Definitions.  As used herein, the following terms shall have the following respective meanings:

            “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms
are used in and construed under Rule 405 under the Securities Act.

                        “Aggregate Exercise Price” has the meaning set forth in Section 2.1(a).

                        “Alternative Consideration” has the meaning set forth in Section 3.2.

            “Block Trade” means a transaction proposed to be effected other than through an exchange that is registered as national securities exchange pursuant to Section 6 of the Exchange
Act.

                        “Book Entry Recordation” has the meaning set forth in Section 2.3(a).

              “Business Day” means any day except any Saturday, any Sunday, any day that is a federal legal holiday in the United States of America or any day on which banking
institutions in New York, NY or Chicago, IL are authorized or required by law or other governmental action to close.

                        “Cashless Exercise” has the meaning set forth in Section 2.4.

            “Closing Sale Price” means, for any security as of any date, the last closing trade price for such security on the Principal Market, as reported by Bloomberg, L.P.
(“Bloomberg”), or, if the Principal Market begins to operate on an extended-hours basis and does not designate the closing trade price, then the last trade price of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or, if
the Principal Market is not the principal securities exchange or trading market for such security, the last trade price of such security on the principal securities exchange or Trading Market where such security is listed or traded as reported by Bloomberg, or if the
foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security by Bloomberg, the average of the bid
prices, or the ask prices, of any market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.).

                        “Commission” means the United States Securities and Exchange Commission.

                        “Common Stock” means the common stock, par value $0.01 per share, of the Company.

                        “Company” has the meaning set forth in the Preamble.

                        “Company Material Contract” has the meaning set forth in Section 5.1.

                        “Competitor” has the meaning set forth in Section 4.2.

            “CPA” means that certain United Express Agreement, dated effective as of December 1, 2009, between ExpressJet Airlines, Inc. and the Holder.

            “Disposition” shall mean any sale, contract to sell, pledge, transfer, exchange or other disposition, whether directly or indirectly (including by merger, consolidation or
otherwise).

            “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

                        “Exercise Date” has the meaning set forth in Section 2.1(a).

                        “Exercise Price” has the meaning set forth in Section 2.2.

                        “Expiration Date” has the meaning set forth in Section 2.5.

                        “Fundamental Transaction” has the meaning set forth in Section 3.2.

                        “Holder” has the meaning set forth in the Preamble.

                        “Holder Material Contract” has the meaning set forth in Section 5.1.

                        “Issue Date” has the meaning set forth in the Preamble.

                        “Legend” has the meaning set forth in Section 2.3(a).

                        “NASDAQ” has the meaning set forth in Section 5.4.

                        “Notice Event” has the meaning set forth in Section 3.3(b).

                        “Notice of Exercise” has the meaning set forth in Section 2.1(a).

                        “Offer Price” has the meaning set forth in Section 4.3(a).

            “Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company,
government (or agency or subdivision thereof) or other entity of any kind.

                        “Principal Market” means The New York Stock Exchange.

                        “ROFO Contact Persons” has the meaning set forth in Section 4.3(a).

                        “ROFO Notice” has the meaning set forth in Section 4.3(a).

                        “ROFO Period” has the meaning set forth in Section 4.3(b).

                        “ROFO Securities” has the meaning set forth in Section 4.3(a).

                        “Rule 144” has the meaning set forth in Section 5.5.

            “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

                        “Subject Securities” has the meaning set forth in Section 4.2.

                        “Termination Time” has the meaning set forth in the Preamble.

                        “Trading Day” means a day on which the Principal Market is open for trading.

            “Trading Market” means any of the following markets or exchanges on which the Common Stock may be listed or quoted for trading on the date in question: the NYSE Alternext, the
NYSE Arca, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

            “Transfer Agent” means Mellon Investor Services, LLC, the current transfer agent of the Company, and any successor transfer agent of the Company.

                        “Warrant” has the meaning set forth in the Preamble.

                        “Warrant Register” has the meaning set forth in Section 4.4.

                        “Warrant Shares” has the meaning set forth in the Preamble.

            Section 1.2       Construction  Unless the context requires otherwise: (a) the gender of all words used in this Agreement includes the masculine, feminine
and neuter; (b) the singular forms of nouns, pronouns and verbs shall include the plural and vice versa; (c) all references to Articles and Sections refer to articles and sections in this Agreement, each of which is made a part for all purposes; (d) the terms
“include” and “includes” mean “includes, without limitation,” and “including” means “including, without limitation,”; (e) all Article and Section headings in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof; and (f) the words “hereof,” “herein” and “hereunder” and words of similar import, when
used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement.

ARTICLE II

EXERCISE

            Section 2.1       Exercise of Warrant

            Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Issue Date and before the Termination Time by delivery to the
principal office of the Company  of (i) this Warrant, (ii) a fully completed (including whether the Holder is electing a Cashless Exercise pursuant to 0) and duly executed facsimile copy of a notice of exercise in the form of the Notice of Exercise attached
hereto as Exhibit A (a “Notice of Exercise”) and (iii) if such Notice of Exercise does not properly indicate that the Holder is making a Cashless Exercise, payment by wire transfer or cashier’s check drawn on a United States bank of an amount
equal to the product resulting from the multiplication of then-current Exercise Price by the number of Warrant Shares being so exercised (the “Aggregate Exercise Price”).  The date on which the Holder completes the actions set out in clauses
(i), (ii) and (iii) of the immediately preceding sentence shall be referred to as the “Exercise Date” with respect to the Warrant Shares that are the subject of that Notice of Exercise. 

            Section 2.2.      Exercise Price.  The exercise priceper Warrant Share shall be $0.01, subject to adjustment pursuant to
Article III (the “Exercise Price”).

            Section 2.3       Mechanics of Exercise.

                        (a)        Legended Certificates; Book Entry
Restrictions.  As soon as practicable after the exercise of this Warrant in accordance with the terms hereof, at the election of the Holder, the Company shall (i) issue or cause to be issued a certificate or certificates evidencing the Warrant Shares to
which the Holder is entitled, in fully registered form, registered in such name or names as may be directed by the Holder, or (ii) if the Common Stock is then eligible for registration pursuant to a direct registration system or other “book entry” system,
cause such Warrant Shares to be issued in uncertificated form and registered in such direct registration system or other “book entry” system (the “Book Entry Recordation”).  If certificates are issued pursuant to clause (i) above, 
such certificate(s) shall (x) bear an appropriate legend referring to the restrictions set forth in Sections 4.2  and 4.3 and the fact that such Warrant Shares were sold in reliance upon the exemption from registration under the Securities Act provided by
Section 4(2) thereof and applicable rules promulgated thereunder (the “Legend”) and (y) be transmitted by the Transfer Agent to the Holder by physical delivery to the address specified by the Holder in the Notice of Exercise no later than three Trading
Days after the Exercise Date. If certificates are issued pursuant to clause (ii) above, stop transfer instructions and other appropriate restrictions reflecting the Legend shall be established with respect to the Book Entry Recordation.  On the Exercise Date,
the Holder shall be deemed for all purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the certificates or the date of the Book Entry Recordation evidencing
such Warrant Shares.

                        (b)        Delivery of New Warrant Upon Partial Exercise.  If this Warrant
shall have been exercised in part, the Company shall, at the time of delivery of the certificate or certificates representing Warrant Shares or immediately after the Book Entry Recordation, deliver to the Holder a new Warrant To Purchase Common Stock evidencing the
rights of the Holder to purchase the then-unpurchased Warrant Shares called for by this Warrant, which new Warrant To Purchase Common Stock shall in all other respects be identical with this Warrant.

                        (c)        No Fractional Shares or Scrip.  No fractional shares or scrip
representing fractional shares shall be issued upon any exercise of this Warrant. As to any fraction of a share of Common Stock that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at the Holder’s election in the Notice
of Exercise, either (i) pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the Closing Sale Price of the Common Stock or (ii) round up to the next whole share.

                        (d)        Charges, Taxes and Expenses.  Issuance of certificates for Warrant Shares
or the Book Entry Recordation shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate or recordation, all of which taxes and expenses shall be paid by the Company, and such
certificates shall be issued (or such recordation shall be made) in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event certificates for Warrant Shares are to be issued (or the Book Entry Recordation
is to be made) in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B, duly executed by the Holder, and the Company may require, as a condition to issuance or
recordation in such case, the payment of an amount of cash sufficient to reimburse it for any transfer tax resulting from such issuance or recordation to a name other than the Holder.

                        (e)        Closing of Books.  The Company will not close its stockholder books or
records in any manner that would prevent or delay the timely exercise of this Warrant, pursuant to the terms hereof.

            Section 2.4       Cashless Exercise.  Notwithstanding anything to the contrary in this Agreement, the Holder may, in its sole discretion, exercise this
Warrant in whole or in part and, in lieu of making the payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”):

                        Net Number  =  (B - C) x A

                                                           
B

            Where, for purposes of the foregoing formula,

                        A = the total number of shares of Common Stock with respect to which the Warrant is then being exercised;

                        B = the Closing Sale Price of the Common Stock on the date immediately preceding the date of the Notice of Exercise; and

                        C = the Exercise Price then in effect at the time of such exercise.

            Section 2.5       Expiration.  The Warrant shall terminate and become void as of the earlier of (a) the time and date this Warrant is fully exercised with
respect to all Warrant Shares pursuant to this Article II and (b) 5:00 p.m., central time, on the date of the expiration (with respect to all tranches of aircraft and including renewal terms) or earlier termination of the CPA (the “Expiration Date”);
provided that if the CPA is terminated due to any default or breach of the Company under Section A, B, C, D or E of Article XVI of the CPA, the Warrant shall not terminate or become void and shall continue in full force and effect until April 30, 2013.

ARTICLE III

CERTAIN ADJUSTMENTS

            Section 3.1       Stock Dividends and Splits.  In the event of changes in the outstanding Common Stock by reason of stock
dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares, separations, reorganizations, liquidations, consolidation, acquisition of the Company (whether through merger or acquisition of substantially all the assets or stock of
another Person in which the Company is the continuing entity), or similar transactions, the number, class and type of shares issuable upon the exercise of this Warrant and the Exercise Price shall be correspondingly adjusted to give the Holder, upon exercise for the
same aggregate Exercise Price, the total number, class, and type of shares or other property as the Holder would have received had this Warrant been exercised in full immediately prior to the event (or the applicable record date with respect thereto) and had the
Holder continued to hold such shares of Common Stock until such event requiring adjustment or such record date.  A new warrant shall be issued reflecting the adjustment according to this 0.

            Section 3.2       Fundamental Transaction.  If, at any time while this Warrant is outstanding, (i) the Company effects any
merger or consolidation of the Company with or into another entity, in which the shareholders of the Company as of immediately prior to the transaction own less than a majority of the outstanding stock of the surviving entity in such transaction, (ii) the Company
effects any sale of all or substantially all of its assets in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or another person or entity) is completed pursuant to which holders of Common Stock are permitted
to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other
securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock described in 0) (each, a “Fundamental Transaction”), then the Holder shall have the right thereafter to receive, upon exercise of
this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant
Shares then issuable upon exercise in full of this Warrant (the “Alternate Consideration”).  Any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant consistent with the foregoing
provisions and evidencing the Holder’s right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor or surviving entity to comply
with the provisions of this 0 and ensuring that this Warrant (or any such replacement security) shall be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

            Section 3.3       Notice to Holder

                        (a)        Notice of Adjustment.  Whenever the number of Warrant Shares or the
Exercise Price is adjusted pursuant to any provision of this 0, the Company shall promptly mail to the Holder a notice setting forth (i) the number of Warrant Shares or other securities issuable upon the exercise of this Warrant, (ii) the Exercise Price after such
adjustment and (iii) a brief statement of the facts requiring such adjustment and the computation by which such adjustment was made.

                        (b)        Other Events.  If (i) the Company shall declare a dividend (or any
other distribution in whatever form) on the Common Stock, (ii) the Company shall effect a redemption of the Common Stock, (iii) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class (including securities convertible into or exchangeable for any shares of capital stock) or of any rights, (iv) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock,
any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, (v) the Company
shall undertake or shall be aware of the pending consummation of a Fundamental Transaction or (vi) the Company shall authorize a voluntary or involuntary dissolution, liquidation or winding up of the Company (each, a “Notice Event”), then, in each
case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date
on which a record is to be taken for the purpose of such Notice Event, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such Notice Event are to be determined and (y) the date on which such Notice
Event is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such Notice
Event; provided, however, that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice.  The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of such notice to the effective date of the Notice Event triggering such notice.

ARTICLE IV

TRANSFER OF WARRANT

            Section 4.1       Transferability.  Subject to Sections 4.2 and 4.3 and applicable securities laws, this Warrant and all rights hereunder are transferable, in
whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written Assignment Form substantially in the form attached hereto as Exhibit B duly executed by the Holder or its agent or attorney, funds
sufficient to pay any transfer taxes payable upon the making of such transfer and upon the Holder and transferee providing to the Company any factual representations reasonably required by the Company to establish exemptions from the registration requirements of
applicable securities laws relating to such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations
specified in such Assignment Form, and shall issue to the Holder a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be canceled. Notwithstanding the foregoing provision for issuance of a new Warrant, a Warrant may be
exercised by a new holder to whom this Warrant has been properly transferred for the purchase of Warrant Shares without having a new Warrant issued.  

            Section 4.2       No Sales to Competitors.  Notwithstanding anything to the contrary in this Warrant or otherwise, the Holder covenants to the Company that
without the Company’s consent it shall not knowingly convey, assign or otherwise transfer, including through a total return swap or similar arrangement, either the Warrant or the Warrant Shares issued upon any exercise of the Warrant (the “Subject
Securities”) to any Person (a “Competitor”) directly (or through another entity owned or controlled by such Person) operating any airline or whose primary business relates to aircraft, engine or parts manufacturing or providing
maintenance or other services to airlines in the United States of America other than any wholly-owned subsidiary of the Holder or UAL Corporation; provided that the Holder may tender the Subject Securities in any tender or exchange offer made by a Competitor
or any of its Affiliates that has been recommended to the shareholders by the Board of Directors of the Company; provided, further, that the Holder may vote for or otherwise participate in a merger or other Fundamental Transaction involving the Company
and a Competitor if such transaction has been approved by the Board of Directors of the Company.

            Section 4.3       Right of First Offer.  

                        (a)        If the Holder desires at any time to make a Disposition of **** or more of the
Warrant Shares issued upon any exercise of the Warrant (subject to adjustment, if any, pursuant to Section 3.1) (the “ROFO Securities”) in a Block Trade, the Holder shall notify (the “ROFO Notice”)  all of the representatives of the
Company (the “ROFO Contact Persons”) by either email or fax and orally by calling such persons, in each case at the applicable email address, fax number and phone number listed on Exhibit C attached hereto during normal business hours.  The ROFO
Contact Person may be changed by the Company from time-to-time through the delivery of written notice to the Holder of such change.  The Holder shall advise the ROFO Contact Persons the number of ROFO Securities subject to the proposed Disposition and the price
of the proposed Disposition (the “Offer Price”).

                        (b)        After the receipt of the ROFO Notice by the ROFO Contact Persons by telephone,
the Company will have **** (****) hours (the “ROFO Period”) to determine whether it desires to purchase all, but not less than all, of the ROFO Securities subject to the ROFO Notice at the Offer Price.  If the Company elects to purchase the ROFO
Securities, it shall send an email to such effect to the email addresses of the Holder’s employees listed on Exhibit D within the ROFO Period (provided the offer has not been withdrawn pursuant to Section 4.3(c)), and such email confirmation shall be
irrevocable and shall constitute a binding obligation on the part of the Company to purchase the ROFO Securities at the Offer Price.

                        (c)        Notwithstanding anything to the contrary in this Agreement, prior to acceptance
by the Company, the Holder may withdraw the ROFO Notice at any time for any reason or no reason by either email or fax and orally by calling the ROFO Contact Persons in accordance with Exhibit C. After such withdrawal, the Holder shall have no further obligation to
offer or sell the ROFO Securities to the Company or any other person. 

                        (d)        If the Company elects not to purchase the ROFO Securities, it shall send an
email to such effect to the email addresses listed on Exhibit D attached hereto within the ROFO Period, and such email confirmation shall be irrevocable.  The email addresses of the Holder may be changed by the Holder from time-to-time through the delivery of
written notice to the Company of such change. If the Holder receives such email confirmation or no response from the Company at any of the email addresses listed on Exhibit D during the ROFO Period, the Holder will be free to make or not make a Disposition of such
ROFO Securities as the Holder deems appropriate in its sole discretion; provided, however, that such Disposition must be at a price not lower than ****% of the prevailing market price of the Common Stock and for no more or no fewer than the number of ROFO Securities
contained in the ROFO Notice.  For the avoidance of doubt, nothing contained in this Section 4.3 shall restrict the Holder’s ability to make a Disposition of fewer than **** of the Warrant Shares issued upon any exercise of the Warrant (subject to
adjustment, if any, pursuant to Section 3.1) in a Block Trade at any time and at any price in Holder’s sole discretion (even though such Warrant Shares were subject to a previous ROFO Notice).

                        (e)        In the event the Holder (i) withdraws the ROFO Notice, or (ii) despite the
Company’s election not to purchase the ROFO Securities, does not consummate the Disposition pursuant to the ROFO Notice as modified by the proviso in clause (d) above within three (3) business days of the Company’s election not the purchase the ROFO
Securities, the Holder shall not be permitted to consummate a Disposition of the Securities covered by the ROFO Notice without delivering an additional ROFO Notice to Company.  

                        (f)         Any ROFO Securities sold pursuant to this Section 4.3 by the Holder to
the Company shall be transferred free and clear of all liens and encumbrances.  Closing of the purchase of the ROFO Securities by the Company from the Holder shall occur within three (3) days following the ROFO Notice.  At the closing of such purchase, the
Company shall deliver the purchase price by wire transfer of immediately available funds to an account to be designated by the Holder and the Holder shall execute and deliver such assignments, bills of sale, and other documents, as reasonably requested by and in form
and substance reasonably satisfactory to the Company.

            Section 4.4       New Warrants.  This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company,
together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4.1 as to any transfer which may be involved in such division or
combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the initial issuance date set
forth on the first page of this Warrant and shall be identical with this Warrant except as to the names and the number of Warrant Shares issuable pursuant thereto.

            Section 4.5       Warrant Register.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the
“Warrant Register”), in the name of the Holder and permitted assignees from time to time. The Company may deem and treat the registered holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution
to the Holder, and for all other purposes, absent actual notice to the contrary.

            Section 4.6       Representation by the Holder.  The Holder, by the acceptance hereof, represents and warrants that: (a) it is
acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling this Warrant or such Warrant Shares or any part thereof in violation of the
Securities Act or any applicable state securities law; (b) it is knowledgeable, sophisticated and experienced in financial and business matters, in making, and is qualified to make, decisions with respect to investments in shares representing an investment decision
like that involved in the purchase of the Warrant and any exercise thereof, including investments in securities issued by the Company and comparable entities, and the Holder has undertaken an independent analysis of the merits and the risks of an investment in the
Warrant and the Warrant Shares based on the Holder’s own financial circumstances; (c) the Holder has had the opportunity to request, receive, review and consider all information it deems relevant in making an informed decision to purchase the Warrant and to ask
questions of, and receive answers from, the Company concerning such information; (d) the Holder will not, directly or indirectly, offer, sell, pledge (other than pledges in connection with bona fide margin accounts), transfer or otherwise dispose of (or solicit any
offers to buy, purchase or otherwise acquire or take a pledge of (other than pledges in connection with bona fide margin accounts)) the Warrant or the Warrant Shares, nor will the Holder engage in any short sale that results in a disposition of any of the Warrant or
the Warrant Shares by the Holder, except in compliance with the Securities Act and any applicable state securities laws; and (e) Holder is an “accredited investor” within the meaning of Rule 501 under the Securities Act.

            Section 4.7       Reliance on Exemptions.  The Holder understands that the Warrant is being offered and sold to it in reliance upon
specific exemptions from the registration requirements of the Securities Act and state securities laws and that the Company is relying upon the truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility of the Holder to acquire the Warrants.

ARTICLE V

CERTAIN REPRESENTATIONS, WARRANTIES AND COVENANTS

            Section 5.1       Representations and Warranties of the Company and the Holder. 

                        (a)        The Company represents and warrants that (i) the execution and delivery by the
Company of this Warrant and the performance of all obligations of the Company hereunder have been duly authorized by all necessary corporate actions on the part of the Company, (ii) the execution and delivery by the Company of this Warrant do not violate the
certificate of incorporation or the bylaws of the Company currently in effect, does not contravene any law or governmental rule, regulation or order applicable to the Company or any of its subsidiaries, and does not conflict with any provision of, or constitute a
default under, any material contract to which the Company or any of its subsidiaries is a party or by which it is bound (each a “Company Material Contract”), (iii) this Warrant constitutes a legal, valid and binding agreement of the Company, enforceable
in accordance with its terms, (iv) no material consent or approval of, giving of notice to, registration with, or taking of any other action in respect of, any state, federal or governmental authority or agency or any third party under any Company Material Contract,
is required with respect to the execution, delivery and performance by the Company of its obligations under this Warrant, (v) all issued and outstanding shares of Common Stock or any other shares of capital stock of the Company have been duly authorized and validly
issued and are fully paid and nonassessable, and were issued in full compliance with all federal and state securities laws, (vi) except as disclosed in the Company’s public filings with the Commission, there are no options, warrants, conversion privileges or
other rights presently outstanding to purchase or otherwise acquire any shares of the Company’s capital stock or other securities of the Company, (vii) no stockholder of the Company has preemptive rights to purchase new issuances of the Company’s capital
stock that have not been properly waived in connection with the issuance of this Warrant, and (viii) except as disclosed in the Company’s public filings with the Commission, there is no agreement between the Company and any holders of its securities under which
the Company has any obligations to register under the Securities Act any of its outstanding securities or any of its securities which may hereafter be issued.

                        (b)        The Holder represents and warrants that (a) the execution and delivery by the
Holder of this Warrant and the performance of all obligations of the Holder hereunder have been duly authorized by all necessary corporate actions on the part of the Holder, (b) the execution and delivery by the Holder of this Warrant do not violate the certificate
of incorporation or the bylaws of the Holder currently in effect, does not contravene any law or governmental rule, regulation or order applicable to the Holder or any of its subsidiaries, and does not conflict with any provision of, or constitute a default under,
any material contract to which the Holder or any of its subsidiaries is a party or by which it is bound (each a “Holder Material Contract”), (c) this Warrant constitutes a legal, valid and binding agreement of the Holder, enforceable in accordance with
its terms, and (d) no material consent or approval of, giving of notice to, registration with, or taking of any other action in respect of, any state, federal or governmental authority or agency or any third party under any Holder Material Contract, is required with
respect to the execution, delivery and performance by the Holder of its obligations under this Warrant.

            Section 5.2       Listing and Inclusion for Quotation.  The Company covenants and agrees to (a) if the Common Stock is then listed on the New York Stock
Exchange to list all Common Stock issued or issuable upon exercise of this Warrant on the New York Stock Exchange (in the case of such New York Stock Exchange listing, such listing shall occur promptly and in any event within 30 calendar days of the date of this
Warrant) or, if the Common Stock is not then listed on the New York Stock Exchange to list all Common Stock issued or issuable upon exercise of this Warrant on such other national securities exchange on which the Common Stock is then listed or (b) if the Common Stock
is not listed on a national securities exchange and the Common Stock is authorized for quotation on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) to cause all Common Stock issued or issuable upon exercise of this
Warrant to also be so authorized for quotation.

            Section 5.3       Reports.  For so long as this Warrant is outstanding, if at any time the Company is not subject to the requirements of Section 13 or
15(d) of the Exchange Act, the Company shall, upon the Holder’s request, make publicly available the information required by clause (d)(4) of Rule 144A under the Securities Act as promptly as reasonably practicable. 

            Section 5.4       Public Filings.  If the Holder proposes to sell the Warrant Shares in compliance with Rule 144 promulgated under the Securities Act, as
amended (“Rule 144”), then upon the Holder’s request to the Company, the Company shall furnish to the Holder, within 10 days after receipt of such request, a written statement confirming whether or not the Company is in compliance with the filings
requirements of the Commission as set forth in Rule 144; provided that if the Company is not in compliance with the filing requirements of the Commission as set forth in Rule 144, the Company shall use commercially reasonable efforts to cure such defects as promptly
as reasonably practicable.

            Section 5.5       Removal of Legend.  The Company agrees that upon the expiration of the applicable holding period under Rule 144 and the receipt of
written request from the Holder (including any supporting documents reasonably requested by the Company), the Company shall promptly (in any event within one Business Day of the receipt of such request) remove the Legend from the stock certificates relating to the
Warrant Shares or, in the case of direct registration or other book entry system, contact the Transfer Agent to revoke any stop transfer instruction previously given with respect to the Warrant Shares.

ARTICLE VI

MISCELLANEOUS

            Section 6.1       No Rights as Stockholder Until Exercise.  This Warrant, in and of itself, does not entitle the Holder to any voting rights, dividends or
other rights as a stockholder of the Company.

            Section 6.2       Loss, Theft, Destruction or Mutilation of Warrant.  The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which shall not include the posting of any bond), and upon surrender and cancellation
of such Warrant, if mutilated, the Company will make and deliver a new Warrant of like tenor and dated as of such cancellation, in lieu of such Warrant.

            Section 6.3       Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

            Section 6.4       Authorized Shares

                        (a)        Reservation of Shares.  The Company covenants that, at all times
during the period the Warrant is exercisable, it will reserve from its authorized and unissued Common Stock a sufficient number of shares to provide solely for the issuance of the Warrant Shares upon the exercise of this Warrant. The Company further covenants that
the issuance of this Warrant shall constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the exercise of this Warrant. The Company will take
all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The
Company covenants that all Warrant Shares which may be issued upon the proper exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges.

                        (b)        Certificate of Incorporation.  Except and to the extent as waived
or consented to by the Holder, the Company shall not by any action, including amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights
of the Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such
increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to
obtain all such authorizations, exemptions or consents under any material contracts binding on the Company or any of its assets and from any public regulatory body having jurisdiction thereof, as may be necessary to enable the Company to perform its obligations under
this Warrant.

                        (c)        Consents.  Before taking any action that would result in an
adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price pursuant to Article III hereof, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any
public regulatory body or bodies having jurisdiction thereof.

            Section 6.5       Jurisdiction.  This Warrant shall be governed by and construed and enforced in accordance with, and all questions concerning the
construction, validity, interpretation and performance of this Warrant shall be governed by, the internal laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Delaware or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Delaware.

            Section 6.6       Restrictions.  The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon
resale imposed by state and federal securities laws.

            Section 6.7       Nonwaiver and Expenses.  No course of dealing or any delay or failure to exercise any right hereunder on the part of either party hereto
shall operate as a waiver of such right or otherwise prejudice the other party’s rights, powers or remedies. Without limiting any other provision of this Warrant, if one party willfully and knowingly fails to comply with any provision of this Warrant, which
results in any material damages to the other party, the first party shall pay to the other party such amounts as shall be sufficient to cover any costs and expenses including reasonable attorneys’ fees, including those of appellate proceedings, incurred by the
other party in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

            Section 6.8       Notices.  Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be
delivered in accordance with the notice provisions of the CPA.

            Section 6.9       Limitation of Liability.  No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

            Section 6.10     Remedies.  Each of the Holder and the Company, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant.  Each of the Holder and the Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

            Section 6.11     Successors and Assigns.  Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the
benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of the Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be
enforceable by the Holder or holder of Warrant Shares.

            Section 6.12     Amendment.  This Warrant may not be modified or amended or the provisions hereof waived without the written consent of the Company and the
Holder.

            Section 6.13     Severability.  Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of
this Warrant.

            Section 6.14     Survival.  All agreements, representations and warranties contained in this Warrant or in any document delivered pursuant hereto shall be for the benefit
of the Holder or the Company, as the case may be, and shall survive the exercise and the expiration or other termination of this Warrant.

[Signature Page Follows] 

            IN WITNESS WHEREOF, the parties have caused this Warrant to be executed by their officers thereunto duly authorized as of the date first above indicated.

                                                                       
EXPRESSJET HOLDINGS, INC.

                                                                       
By: /s/ Phung Ngo-Burns                                 

                                                                                   
Phung Ngo-Burns

                                                                                   
Vice President & Chief Financial Officer

                                                                       
UNITED AIR LINES, INC.

                                                                       
By:  /s/ Kathryn A. Mikells______________

                                                                                   
Kathryn A. Mikells

                                                                                   
Executive Vice President &

                                                                                   
Chief Financial Officer

EXHIBIT A

NOTICE OF EXERCISE

            The undersigned is the Holder of that certain Warrant to Purchase Common Stock issued by ExpressJet Holdings, Inc., a Delaware corporation (the “Company”) on January [●],
2010 (the “Warrant”).  Capitalized terms used in this Notice of Exercise but not defined herein shall have the meanings ascribed to such terms in the Warrant. 

            Pursuant to the terms of the attached Warrant (which is required to be attached only if exercised in full), the undersigned Holder hereby notifies the Company that it elects to purchase:

                        [●] Warrant Shares and tenders herewith payment of the exercise price in full, together with all applicable transfer
taxes, if any;

                                    OR

                        [●] Warrant Shares in a Cashless Exercise pursuant to 0, together with all applicable transfer taxes, if
any.

            The undersigned Holder hereby notifies the Company that it elects to:

                        [●] receive cash for fractional shares;

                                    OR

                        [●] round up for fractional shares.

            The undersigned Holder directs the Company to issue a certificate or certificates representing said Warrant Shares in the name of the undersigned Holder or in such other name as follows:

                        Name:  [●]

                        Address:  [●]

                        Address:  [●]

                        Address:  [●]

            The Warrant Shares shall be delivered by physical delivery of a certificate to:

                        Address:  [●]

                        Address:  [●]

                        Address:  [●]

            Holder hereby confirms with the Company (a) that the represents and warrants that are set out in Section 4.6 of the Warrant are true and (b) the acknowledgements that are set out in
Section 4.7 of the Warrant.

                                                                                   
HOLDER

                                                                                   
Name of Holder:  [●]

                                                                                   
By: 
                                                                

                                                                                   
Name:  [●]

                                                                                   
Title:  [●]

                                                                                   
Date:  [●]

EXHIBIT B

ASSIGNMENT FORM

            FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to:

                        Name:  [●]

                        Address:  [●]

                        Address:  [●]

                        Address:  [●]

                                                                                   
HOLDER

                                                                                   
Name of Holder:  [●]

                                                                                   
By: 
                                                                

                                                                                   
Name:  [●]

                                                                                   
Title:  [●]

                                                                                   
Date:  [●]

Signature Guaranteed:

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and
those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

EXHIBIT C

ROFO CONTACT PERSONS

Robert N. Austin

Staff Vice President – Treasury and Planning

Phone: 832.353.1040

Email:  rob.austin@expressjet.com

Barry E. McFadden

Associate General Counsel

Phone: 832.353.1033

Email: barry.mcfadden@expressjet.com

EXHIBIT D

HOLDER EMAIL ADDRESSES

Stephen Lieberman

Vice President and Treasurer

Phone: 312.997.8112

Email: Stephen.Lieberman@united.com

Steven Spiegel

Assistant Treasurer

Phone: 312.997.8175

Email: Steven.Spiegel@united.com

Simha Sudarshan

Managing Director of Banking, Investments and Corporate Insurance

Phone: 312.997.8036

Email: Simha.Sudarshan@united.comExpressJet

	
Exhibit 10.2

EMPLOYMENT AGREEMENT

            This Employment Agreement (this “Agreement”) is made by and between ExpressJet HOLDINGS, Inc., a Delaware corporation (“Company”), andThomas M. hanley
(“Executive”). 

W I T N E S S E T H:

            WHEREAS, Company desires to employ Executive on the terms and conditions and for the consideration hereinafter set forth and Executive desires to be employed by Company on such terms and
conditions and for such consideration;

            NOW THEREFORE, for and in consideration of the mutual promises, covenants and obligations contained herein, Company and Executive hereby agree as follows:

ARTICLE I:  EMPLOYMENT AND DUTIES

            1.1       Employment; Effective Date.  Company agrees to employ Executive and Executive agrees to be employed by Company, at will of both Company
and Executive, pursuant to the terms and conditions of this Agreement beginning as of April 19, 2010 (the “Effective Date”).

            1.2       Position.  From and after the Effective Date, Executive shall be employed in the position of President and Chief Executive Officer of
Company and Company’s wholly owned subsidiary ExpressJet Airlines, Inc. and/or any successor to substantially all of the assets of ExpressJet Airlines, Inc. (ExpressJet Airlines, Inc. and any such successor shall be collectively referred to herein as
“ExpressJet”), or Company shall employ, or cause a subsidiary of Company to employ, Executive in such other position or positions as the parties may mutually agree.

            1.3       Duties and Services.  Executive agrees to serve in the positions referred to in paragraph 1.2 and to perform diligently and to the best of
his abilities the duties and services appertaining to such offices as set forth in the Bylaws of Company or ExpressJet, as applicable, in effect on the Effective Date, as well as such additional duties and services appropriate to such offices which the parties
mutually may agree upon from time to time.  Executive shall, during the period of Executive's employment with Company, devote his full business time, energy, and best efforts to the business and affairs of Company. Executive may not engage, directly or
indirectly, in any other business, investment, or activity that interferes with the performance of his duties hereunder, is contrary to the interest of Company or requires any significant portion of his business time.  The foregoing notwithstanding, the parties
recognize and agree that Executive may engage in passive personal investments and other business activities which do not conflict with the business and affairs of Company or interfere with Executive's performance of his duties hereunder. Executive acknowledges and
agrees that Employee owes a fiduciary duty of loyalty, fidelity and allegiance to act at all times in the best interests of Company.

            1.4       Confidential Information, Inventions, Business Opportunities and Good Will.  Company shall disclose to Executive, and place Executive in a
position to have access to or develop, confidential or proprietary information and inventions of Company (or its affiliates); and shall entrust Executive with business opportunities of Company (or its affiliates); and shall place Executive in a position to develop
business good will on behalf of Company (or its affiliates).

ARTICLE II:  AT-WILL EMPLOYMENT RELATIONSHIP

            2.1       Term.  Unless sooner terminated pursuant to other provisions hereof, Company agrees to employ Executive for a two-year period beginning on
the Effective Date.  Said term of employment shall be extended automatically for an additional successive one-year period as of the second anniversary of the Effective Date and thereafter as of the last day of each successive one-year period of time thereafter
that this Agreement is in effect; provided, however, that if, prior to the date which is 90 days before the last day of any such term of employment, Company or Executive shall give written notice to the other that no such automatic extension shall occur, then
Executive’s employment shall terminate on the last day of the term of employment during which such notice is given.   The employment relationship between Executive and Company is at-will.  Each of Executive and Company shall have the right to
terminate the employment relationship at any time and for any reason whatsoever, with or without cause, and without any liability or obligation except as may be expressly provided in this Agreement.

            2.2       Notice of Termination.  If Company or Executive desires to terminate Executive’s employment hereunder, it or he shall do so by
giving written notice to the other party that it or he has elected to terminate Executive’s employment hereunder and stating the effective date and reason for such termination, provided that no such action shall alter or amend any other provisions hereof or
rights arising hereunder.  In the case of a termination of employment by Executive, the effective date of such termination specified in the written notice of termination from Executive to Company shall not be less than 90 days, respectively, from the date such
written notice of termination is given, and Company may require an effective date of termination earlier than that specified in such written notice of termination (and, if such earlier effective date of termination is so required, it shall not change the basis for
Executive’s termination nor be construed or interpreted as a termination of employment by Company pursuant to paragraph 4.1).

ARTICLE III:  COMPENSATION AND BENEFITS

            3.1       Base Salary.  During the period of this Agreement, Executive shall receive a minimum annual base salary equal to the greater of (i)
$375,000.00 or (ii) such amount as Company and Executive mutually may agree upon from time to time.  Executive’s annual base salary shall be paid in equal installments in accordance with Company’s standard policy regarding payment of compensation to
executives but no less frequently than semi-monthly.

            3.2       Bonus Programs.  Executive shall participate in each cash bonus program maintained by Company on and after the Effective Date (including
without limitation any such

program maintained for the year during which the Effective Date occurs) at a level which is not less than the participation level made available to similarly situated employees of the Company.

            3.3       Company Benefits.  Executive shall be entitled to no less than four weeks of vacation benefits annually.  During Executive’s
employment hereunder, Executive and, to the extent applicable, Executive’s family, dependents and beneficiaries, shall be allowed to participate in all benefits, plans, and programs, including improvements or modifications of the same, which are now, or may
hereafter be, available to similarly situated employees of Company.  Such benefits, plans and programs may include, without limitation, profit sharing plan, thrift plan, annual physical examinations, health insurance or health care plan, life insurance,
disability insurance, pension plan, pass privileges on Continental Airlines, Inc. (“Continental”) or Company flights, flight privileges and the like.  Executive’s participation in Company benefits are subject to a six month benefits eligibility
waiting period (“Bridge Period”) as set forth applicable plans and per Company policy.  During the Bridge Period, Executive will be reimbursed for premium payments incurred by Executive during the Bridge Period in excess of the amount that Executive
would be charged under applicable Company plans or programs (subtracting any amount that Executive would be due as a self-pay obligation under Company plans or programs) in an amount not to exceed $1000 per month for each month during the Bridge Period.  Company
shall not, however, by reason of this paragraph be obligated to institute, maintain, or refrain from changing, amending or discontinuing, any such benefit plan or program, so long as such changes are similarly applicable to similarly situated employees generally;
provided, however, that Company shall not change, amend or discontinue Executive’s Flight Privileges (as defined below) without Executive’s prior written consent.   Executive will be eligible to receive restricted stock and stock option grants
under the equity incentive plans maintained by Company in accordance with Company and ExpressJet policy and Executive’s position within Company.  Company shall use reasonable efforts to provide Platinum Elite OnePass Cards (or similar highest category
successor frequent flyer cards) in Executive’s and Executive’s spouse’s names for use on the System (as defined below) and a membership for Executive and Executive’s spouse in Continental’s Presidents Club (or any successor program
maintained in the System).

            3.4       Restricted Stock Grant.  As soon as possible after the Effective Date and upon completion of the required securities filings by Company,
Executive shall be granted 300,000 shares of the Company's common stock, par value $.01 per share (the "Restricted Stock"), on the terms and conditions set forth in the ExpressJet Holdings, Inc. Stand-Alone Restricted Stock Award Agreement (the "Inducement Grant
Agreement"), attached hereto as Exhibit 1, by and between Company and Executive.  Executive shall be eligible to receive future grants of equity as determined by the Compensation Committee in its sole discretion. 

ARTICLE IV:  TERMINATION OF EMPLOYMENT

            4.1       Company’s Right to Terminate.  Company, acting pursuant to an express resolution of the Board of Directors of Company (the
“Board of Directors”), shall have the right to terminate Executive’s employment under this Agreement at any time for any of the following reasons:

                        (i)         upon Executive’s death;

            (ii)        upon Executive’s becoming incapacitated for a period of at least 180 days by accident, sickness or other circumstance which
renders him mentally or physically incapable of performing the material duties and services required of him hereunder on a full-time basis during such period;

            (iii)       for cause, which for purposes of this Agreement shall mean Executive’s negligence or misconduct in the performance of, or Executive’s abuse of
alcohol or drugs rendering him unable to perform, the material duties and services required of him pursuant to this Agreement;

            (iv)       for Executive’s material breach of any provision of this Agreement which, if correctable, remains uncorrected for 30 days following receipt by
Executive of written notice by Company of such breach; or

            (v)        for any other reason whatsoever, in the sole discretion of the Board of Directors.

            4.2       Executive’s Right to Terminate.  Executive shall have the right to terminate his employment under this Agreement at any time for any
of the following reasons:

            (i)         the assignment to Executive of duties materially inconsistent with the duties associated with the positions described in paragraph 1.2 as such
duties are constituted as of the Effective Date;

            (ii)        a material diminution in nature or scope of Executive’s authority, responsibilities, or title from those applicable to him as of the Effective
Date;

            (iii)       the occurrence of material acts or conduct on the part of Company or its respective officers or representatives that prevent Executive from performing his
duties and responsibilities pursuant to this Agreement;

            (iv)       Company requiring Executive to be permanently based anywhere outside a major urban center in Texas; 

            (v)        the taking of any action by Company that would materially adversely affect the commercially reasonable corporate amenities enjoyed by Executive on the
Effective Date, which, if correctable, remains uncorrected for 30 days following receipt by Company of written notice of objection by Executive; or

            (vi)       a material breach by Company of any provision of this Agreement which, if correctable, remains uncorrected for 30 days following receipt by Company of
written notice of such breach by Executive; or

            (vii)      for any other reason whatsoever, in the sole discretion of Executive.

            4.3       Payment Obligations Absolute.  Except as otherwise provided in this Agreement, Company’s obligation to pay Executive the amounts and
to make the arrangements provided in Article V shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which Company (including its subsidiaries
and affiliates) may have against him or anyone else.  All amounts payable by Company shall be paid without notice or demand.  Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any
provision of Article V, and the obtaining of any such other employment (or the engagement in any endeavor as an independent contractor, sole proprietor, partner, joint venturer, or otherwise) shall in no event effect any reduction of Company’s obligations to
make (or cause to be made) the payments and arrangements required to be made under Article V.

ARTICLE V:  EFFECT OF TERMINATION

            5.1       Effect on Compensation.  Upon termination of the employment relationship by either Executive or Company, regardless of the reason
therefor, all compensation and all benefits to Executive hereunder shall terminate contemporaneously with termination of Executive’s employment, except that:

            (i)         if such termination shall constitute an Involuntary Termination prior to a Change in Control or after the date that is eighteen months after a
Change in Control (as such terms are defined in paragraph 5.4), then, subject to the provisions of paragraphs 5.2, 5.3 and 5.6, (1) Company shall provide Executive with Continuation Coverage (as such term is defined in paragraph 5.4) for the Severance Period (as such
term is defined in paragraph 5.4), (2) Company shall pay Executive the Monthly Severance Amount (as such term is defined in paragraph 5.4) each month during the Severance Period, (3) Company may, in the sole discretion of the Board of Directors or the Human Resources
Committee of the Board of Directors of Company, pay Executive a pro rata target bonus as soon as administratively practicable after the decision to pay the pro rata target bonus is made but in no event later than two
and one half months after the end of the calendar year in which the decision is made (provided, however, that this clause (3) shall not apply if Company’s annual performance bonus program with respect to such calendar year is intended to constitute a
“performance-based compensation” program for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and the regulations thereunder), and (4) Company shall provide Executive with Outplacement Services (as such
term is defined in paragraph 5.4); and

            (ii)        if such termination shall constitute an Involuntary Termination or a termination by Executive of Executive’s employment with Company for any
reason encompassed by paragraphs 4.2(i), (ii), (iii), (iv), (v), or (vi) and such termination occurs within eighteen months after a Change in Control, then, subject to the provisions of paragraphs 5.2, 5.3 and 5.6, (1) Company shall provide Executive with
Continuation Coverage (as such term is defined in paragraph 5.4) for the Severance Period (as such term is defined in paragraph 5.4), (2) if such Change in Control constitutes a change in control event (as defined in Treasury regulation section 1.409A-3(i)(5)), then
Company

shall pay Executive on the effective date of such termination a lump-sum cash payment in an amount equal to the sum of (A) two times the Executive’s base salary pursuant to paragraph 3.1 at the rate in effect immediately prior to Executive’s
termination of employment, plus (B) two times the amount of Executive’s annual base salary pursuant to paragraph 3.1 at the rate in effect immediately prior to Executive’s termination of employment, multiplied by the target rate under Company’s cash
bonus program in effect for the year of termination, (3) if such Change in Control does not constitute a change in control event (as defined in Treasury regulation section 1.409A-3(i)(5)), then Company shall pay Executive each month during the Severance Period an
amount equal to 1/24th of the sum of the amounts described in paragraphs 5.1(ii)(2)(A) and (B), and (4) Company shall provide Executive with Outplacement Services (as such term is defined in paragraph 5.4).  Notwithstanding anything contained herein, if
Executive’s employment with Company is terminated by reason of an Involuntary Termination and a Change in Control occurs within six months following such Involuntary Termination, then Executive shall, in lieu of the payments and benefits described in paragraph
5.1(i) above, be entitled to the payments and additional benefits described in this paragraph 5.1(ii), with such additional payments and increased benefits to be delivered as if such Involuntary Termination had occurred on the same date as, and immediately following,
the Change in Control (except that paragraph 5.1(ii)(3) shall be deemed to apply instead of paragraph 5.1(ii)(2)).  

            (iii)       Notwithstanding anything in this Agreement or any other agreement, contract and/or incentive award between Executive and Company to the contrary, if
Executive’s employment with Company is terminated by reason of an Involuntary Termination or a termination by Executive of Executive’s employment with Company for any reason encompassed by paragraphs 4.2(i), (ii), (iii), (iv), (v), or (vi) following, a
Change in Control that occurs within the first 12 months of the Effective Date of this Agreement, then Executive shall only be entitled to receive (1) the base salary set forth in paragraph 3.1(i) for the remainder of the two-year term set forth in paragraph 2.1,
which will be paid as a lump sum on the 30th day following a Change in Control unless such Change in Control does not constitute a change in control event (as defined in Treasury regulation section 1.409A-3(i)(5)), in which case, Company shall pay Executive during
the remainder of the two-year term in the regularly monthly salary amounts that would have been paid if Executive were still employed; and (2) the accelerated vesting of restricted shares awarded as part of the Inducement Grant, strictly in accordance with the terms
of that grant.

            5.2       Limitation of Remedies.  In light of the difficulties in estimating the damages to Executive, if any, in the event Executive’s
employment is subject to an Involuntary Termination or any other termination of employment for which benefits are provided to Executive pursuant to paragraph 5.1, Company and Executive hereby agree (for themselves and for the express and directly enforceable benefit
of Company’s affiliates) that the payments and benefits, if any, to be received by Executive pursuant to paragraph 5.1 shall be received by Executive as liquidated damages and are acknowledged by Executive as the full and exclusive remedy in the event of
discharge or separation of any kind whatsoever.  Payment of the compensation and benefits to Executive pursuant to paragraph 5.1 shall be offset against any amounts to which Executive may

otherwise be entitled under any and all severance plans and policies maintained by Company or its affiliates.

            5.3       Certain Post-Termination Obligations.  As part of the consideration for the compensation to be paid under this Agreement, to protect the
trade secrets and confidential information of Company and its affiliates that have been and will in the future be disclosed or entrusted to Executive, the business opportunities of Company and its affiliates that have been and will in the future be disclosed or
entrusted to Executive, the relationships with customers of Company and its affiliates that have been and will in the future be developed in Executive, the special training and knowledge relevant to Executive’s employment responsibilities and duties, or the
business goodwill of Company and its affiliates that has been and will in the future be developed in Executive, and as an additional incentive for Company to enter into this Agreement, Company and Executive agree to the post-termination obligations set forth in this
Agreement.  All payments and benefits to Executive hereunder shall be subject to Executive’s compliance with the following provisions for one full year after the termination of Executive’s employment hereunder:

            (i)         Executive shall, upon reasonable notice, furnish such information and proper assistance to Company and its affiliates as may reasonably be
required in connection with any litigation in which it or any of its affiliates is, or may become, a party;

            (ii)        Executive will not, directly or indirectly for Executive or for others, in any geographic area or market where Company or any of its affiliates are
conducting any business or have during the previous 12 months conducted such business:

            (a)        engage in any Competitive Business (as defined below);

            (b)        render advice or services to, or otherwise assist, any other person, association, or entity who is engaged, directly or indirectly, in any Competitive
Business with respect to such Competitive Business; or

            (c)        induce any employee of Company or any affiliate of Company to terminate his or her employment with Company or such affiliate, or hire or assist in the
hiring of any such employee by any person, association, or entity not affiliated with Company;

            (iii)       any public statements made by Executive concerning Company or its affiliates, or their officers, directors, or employees shall be submitted in writing for
prior approval by Company’s public relations and legal departments, and Executive shall not make any such public statements which are not so approved; and

            (iv)       upon termination of employment, Executive shall (a) promptly return to Company all property (including all keys, passes, credit cards, documents, memoranda
and computer hardware and software) of Company or any of its affiliates or Continental then in his possession or control, and (b) in the same manner as if he were still employed

by Company, hold in confidence, and not disclose to any person, all business plans, trade secrets, and confidential or proprietary information of Company or any of its affiliates, and shall not use any such plans, secrets or information in a manner which is
detrimental to Company or its affiliates.

            For purposes of this paragraph 5.3, the term “Competitive Business” shall mean the business of owning, acquiring, establishing, operating, and maintaining a regional airline in the
United States.  Notwithstanding the foregoing, the noncompetition obligations set forth in this paragraph shall not be considered violated if Executive becomes an employee, officer, consultant, advisor, or member of the board of directors of a major, mainline
airline; provided however, that, if such airline also engages in a Competitive Business, then this exception shall apply only if Executive’s primary duties, and the principal portion of Executive’s working time, are related to the business of such airline
other than the Competitive Business.

            If Executive fails to comply with the above obligations, Company may cease making any and all payments hereunder, and Company and Company’s affiliates may cease extending benefits to
Executive and may recover by appropriate action instituted in any court of competent jurisdiction any severance payments theretofore paid to Executive.  Executive agrees that the obligations of Executive contained in this paragraph 5.3 are in addition to any
rights Company or Company’s affiliates may have in law or at equity, and that it is not possible to measure in money the damages which may be suffered by Company or Company’s affiliates if Executive breaches any of the provisions of this paragraph
5.3.  Therefore, if Executive breaches any of the provisions of this paragraph 5.3, each of Company and Company’s affiliates shall be entitled to an injunction restraining Executive from violating such provisions.  If Company or any affiliate of
Company shall institute any action or proceeding to enforce any such obligations, Executive hereby irrevocably waives the claim or defense that Company or an affiliate of Company has an adequate remedy at law and agrees not to assert in any such action or proceeding
such claim or defense.  The foregoing shall not prejudice Company’s or any of its affiliates’ right to require Executive to account for and pay over to Company or a Company affiliate, and Executive agrees to account for and pay over, the
compensation, profits, monies, accruals and other benefits derived or received by Executive as a result of any transaction or occurrence constituting a breach of this paragraph 5.3.  The duration of the obligations of Executive under this paragraph 5.3 shall be
extended by and for the term of any period during which Executive is in breach of this paragraph 5.3.

            Company and Executive agree that the foregoing restrictions are reasonable under the circumstances and that any breach of the covenants contained in this paragraph 5.3 would cause irreparable
injury to Company.  Executive understands that the foregoing restrictions may limit Executive’s ability to engage in certain businesses anywhere in the United States during the period provided for above, but acknowledges that Executive will receive
sufficiently high remuneration and other benefits under this Agreement to justify such restriction.  Further, Executive acknowledges that his skills are such that he can be gainfully employed in non-competitive employment, and that the agreement not to compete
will in no way prevent him from earning a living; however, in the event that Executive is unable to gain replacement employment, he acknowledges that he accepted the provisions of this Agreement with the knowledge that a period of unemployment was a
possibility.  Nevertheless, if any of the aforesaid restrictions are

found by a court of competent jurisdiction to be unreasonable, or overly broad as to geographic area or time, or otherwise unenforceable, the parties intend for the restrictions therein set forth to be modified by the court making such determination so as to be
reasonable and enforceable and, as so modified, to be fully enforced.  By agreeing to this contractual modification prospectively at this time, Company and Executive intend to make this provision enforceable under the law or laws of all applicable states so that
the entire agreement not to compete and this Agreement as prospectively modified shall remain in full force and effect and shall not be rendered void or illegal.  Such modification shall not affect the payments made to Executive under this Agreement.

            Executive will be reimbursed for legal fees in connection with his attorney’s review of this provision, as well as the other provisions of the Agreement in the amount of $2500.

            5.4       Certain Definitions and Additional Terms.  As used herein, the following capitalized terms shall have the meanings assigned below:

            (i)         “Change in Control” shall have the meaning assigned to such term in Company’s 2002 Stock Incentive Plan as in effect on the
Effective Date; provided, however, that in any circumstance in which the foregoing definition would be operative and with respect to which the tax under Section 409A of the Code would apply or be imposed, but where such tax would not apply or be imposed if the
meaning of the term “Change in Control” met the requirements of Section 409A(a)(2)(A)(v) of the Code, then the term “Change in Control” herein shall mean, but only for the transaction so affected, a “change in control event” within
the meaning of Treasury regulation section 1.409A–3(i)(5);

            (ii)        “Continuation Coverage” shall mean that during the portion, if any, of the Severance Period that Executive elects to continue coverage for
Executive and Executive’s eligible dependents under the Company’s group medical, dental and vision plans under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and/or Sections 601 through 608 of the Employee Retirement Income
Security Act of 1974, as amended, the Company shall promptly reimburse Executive on a monthly basis for the difference, if any, between (1) the amount Executive pays to effect and continue such coverage and (2) the amount charged to a similarly situated active
employee of the Company for similar coverage.  To the extent necessary to comply with Section 409A of the Code, in the event Executive is a “specified employee” (as defined in Treasury regulation section 1.409A-1(i)), such reimbursement shall
commence on the first day of the seventh month following Executive’s “separation from service” (as defined in Section 409A(a)(2)(A)(i) and applicable administrative guidance issued thereunder) and, on such first day of such seventh month, Company
shall reimburse Executive for all amounts that would have otherwise been reimbursed pursuant to this paragraph but for the delay in such reimbursement required pursuant to this sentence;

            (iii)       “Flight Privileges” shall mean flight privileges on each airline operated by Company, ExpressJet, Continental or any of their respective
affiliates or any successor or successors thereto (the “System”), consisting of space available flight passes for

Executive and Executive’s eligible family members (as such eligibility was in effect on November 1, 2007), a Universal Air Travel Plan (UATP) card (or, in the event of discontinuance of the UATP program, a similar charge card permitting the purchase of air
travel through direct billing to Company, Continental, ExpressJet or any successor or successors thereto (a “Similar Card”)) in Executive’s name for charging on an annual, calendar-year basis up to the applicable Annual Travel Limit (as hereinafter
defined) with respect to such year in value (valued identically to the calculation of imputed income resulting from such flight privileges described below) of flights (in any fare class) on the System for Executive, Executive’s spouse, Executive’s family
and significant others as determined by Executive, and payment by Company to Executive (while an officer of Company) of an annual, calendar-year amount (not to exceed in any year the Annual Imputed Income Payment (as hereinafter defined) with respect to such year)
sufficient to pay, on an after-tax basis (i.e., after the payment by Executive of all taxes on such amount), the U.S. federal, state and local income taxes on imputed income resulting from such flights (such imputed income to be calculated during the term of such
Flight Privileges at the lowest published or unpublished fare (i.e., 21-day advance purchase coach fare, lowest negotiated consolidator net fare, or other lowest available fare) for the applicable itinerary (or similar flights on or around the date of such flight),
regardless of the actual fare class booked or flown, or as otherwise required by law), or such other valuation methodology as may be adopted by Company or Continental with respect to their valuation of UATP benefits generally or resulting from any other flight
privileges extended to Executive as a result of Executive’s service as an officer of Company; provided, however, that the term “Flight Privileges” shall not include (A) space-available flight passes on Continental or any airline operated by
Continental or any successor or successors thereto after the first to occur of (1) the date Executive’s employment with Company and its affiliates terminates for any reason whatsoever or (2) the  Exclusivity Ending Date (as such term is defined in that
certain Employee Benefits Separation Agreement by and among Continental, Company, ExpressJet, and XJT Holdings, Inc. dated as of April 17, 2002), or (B) a UATP card (or Similar Card) issued by or used to charge flights on Continental or any airline operated by
Continental or any successor or successors thereto after the first to occur of (1) the date Executive’s employment with Company and its affiliates terminates for any reason whatsoever or (2) the last day of the Capacity Purchase Period (as such term is defined
in such Employee Benefits Separation Agreement);

            (iv)       “Involuntary Termination” shall mean any termination by Company of Executive’s employment with Company for any reason other than those
reasons encompassed by paragraphs 4.1(i), (ii), (iii) or (iv). Non-renewal of this Agreement at the end of a term pursuant to Section 2.1 shall not constitute an Involuntary Termination or give rise to Executive’s right to any severance amount or severance
benefits under this Agreement;

            (v)        “Monthly Severance Amount” shall mean an amount equal to one-twelfth of Executive’s annual base salary pursuant to paragraph 3.1 in
effect immediately prior to the termination of Executive’s employment;

            (vi)       “Outplacement Services” shall mean commercially reasonable outplacement services whereby the Company receives a substantial business benefit by
promoting a positive corporate image and maintaining corporate morale, at Company’s cost and for a period of twelve months beginning on the date of Executive’s termination of employment, to be rendered by an agency selected by Executive and approved by
the Board of Directors or the Human Resources Committee of the Board of Directors of Company (with such approval not to be unreasonably withheld); and

            (vii)      “Severance Period” shall mean the period commencing on the date of Executive’s termination of employment and continuing for twenty-four months;
provided, however, that for purposes of providing Continuation Coverage under paragraph 5.1, the “Severance Period” shall mean the period commencing on the date of Executive’s termination of employment and continuing until the earlier of (1) the
date that is twenty-four months after the date of Executive’s termination of employment or (2) the date upon which Executive ceases to be eligible to receive continuation coverage under the Company’s plans pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and/or Sections 601 through 608 of the Employee Retirement Income Security Act of 1974, as amended.

            As used for purposes of Flight Privileges, with respect to any year, “Annual Travel Limit” shall mean an amount (initially $50,000) granted annually (on a calendar-year basis and
effective January 1 of each year) by Company to Executive (such amount to be the same as that granted annually to officers of Continental who are Vice Presidents of Continental).

            As used for purposes of Flight Privileges, with respect to any year, the term “Annual Imputed Income Payment” shall mean an amount (initially $50,000) granted annually (on a
calendar-year basis and effective January 1 of each year) by Company to Executive (such amount to be the same for each officer of Company within an officer category and no less than the amount granted with respect to Executive for the flight benefits program year
2010), which amount shall be adjusted automatically upon any change in the valuation methodology used to determine imputed income from flights (as compared with the valuation methodology for imputed income from flights used by Company as of November 1, 2010), so as
to preserve the benefit of up to $15,000.00 annually paid by Company to negate the impact of imputed income  relative to the valuations resulting from the valuation methodology used by Company as of November 1, 2010 (e.g., if a change in the valuation
methodology results, on average, in flights being valued 15% higher than the valuation that would result using the valuation methodology used by Company as of November 1, 2010, then the Annual Imputed Income Payment would be increased by 15%.  In determining any
adjustment, Company shall be entitled to rely on a good faith calculation performed by its independent auditors based on a statistically significant random sampling of flight valuations compared with the applicable prior valuations of identical flights, which
calculation may be provided to Executive upon request.  Company will promptly notify Executive in writing of any adjustments to the Imputed Income Payment described in this paragraph.  Subject to the Annual Imputed Income Payment, the
amount to be paid annually to Executive to negate the impact of imputed income shall be paid no later than January 31 of the calendar year following the calendar year for which it was awarded.  Any portion of the Imputed Income Payment that remains unused at
the end of the calendar year for which it was awarded

shall expire and be of no further use or value.  In the event Executive’s Flight Privileges no longer extend to airlines operated by Continental or its affiliates, the Annual Travel Limit and the Imputed Income Payment, as defined above and as the same
may have been adjusted prior to such time as contemplated herein, shall each be reduced by 50 percent and shall thereafter continue in effect and shall be adjusted from time to time as contemplated in the foregoing paragraphs.

            As used for purposes of tax reporting of Flight Privileges, a year may consist of twelve consecutive months other than a calendar year, it being Company’s practice as of the date hereof for
purposes of the tax reporting of Flight Privileges to calculate taxable amounts for a calendar year based on the fiscal period commencing on November 1 and ending on the following October 31 (for example, Flight Privileges used (i.e. “flown”) during the
twelve-month period from November 1, 2009 to October 31, 2010 are reported as a taxable benefit for year 2010).

            As used for purposes of Flight Privileges, the term “affiliates” when used with respect to Company, means any entity controlled by, controlling, or under common control with
Company.  For these purposes control of an entity shall require the direct or indirect ownership of a majority of the outstanding capital stock or other voting interests of such entity. For purposes of Flight Privileges, however, Continental and Company shall
not be deemed affiliates.

            No tickets issued on the System in connection with the Flight Privileges may be purchased other than directly from Company, Continental, ExpressJet or their respective successor or successors
(i.e., no travel agent or other fee or commission based distributor may be used), nor may any such tickets be sold or transferred by Executive or any other person, nor may any such tickets be used by any person other than the person in whose name the ticket is
issued.  Executive agrees that, after receipt of an invoice or other accounting statement therefor, he will promptly (and in any event within 45 days after receipt of such invoice or other accounting statement) reimburse Company, Continental or ExpressJet, as
appropriate, for all charges on his UATP card (or Similar Card) that are not for flights on the System and that are not otherwise reimbursable to Executive under the applicable policies of Company for reimbursement of business expenses of officers of Company, or
which are for tickets in excess of the applicable Annual Travel Limit.  Executive agrees that the credit availability under Executive’s UATP card (or Similar Card) may be suspended if Executive does not timely reimburse Company, Continental or ExpressJet,
as appropriate, as described in the foregoing sentence or if Executive exceeds the applicable Annual Travel Limit with respect to a year; provided, that, immediately upon Company’s, Continental’s or ExpressJet’s, as appropriate, receipt of
Executive’s reimbursement in full (or, in the case of exceeding the applicable Annual Travel Limit, beginning the next following year and after such reimbursement), the credit availability under Executive’s UATP card (or Similar Card) will be
restored.

            The sole cost to Executive of flights on the System pursuant to use of Executive’s Flight Privileges will be the imputed income with respect to flights on the System charged on
Executive’s UATP card (or Similar Card), calculated throughout the term of Executive’s Flight Privileges at the lowest published or unpublished fare (i.e., 21-day advance purchase coach fare, lowest negotiated consolidator net fare or other lowest
available fare) for the applicable itinerary (or similar flights on or around the date of such flight), regardless of the actual fare class booked

or flown, or as otherwise required by law, and reported to Executive as required by applicable law.  With respect to any period for which Company is obligated to provide the Annual Imputed Income Payment described above, Executive will provide to Company,
upon request, a calculation or other evidence of Executive’s marginal tax rate sufficient to permit Company to calculate accurately the amount to be paid to Executive.

            Executive will be issued a UATP card (or Similar Card) and an appropriate flight pass identification card, each valid at all times during the term of Executive’s Flight Privileges.

Flight Privileges are intended to be used solely for personal reasons and may not be used for business purposes. Accordingly, notwithstanding any provision herein to the contrary, credit availability on Executive’s UATP card (or any Similar Card) may be
suspended, and Executive’s UATP card (or any Similar Card) may be revoked or cancelled, if Executive’s UATP card (or any Similar Card) is used for business purposes (other than business on behalf of Company) and, after receiving written notice from the
Company to cease such usage, Executive again uses his UATP card (or any Similar Card) for any business purpose (other than business on behalf of Company).  The parties agree that the Company’s and ExpressJet’s obligations regarding Flight Privileges
extend to the System.

            5.5       Code Section 280G Provisions.  Notwithstanding any other provision of this Agreement, if by reason of Section 280G of the Code any payment
or benefit received or to be received by Executive in connection with a Change in Control or the termination of Executive’s employment (whether payable pursuant to the terms of this Agreement (“Contract Payments”) or any other plan, arrangements or
agreement with Company or an Affiliate (as defined below) (collectively with the Contract Payments, “Total Payments”)) would not be deductible (in whole or part) by Company, an Affiliate or other person making such payment or providing such benefit, then
the Contract Payments shall be reduced (to zero if necessary) until no portion of the Total Payments is not deductible by reason of Section 280G of the Code; provided, however, that no such reduction shall be made unless the net after-tax benefit to Executive shall,
after such reduction, exceed the net after-tax benefit received by Executive if no such reduction had been made and provided that if any reduction is required, the Contract Payments (that constitute “parachute payments” within the meaning of Section 280G
of the Code) shall be reduced by the Company in its reasonable discretion in the following order: (A) reduction of any cash severance payments otherwise payable to the Executive that are exempt from Section 409A of the Code, (B) reduction of any other cash payments
or benefits otherwise payable to the Executive that are exempt from Section 409A of the Code, but excluding any payment attributable to the acceleration of vesting or payment with respect to any stock option or other equity award with respect to the Company's Common
Stock that are exempt from Section 409A of the Code, (C) reduction of any other payments or benefits otherwise payable to the Executive on a pro-rata basis or such other manner that complies with Section 409A of the Code, but excluding any payment attributable to the
acceleration of vesting and payment with respect to any stock option or other equity award with respect to the Company's Common Stock that are exempt from Section 409A of the Code, and (D) reduction of any payments attributable to the acceleration of vesting or
payment with respect to any stock option or other equity award with respect to the Company's Common Stock that are exempt from Section 409A of the Code.  The foregoing determination and all determinations under this paragraph 5.5 shall be made by the Accountants
(as defined below).  For purposes of this paragraph, “net after-tax benefit” shall mean (i) the

Total Payments that would constitute “parachute payments” within the meaning of Section 280G of the Code, less (ii) the amount of all federal, state and local income taxes payable with respect to such payments calculated at the maximum marginal income
tax rate for each year in which the foregoing shall be paid to Executive (based on the rate in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing), less (iii) the amount of excise taxes imposed with respect to
the payments and benefits described in (i) above by Section 4999 of the Code.  For purposes of the foregoing determinations, (a) no portion of the Total Payments the receipt or enjoyment of which Executive shall have effectively waived in writing prior to the
date of payment of a severance benefit to Executive hereunder shall be taken into account; (b) no portion of the Total Payments shall be taken into account which in the opinion of the Accountants does not constitute a “parachute payment” within the
meaning of Section 280G(b)(2) of the Code (without regard to subsection (A)(ii) thereof); (c) the Contract Payments shall be reduced only to the extent necessary so that the Total Payments in their entirety constitute reasonable compensation for services actually
rendered within the meaning of Section 280G(b)(4) of the Code, in the opinion of the Accountants;  and (d) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Accountants in accordance
with the principles of Sections 280G(d)(3) and (4) of the Code.  For purposes of this paragraph 5.5, the term “Affiliate” means Company’s successors, any person whose actions result in a Change in Control or any corporation affiliated (or
which, as a result of the completion of the transactions causing a Change in Control shall become affiliated) with Company within the meaning of Section 1504 of the Code and “Accountants” shall mean Company’s independent certified public accountants
serving immediately prior to the Change in Control, unless the Accountants are also serving as accountant or auditor for the individual, entity or group effecting the Change in Control, in which case Company shall appoint another nationally recognized public
accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accountants hereunder).  For purposes of making the determinations and calculations required herein, the Accountants may make reasonable
assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code, provided that the Accountant’s determinations must be made on the basis of
“substantial authority” (within the meaning of Section 6662 of the Code).  All fees and expenses of the Accountants shall be borne solely by Company.

            5.6       Code Section 409A Provisions.  Notwithstanding any other provision of this Agreement, the following provisions shall apply:

            (i)         Executive shall be considered to have terminated employment with Company only when Executive incurs a “separation from service” with
respect to Company within the meaning of Section 409A(a)(2)(A)(i) of the Code and applicable administrative guidance issued thereunder;

            (ii)        to the extent that Executive is a specified employee, as defined in Treasury regulation section 1.409A-1(i), and any stock of Company or of any
affiliate is publicly traded on an established securities market or otherwise, no payment or benefit that is subject to Section 409A of the Code shall be made under this Agreement on account of Executive’s separation from service with Company within the meaning
of Section

  409A(a)(2)(A)(i) of the Code before the date that is the first day of the seventh month beginning after the date of Executive’s separation from service (or, if earlier, the date of death of Executive or any other date permitted under Section 409A of
the Code).  The foregoing delay shall not apply to any payment or benefit hereunder if, pursuant to Treasury regulation section 1.409A-1(b)(9)(iii), such payment or benefit to be received by Executive hereunder due to an involuntary separation from service does
not exceed two times the lesser of (1) Executive’s annualized compensation based upon Executive’s annual rate of pay for services during the taxable year of Executive preceding the year in which the termination of employment occurs (adjusted for any
increase during that year that was expected to continue indefinitely had no termination of employment occurred) or (2) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which Executive
has a separation from service, and that is paid no later than the last day of the second year following the year in which the separation from service occurs;

            (iii)       to the extent that any reimbursement is received or to be received by Executive, such reimbursements shall be administered consistent with the following
additional requirements as set forth in Treasury regulation section 1.409A-3(i)(1)(iv):  (1) Executive’s eligibility for benefits in one taxable year will not affect Executive’s eligibility for benefits in any other taxable year, (2) any
reimbursement of eligible expenses will be made on or before the last day of the taxable year following the taxable year in which the expense was incurred, and (3) Executive’s right to benefits is not subject to liquidation or exchange for another benefit;
and

            (iv)       to the extent that any payment or benefit to be received by Executive hereunder is to be offset hereunder (by way of example, pursuant to paragraph 5.1
whereby the Company may set off any amounts owed by Executive to Company against any obligation to pay the Monthly Severance Amount), such offset may occur only if it would not result in an impermissible acceleration or deferral under Section 409A of the Code.

ARTICLE VI:  MISCELLANEOUS

            6.1       Notices.  For purposes of this Agreement, notices and all other communications provided for herein shall be in writing and shall be deemed
to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to Company to:                   ExpressJet Airlines, Inc.

                                                           
700 N. Sam Houston Parkway West, Suite 200

                                                           
Houston, Texas  77067

                                                           
Attention:  General Counsel

            If to Executive to:                   Boardwalk Town Center

                                                           
2207 Riva Row, #3216

                                                           
The Woodlands, TX 77380

or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt.

            6.2       Applicable Law. This contract is entered into under, and shall be governed forall purposes by, the laws of the state of Texas.

            6.3       No Waiver.  No failure by either party hereto at any time to give notice of any breach by the other party of, or to require compliance
with, any condition or provision of this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

            6.4       Severability.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the
invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

            6.5       Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of
which together will constitute one and the same agreement.

            6.6       Withholding of Taxes and Other Employee Deductions.  Company and its affiliates may withhold from any benefits and payment made pursuant
to this Agreement all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to Company’s  employees generally.

            6.7       Headings; Affiliates.  The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive
purposes.  Except as otherwise provided herein, for purposes of this Agreement, the term “affiliate,” as applied to an entity (the “First Entity”), means an entity who directly, or indirectly through one or more intermediaries, is
controlled by, is controlling, or is under common control with the First Entity.

            6.8       Gender and Plurals.  Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number
includes the plural and conversely.

            6.9       Successors.  This Agreement shall be binding upon and inure to the benefit of Company and its successors, and in each case
“successor” shall include, without limitation, any person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of Company by any means whether direct or indirect, by purchase, merger,
consolidation, or otherwise.  Except as provided in the preceding sentence and in paragraph 1.2, this Agreement, and the rights and obligations of the parties hereunder, are personal and neither this Agreement, nor any right, benefit or obligation of any party
hereto, shall be subject to voluntary or involuntary assignment, alienation or transfer, whether by operation of law or otherwise, without the prior written consent of the other party.

            6.10     Effect of Termination.  Termination of the employment relationship under this Agreement shall not affect any right or obligation of any party which
is accrued or vested prior to or upon such termination.

            6.11     Entire Agreement.  Except as provided in (i) the benefits, plans, and programs referenced in paragraph 3.3 and any awards under Company’s stock
incentive plans, management bonus programs or similar plans or programs adopted by Company or ExpressJet after the Effective Date and (ii) separate agreements (if any) governing Executive’s Flight Privileges relating to other airlines, this Agreement, as of the
Effective Date, will constitute the entire agreement of the parties with regard to the subject matter hereof, and will contain all the covenants, promises, representations, warranties and agreements between the parties with respect to employment of Executive by
Company.  Any modification of this Agreement shall be effective only if it is in writing and signed by the party to be charged.

            6.12     Deemed Resignations.  Any termination of Executive’s employment shall constitute an automatic resignation of Executive as an officer of
Company, ExpressJet and each affiliate of Company and ExpressJet, and an automatic resignation of Executive from the Board of Directors (if applicable) and from the board of directors of ExpressJet and of any affiliates of Company or ExpressJet and from the board of
directors or similar governing body of any corporation, limited liability company or other entity in which Company, ExpressJet or any affiliate holds an equity interest and with respect to which board or similar governing body Executive serves as Company’s,
ExpressJet’s or such affiliate’s designee or other representative.

[Signatures begin on the following page.]

            IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the _15__ day of  _April______________, 2010, to be effective as of the Effective Date.

                                                                                   
ExpressJet Holdings, Inc.

                                                                                   
By:       /s/ T. Patrick Kelly                               

                                                                                    
Patrick Kelly, Interim CEO

                                                                                   
“Executive”

                                                                                   
/s/ Thomas M. Hanley                                      

                                                                                   
Thomas M. Hanley

EXHIBIT 1

EXPRESSJET HOLDINGS, INC.

STAND-ALONE RESTRICTED STOCK AWARD AGREEMENT

            As a material inducement for Thomas M. Hanley ("Executive") to enter into the employment agreement dated April 19, 2010 (the "Employment Agreement"), by and between ExpressJet
Holdings, Inc., a Delaware corporation (the "Company") and Executive, the Compensation Committee of the Company's Board of Directors (the "Committee") hereby grants Executive the right to acquire restricted common stock of the Company
(the "Award") from its treasury, subject to the terms and conditions of this Stand-Alone Restricted Stock Award Agreement (the "Agreement").  Unless otherwise indicated, all terms used in this Agreement shall have the meaning as defined in
Section 10.  The principle features of the Award are as follows:

	
Address of Executive:

	
Boardwalk Town Center

 2207 Riva Row, #3216

 The Woodlands, TX 77380

 

	
Date of Grant:

	
__________, 2010

	
Vesting Commencement Date:

	
April 19, 2010

	
Number of Covered Shares:

	
300,000

            1.         Vesting Schedule and Risk of Forfeiture.

                        (a)        Vesting Schedule.  Subject to Executive's continuous employment
with the Company or any Affiliate as its President and Chief Executive Officer, the Covered Shares shall vest over a four-year period in accordance with the following schedule (the "Vesting Schedule"):

	
Vesting Date

	
Nonforfeitable Percentage

	
1st anniversary of the Vesting Commencement Date

	
10% shall vest

	
2nd anniversary of the Vesting Commencement Date

	
10% shall vest, combined total of 20% vested

	
3rd anniversary of the Vesting Commencement Date

	
20% shall vest, combined total of 40% vested

	
4th anniversary of the Vesting Commencement Date

	
60% shall vest, combined total of 100% vested

Additionally, the Vesting Schedule shall be accelerated in the following two circumstances:

                                    (i)        
The Vesting Schedule for the Covered Shares shall accelerate such that the nonforfeitable percentage, when added to any previously vested percentages of Covered Shares subject to this Award, shall equal fifty percent (50%) of the Covered Shares (in other words,
150,000 Covered Shares shall become vested), but only if the Company provides Executive with notice, per the terms of Section 2.1 of the Employment Agreement, that Executive's term (the "Term") will not be extended.  Notwithstanding the foregoing, this
Section 1(a)(i) shall apply only if Executive is continuously employed with the Company through the last day of such Term.

                        (ii)        The Vesting Schedule for the Covered Shares shall accelerate on a sliding
scale in accordance with the following schedule if there is both: (i) a Change in Control of the Company, and (ii) within twelve (12) months following consummation of such Change in Control Executive's employment with the Company is terminated by reason of an
"Involuntary Termination" (as defined in Executive's Employment Agreement) or for any reason encompassed by paragraphs 4.2(i) through (vi) of Executive's Employment Agreement.

	
Date Change in Control Consummated

	
Nonforfeitable Percentage Accelerated

	
Within 90 days from the Date of Grant

	
10%

	
More than 90 days but less than 181 days from the Date of Grant

	
20%

	
More than 180 days but less than 271 days from the Date of Grant

	
30%

	
More than 270 days but less than 366 days from the Date of Grant

	
40%

	
More than 365 days but less than 546 days from the Date of Grant

	
50%

	
More than 545 days but less than 730 days from the Date of Grant

	
75%

	
730 days or more from the Date of Grant

	
100%

                        (b)        Risk of Forfeiture.  The Covered Shares shall be subject to a risk
of forfeiture until such time the risk of forfeiture lapses in accordance with the Vesting Schedule.  All or any portion of the Covered Shares subject to a risk of forfeiture shall automatically be forfeited and immediately returned to the Company if Executive's
continuous employment with the Company as its President and Chief Executive Officer is terminated for any reason.

            2.         Transfer Restrictions.  The Covered Shares issued to Executive hereunder may not be sold, transferred by gift, pledged, hypothecated,
or otherwise transferred or disposed of by Executive (other than by will or by the laws of descent or distribution) prior to the date when the Covered Shares become vested pursuant to the Vesting Schedule.  Any attempt to transfer Covered Shares in violation of
this Section 2 shall be null and void and shall be disregarded.  The terms of this Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of Executive.

            3.         Escrow of Covered Shares.  For purposes of facilitating the enforcement of the provisions of this Agreement, Executive hereby agrees,
immediately upon receipt of the certificate(s) for the unvested Covered Shares, to deliver the certificate(s), together with an Assignment Separate from Certificate in the form attached to this Agreement as Exhibit A executed by Executive, in blank, to
the Secretary of the Company, or any other person designated by the Company as escrow agent, as its attorney-in-fact to hold the certificate(s) and Assignment Separate from Certificate in escrow and to take all such actions and to effectuate all such transfers and
releases as are in accordance with the terms of the this Agreement.  Executive hereby acknowledges that the Secretary of the Company, or the Secretary’s designee, is so appointed as the escrow holder with the foregoing authorities as a material inducement
to enter into this Agreement and that the appointment is coupled with an interest and is accordingly irrevocable.  The unvested Covered Shares and Assignment Separate from Certificate shall be held by the Secretary or the Secretary’s designee, in escrow,
pursuant to the Joint Escrow Instructions of the Company and Executive in the form attached hereto as Exhibit B until the unvested Covered Shares are vested, or until such time as this Agreement is no longer in effect.  Upon vesting of the unvested
Covered Shares, the escrow agent shall promptly deliver to

Executive the certificate or certificates representing the Covered Shares in the escrow agent’s possession belonging to Executive, and the escrow agent shall be discharged of all further obligations hereunder; provided, however, that the escrow
agent shall nevertheless retain the certificate or certificates as escrow agent if so required pursuant to other restrictions imposed pursuant to this Agreement.  Executive agrees that if the Secretary of the Company, or the Secretary’s designee, resigns
as escrow holder for any or no reason, the Committee shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this Agreement.

            The Company, the Secretary or other designee shall not be liable for any act it may do or omit to do with respect to holding the Covered Shares in escrow and while acting in good faith and in the
exercise of its judgment.  The escrow holder may rely upon any letter, notice or other document executed by any signature purported to be genuine and may resign at any time.

            4.         Additional Securities.  Any securities or cash received as the result of an adjustment provided for in Section 12 (the "Additional
Securities") shall be retained in escrow in the same manner and subject to the same conditions and restrictions as the Covered Shares with respect to which they were issued, including the Vesting Schedule and risk of forfeiture provisions.  If the Additional
Securities consist of a convertible security, Executive may exercise any conversion right, and any securities so acquired shall constitute Additional Securities.  In the event of any change in certificates evidencing the Company's common stock or the Additional
Securities by reason of any adjustment under Section 12 or a Change in Control, the escrow holder is authorized to deliver to the issuer the certificates evidencing the Shares or Additional Securities in exchange for the certificates of the replacement
securities.

            5.         Distributions.  The Company shall disburse to Executive all regular cash dividends with respect to the Covered Shares and Additional
Securities, whether vested or otherwise, less the amount to satisfy any applicable withholding obligations.

            6.         Taxes.  Executive hereby acknowledges and understands that he may suffer adverse tax consequences as a result of his receipt of (or
purchase of), vesting in, or disposition of, the Covered Shares.  Executive hereby represents that he has consulted with any tax consultants Executive deems advisable in connection with the purchase, vesting, or disposition of the Covered Shares and that
Executive is not relying on the Company for any tax advice.  In the event the Company determines that it has a tax withholding obligation in connection with Executive's purchase of, vesting in, or disposition of, the Covered Shares, Executive agrees to make
appropriate arrangements with the Company or Affiliate for the satisfaction of such withholding.  Executive consents to the Company or Affiliate satisfying any withholding obligation by withholding from other compensation due to Executive in the event such
satisfactory arrangements are not made.

                        (a)        Representations.  Executive has reviewed with his own tax advisors
the tax consequences of this investment and the transactions contemplated by this Agreement, including any U.S. federal, state and local tax laws, and any other applicable taxing jurisdiction.  Executive is relying solely on such advisors and not on any
statements or representations of the

Company or any of its agents.  Executive hereby acknowledges and understands that he (and not the Company) shall be responsible for his or her own tax liability that may arise as a result of this investment or the transactions contemplated by this
Agreement.

                        (b)        Section 83(b) Election.  Executive hereby acknowledges that he has
been informed that if he makes a timely election (the "Election") pursuant to Section 83(b) of the Code to be taxed currently on any difference between the fair market value of the Covered Shares and any purchase price paid, this will result in a recognition
of taxable income to Executive on the date the Covered Shares were granted.  Absent such an Election, taxable income will be measured and recognized by Executive at the time or times on which the Covered Shares become vested.  Executive is strongly
encouraged to seek the advice of his own tax consultants in connection with the Covered Shares granted pursuant to this Agreement, and the advisability of filing the Election under Section 83(b) of the Code.  A form of Election under Section 83(b) is attached
hereto as Exhibit C.  EXECUTIVE ACKNOWLEDGES THAT IT IS EXECUTIVE'S SOLE RESPONSIBILITY AND NOT THE COMPANY’S OR ANY AFFILIATE TO TIMELY FILE THE ELECTION UNDER SECTION 83(b) OF THE CODE, EVEN IF EXECUTIVE REQUESTS THE COMPANY, AFFILIATE OR THEIR
REPRESENTATIVE TO MAKE THIS FILING ON EXECUTIVE'S BEHALF.

            7.         Legality of Initial Issuance.  No Covered Shares shall be issued unless and until the Company has determined that: (i) the Company and
Executive have taken all actions required to register the Covered Shares under the Securities Act or to perfect an exemption from the registration requirements thereof, if applicable; (ii) all applicable listing requirements of any stock exchange or other securities
market on which the Covered Shares are listed has been satisfied; and (iii) any other applicable provision of state or U.S. federal law or other applicable law has been satisfied.

            8.         Restrictive Legends.  Any share certificate evidencing the Covered Shares issued hereunder shall be endorsed with the following
legends (in addition to any legend required under applicable U.S. federal, state securities laws and under any other applicable law):

            (a)        On the face of the certificate:

"TRANSFER OF THIS STOCK IS RESTRICTED IN ACCORDANCE WITH THE CONDITIONS PRINTED ON THE REVERSE OF THIS CERTIFICATE"

            (b)        On the reverse of the certificate:

"THE SHARES OF STOCK EVIDENCED BY THIS CERTIFICATE ARE SUBJECT TO AND TRANSFERABLE ONLY IN ACCORDANCE WITH THAT CERTAIN EXPRESSJET HOLDINGS, INC. STAND-ALONE RESTRICTED STOCK AWARD AGREEMENT, A COPY OF WHICH IS ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY IN
HOUSTON, TEXAS.  NO TRANSFER OR

  PLEDGE OF THE SHARES EVIDENCED HEREBY MAY BE MADE EXCEPT IN ACCORDANCE WITH AND SUBJECT TO THE PROVISIONS OF SAID AGREEMENT.  BY ACCEPTANCE OF THIS CERTIFICATE, ANY HOLDER, TRANSFEREE OR PLEDGEE HEREOF AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF
SAID AGREEMENT."

            9.         Restrictions on Transfer.

                        (a)        Stop-Transfer Notices.  Executive agrees that, in order to ensure
compliance with the restrictions referred to herein and applicable law, the Company may issue appropriate "stop transfer" instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same
effect in its own records.

                        (b)        Rights of the Company.  The Company shall not (i) record on its books the
transfer of any Covered Shares that have been sold or transferred in contravention of this Agreement or (ii) treat as the owner of Covered Shares, or otherwise to accord voting, dividend or liquidation rights to, any transferee to whom Covered Shares have been
transferred in contravention of this Agreement.  Any transfer of Covered Shares not made in conformance with this Agreement shall be null and void and shall not be recognized by the Company.

            10.       Certain Definitions.

                        (a)        The term "Affiliate" shall mean (i) any corporation, partnership or
other entity which owns, directly or indirectly, a majority of the voting equity securities of the Company, and (ii) any corporation, partnership or other entity of which a majority of the voting equity securities or equity interest is owned, directly or
indirectly, by the Company.

                        (b)        The term "Change in Control" shall mean (i) a merger of the Company with
another entity, a consolidation involving the Company, or the sale of all or substantially all of the assets of the Company to another entity if, in any such case, the holders of equity securities of the Company (and their respective affiliates) immediately prior to
such transaction or event do not beneficially own immediately after such transaction or event equity securities of the resulting entity entitled to greater than 50% of the votes then eligible to be cast in the election of directors generally (or comparable governing
body) of the resulting entity, (ii) the dissolution or liquidation of the Company, (iii) when any person or entity, including a "group" as contemplated by Section 13(d)(3) of the Securities Exchange Act 1934, acquires or gains ownership or control (including, without
limitation, power to vote) of more than 50% of the combined voting power of the Company's outstanding securities, or (iv) as a result of or in connection with a contested election of the Company's Board of Directors, the persons who were members of the Board of
Directors immediately before such election shall cease to constitute a majority of such Board.  For purposes of the preceding sentence, "resulting entity" in the context of a transaction or event that is a merger or consolidation shall mean the surviving entity
unless

the surviving entity is a subsidiary of another entity and the holders of common stock of the Company receive capital stock of such other entity in such transaction or event, in which event the resulting entity shall be such other entity.

            11.       General Provisions.

                        (a)        Notice.  Any notice required by the terms of this Agreement shall be given
in writing and shall be deemed effective upon personal delivery or upon deposit with the applicable government-sponsored postal service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at its principal
executive office and to Executive at the address that he most recently provided to the Company.

                        (b)        Successors and Assigns.  Except as provided herein to the contrary, this
Agreement shall be binding upon and inure to the benefit of the parties to this Agreement, their respective successors and permitted assigns.

                        (c)        No Assignment.  Except as otherwise provided in this Agreement, Executive
shall not assign any of his or her rights under this Agreement without the prior written consent of the Company, which consent may be withheld in its sole discretion.  The Company shall be permitted to assign its rights or obligations under this Agreement, but
no such assignment shall release the Company of any obligations pursuant to this Agreement.

                        (d)        Severability.  The validity, legality or enforceability of the remainder
of this Agreement shall not be affected even if one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable in any respect.

                        (e)        Amendment.  Any provision of this Agreement may be amended and the
observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument signed by the parties hereto.

                        (f)         Administration.  Any determination by the Committee in connection
with any question or issue arising under this Agreement shall be final, conclusive, and binding on Executive, the Company, and all other persons.

                        (g)        Interpretation.  Any dispute regarding the interpretation of this
Agreement or the Covered Shares hereunder shall be submitted by Executive or by the Company forthwith to the Committee, which shall review such dispute at its next regular meeting.  The resolution of such a dispute by the Committee shall be final and binding on
all parties.

                        (h)        Headings.  The section headings in this Agreement are inserted only as a
matter of convenience, and in no way define, limit or interpret the scope of this Agreement or of any particular section.

                        (i)         Counterparts.  This Agreement may be executed simultaneously in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  Any counterpart or other signature delivered by

facsimile shall be deemed for all purposes as being a good and valid execution and deliver of this Agreement by that party.

                        (j)         Entire Agreement; Governing Law.  The provisions of
Executive's Employment Agreement are incorporated herein by reference.  The Employment Agreement and this Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings
and agreements of the Company and Executive with respect to the subject matter hereof, and may not be modified adversely to Executive's interest except by means of a writing signed by the Company and Executive.  This Agreement is governed by the laws of the
State of Texas applicable to contracts executed in and to be performed in that country.

            12.       Adjustments.  In the event of any merger, reorganization, consolidation, recapitalization, dividend or distribution (whether in cash, shares or
other property, other than a regular cash dividend), stock split, reverse stock split, spin-off or similar transaction or other change in corporate structure affecting the Company's common stock or the value thereof, appropriate adjustments and other substitutions
shall be made to the Covered Shares taking into consideration the accounting and tax consequences, as the Committee may determine to be appropriate in its sole discretion; provided, however, that the number of Covered Shares shall always be a whole number.

            13.       No Guarantee of Continuous Employment.  EXECUTIVE ACKNOWLEDGES AND AGREES THAT THE VESTING OF COVERED SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUOUS EMPLOYMENT AS PRESIDENT AND CEO OF THE COMPANY OR AFFILIATE, AT THE WILL OF THE COMPANY (NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THE RIGHT TO RECEIVE COVERED SHARES OR ACQUIRING COVERED SHARES HEREUNDER).  EXECUTIVE
FURTHER ACKNOWLEDGES AND AGREES THAT THIS AGREEMENT, THE RIGHT GRANTED HEREUNDER, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH IN THIS AGREEMENT DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE OR
CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH EXECUTIVE'S RIGHT OR THE COMPANY’S/AFFILIATE’S RIGHT TO TERMINATE EXECUTIVE'S RELATIONSHIP AS AN EMPLOYEE OR CONSULTANT AT ANY TIME, WITH OR WITHOUT
CAUSE.

            14.       Waiver.  Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof will not be deemed a waiver of such
term, covenant, or condition, nor will any waiver or relinquishment of, or failure to insist upon strict compliance with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other time or times.

[SIGNATURES ON NEXT PAGE]

            Your signature below indicates your agreement, understanding, and acceptance that the Award is subject to all of the terms and conditions contained in this Agreement.  Please be sure to
read all of the provisions of the Agreement which contains the specific terms and conditions of the Award, copies of which you hereby acknowledge having received.

EXPRESSJET HOLDINGS, INC.                                      
EXECUTIVE

By:
                                                     
                                   
                                                           

                                                                                               
Thomas M. Hanley

Its:
                                                      
                                   

                                                                                               
Date:
                                                  

 Date:
                                                  

EXHIBIT A

EXPRESSJET HOLDINGS, INC.

STAND-ALONE RESTRICTED STOCK AWARD AGREEMENT

Assignment Separate from Certificate

            FOR VALUE RECEIVED and pursuant to that certain Stand-Alone Restricted Stock Award Agreement between the undersigned ("Executive") and ExpressJet Holdings, Inc. (the "Company")
dated ______________, ___ (the "Agreement"), Executive hereby sells, assigns and transfers unto the Company three hundred thousand (300,000) shares of common stock of the Company, standing in Executive's name on the books of the Company represented by
Certificate No(s). __________________________, herewith, and does hereby irrevocably constitute and appoint _______________ to transfer such common stock on the books of the Company with full power of substitution in the premises.

            This Assignment may be used only as authorized by the Agreement.

Dated:  _______________,_____                              
Signature:                                                             

INSTRUCTIONS: Please do not fill in any blanks other than the signature line.  The purpose of this assignment is to enable the Company to exercise the forfeiture provisions as set forth in the Agreement, without requiring additional signatures on the
part of Executive.

EXHIBIT B

EXPRESSJET HOLDINGS, INC.

STAND-ALONE RESTRICTED STOCK AWARD AGREEMENT

Joint Escrow Instructions

__________, ____

ExpressJet Holdings, Inc.

700 N. Sam Houston Parkway West, Suite 200

Houston, Texas 77067

Attn.:  Corporate Secretary

Dear Sir:

            As Escrow Agent for both ExpressJet Holdings, Inc. (the "Company"), and the undersigned Executive ("Executive") of the 300,000 shares of common stock (the "Covered Shares") of
the Company, you are hereby authorized and directed to hold the documents delivered to you pursuant to the terms of that certain Stand-Alone Restricted Stock Award Agreement (the "Agreement") between the Company and the undersigned, in accordance with the
following instructions:

            1.         Executive irrevocably authorizes the Company to deposit with you any certificates evidencing Covered Shares and any additions and substitutions to
the common stock as defined in the Agreement.  Executive does hereby irrevocably constitute and appoint you as Executive's attorney-in-fact and agent for the term of this escrow to execute with respect to these securities all documents necessary or appropriate
to make such securities negotiable and to complete any transaction herein contemplated, including, but not limited to, the filing with any applicable state blue sky authority of any required applications for consent to, or notice of transfer of, the securities. 
Subject to the provisions of this Paragraph 1, Executive shall exercise all rights and privileges of a member of the Company while the Covered Shares are held by you.

            2.         Upon written request of Executive, but no more than once per calendar year, you will deliver to Executive a certificate or certificates
representing so many shares of common stock as are not then subject to forfeiture.

            3.         If at the time of termination of this escrow you should have in your possession any documents, securities, or other property belonging to
Executive, you shall deliver all of the same to Executive and shall be discharged of all further obligations hereunder.

            4.         Your duties hereunder may be altered, amended, modified or revoked only by a writing signed by all of the parties hereto.

            5.         You shall be obligated only for the performance of such duties as are specifically set forth herein and may rely and shall be protected in relying
or refraining from acting on any instrument reasonably believed by you to be genuine and to have been signed or presented by the proper party or parties.  You shall not be personally liable for any act you may do or omit to do hereunder as Escrow Agent or as
attorney-in-fact for Executive while acting in good faith, and any act done or omitted by you pursuant to the advice of your own attorneys shall be conclusive evidence of such good faith.

            6.         You are hereby expressly authorized to disregard any and all warnings given by any of the parties hereto or by any other person or corporation,
excepting only orders or process of courts of law and are hereby expressly authorized to comply with and obey orders, judgments or decrees of any court.  In case you obey or comply with any such order, judgment or decree, you shall not be liable to any of the
parties hereto or to any other person, firm or corporation by reason of such compliance, notwithstanding any such order, judgment or decree being subsequently reversed, modified, annulled, set aside, vacated or found to have been entered without jurisdiction.

            7.         You shall not be liable in any respect on account of the identity, authorities or rights of the parties executing or delivering or purporting to
execute or deliver the Agreement or any documents or papers deposited or called for hereunder.

            8.         You shall not be liable for the outlawing of any rights under the Statute of Limitations with respect to these Joint Escrow Instructions or any
documents deposited with you.

            9.         You shall be entitled to employ such legal counsel and other experts as you may deem necessary properly to advise you in connection with your
obligations hereunder, may rely upon the advice of such counsel, and may pay such counsel reasonable compensation therefor.

            10.       Your responsibilities as Escrow Agent hereunder shall terminate if you shall cease to be an officer or agent of the Company or if you shall resign by written
notice to each party.  In the event of any such termination, the Company shall appoint a successor Escrow Agent.

            11.       If you reasonably require other or further instruments in connection with these Joint Escrow Instructions or obligations in respect hereto, the necessary
parties hereto shall join in furnishing such instruments.

            12.       It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of possession of the securities held by you
hereunder, you are authorized and directed to retain in your possession without liability to anyone all or any part of the securities until such disputes shall have been settled either by mutual written agreement of the parties concerned or by a final order, decree
or judgment of a court of competent jurisdiction after the time for appeal has expired and no appeal has been perfected, but you shall be under no duty whatsoever to institute or defend any such proceedings.

            13.       Any notice required or permitted hereunder shall be given in writing and shall be deemed effectively given upon personal delivery or upon deposit in a
government-sponsored

postal service, by registered or certified mail with postage and fees prepaid, addressed to each of the other parties thereunto entitled at the following addresses or at such other addresses as a party may designate by ten days’ advance written notice to
each of the other parties hereto.

            14.       By signing these Joint Escrow Instructions, you become a party hereto only for the purpose of said Joint Escrow Instructions; you do not become a party to
the Agreement.

            15.       This instrument shall be binding upon and inure to the benefit of the parties hereto, and their respective successors and permitted assigns.

            16.       These Joint Escrow Instructions shall be governed by the laws of the State of Texas applicable to contracts executed in and to be performed in that
state.

[SIGNATURES ON NEXT PAGE]

EXPRESSJET HOLDINGS, INC.                                      
EXECUTIVE

By:
                                                     
                                   
                                                           

                                                                                               
Thomas M. Hanley

Its:
                                                      

ESCROW AGENT

                                                           

Corporate Secretary

Date:
                                                  

EXHIBIT C

ELECTION UNDER SECTION 83(b)

OF THE INTERNAL REVENUE CODE OF 1986

The undersigned taxpayer hereby elects, pursuant to Sections 55 and 83(b) of the Internal Revenue Code of 1986, as amended, to include in taxpayer’s gross income or alternative minimum taxable income, as the case may be, for the current taxable year the
amount of any compensation taxable to taxpayer in connection with taxpayer’s receipt of the property described below

1.         The name, address, taxpayer identification number and taxable year of the undersigned are as follows:

	
NAME:

	
	
ADDRESS:

	
	
IDENTIFICATION NO.:

	
	
TAXABLE YEAR:

	

2.         The property with respect to which the election is made is described as follows: three hundred thousand (300,000) shares of common stock (the "Shares") of ExpressJet Holdings, Inc., a Delaware company
(the "Company").

3.         The date on which the property was transferred is:___________________ ,______.

4.         The property is subject to the following restrictions:

The Shares may not be transferred and are subject to forfeiture under the terms of an agreement between the taxpayer and the Company.  These restrictions lapse upon the satisfaction of certain conditions contained in the agreement.

5.         The fair market value at the time of transfer, determined without regard to any restriction other than a restriction which by its terms will never lapse, of such property is:  $_________________.

6.         The amount (if any) paid for such property is:  $_________________.

The undersigned has submitted a copy of this statement to the person for whom the services were performed in connection with the undersigned’s receipt of the above-described property.  The transferee of such property is the person performing the
services in connection with the transfer of said property.

The undersigned understands that the foregoing election may not be revoked except with the consent of the Commissioner of the Internal Revenue Service.

Dated: ______________________, _____                 
                                                                       

Taxpayer

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