Document:

<PAGE>
                                                                    Exhibit 10.7

                              MESA AIR GROUP, INC.
                         2005 DEFERRED COMPENSATION PLAN

                                    ARTICLE I

                                   DEFINITIONS

1.1  Definitions. The following terms when capitalized herein shall have the
     meanings assigned below.

     (a)  Account. The bookkeeping account established and maintained under the
          Plan for each Participant to reflect amounts credited under the Plan
          for the benefit of each Participant and any earnings or losses
          thereon.

     (b)  Board. The Board of Directors of Mesa Air Group, Inc.

     (c)  Code. The Internal Revenue Code of 1986, as amended from time to time.

     (d)  Committee. The Deferred Compensation Committee responsible for the
          administration of the Plan, as selected by the Board.

     (e)  Company. Mesa Air Group, Inc.

     (f)  Contribution. The amount contributed to the Plan by the Company on
          behalf of a Participant, as determined in the sole discretion of the
          Committee or, if applicable, pursuant to a specific provision
          contained in an employment agreement between the Participant and the
          Company.

     (g)  Designated Beneficiary. The beneficiary designated by the Participant
          to receive the Participant's benefit under this Plan in the event of
          the Participant's death.

     (h)  Eligible Employee. Any employee of the Company who is a member of the
          management or highly compensated group of employees of the Company
          under ERISA Sections 201(2), 301(a)(3), and 401(a)(1), as determined
          by the Committee, in its discretion.

     (i)  ERISA. The Employee Retirement Income Security Act of 1974, as
          amended.

     (j)  First Eligible Payment Date. The first date that is more than 6 months
          after the date a Participant terminates (including by death)
          employment with the Company.

                                       1

<PAGE>

     (k)  Investment Fund. The separate funds in which amounts allocable to
          Participants and held in the Trust may be invested in accordance with
          Article IV.

     (l)  Participant. Each Eligible Employee of the Company who is selected by
          the Committee to participate in this Plan.

     (m)  Plan. The Mesa Air Group, Inc. Deferred Compensation Plan, as set
          forth herein, as amended from time to time.

     (n)  Plan Year. The twelve-month period ending on December 31 of each year.

     (o)  Trust. The Deferred Compensation Trust in which amounts deferred under
          this Plan, and any earnings thereon, may be held, as provided in
          Article V and any Deferred Compensation trust agreement.

     (p)  Trustee. The trustee or trustees of the Trust.

     (q)  Valuation Date. The last day of each calendar quarter of each Plan
          Year, and such other dates as the Committee determines necessary or
          appropriate to value the Accounts of Participants.

                                   ARTICLE II

                         PARTICIPATION AND CONTRIBUTIONS

2.1  Eligibility for Participation. Each Eligible Employee shall be eligible to
     be selected to participate in the Plan. The Committee, in its sole
     discretion, shall select which Eligible Employees will participate in the
     Plan. Notwithstanding the foregoing, a Participant shall include any
     Eligible Employee whose employment contract with the Company specifically
     provides that such Eligible Employee will be a participant in the Plan.

2.2  Termination of Participation. Participation in the Plan shall terminate on
     the date on which a Participant terminates employment with the Company.

2.3  Amount of Contribution. The Committee, in its sole discretion, shall
     determine the amounts that will be contributed on behalf of each
     Participant, and the times at which such amounts will be contributed to the
     Plan. Notwithstanding the foregoing, a Participant's employment agreement
     may specify the amounts that will be contributed on behalf of such
     Participant, as well as the dates of any such contributions.

                                       2

<PAGE>

                                   ARTICLE III

                      VESTING AND DISTRIBUTION OF BENEFITS

3.1  Vesting. A Participant shall always be 100% vested in his or her Account
     under the Plan.

3.2  Distribution of Benefits.

     (a)  Termination of Employment. Distribution of a Participant's vested
          Account shall commence within an administratively reasonable period of
          time after such Participant's First Eligible Payment Date.
          Distribution shall be made in one of the following forms as elected by
          the Participant at the time an initial contribution is made to the
          Plan on behalf of the Participant. The Participant may elect, at such
          time, to receive a distribution in substantially equal quarterly
          installments over a maximum period of fifteen years of not less than
          $6,000 per installment (with any remaining balance in the
          Participant's Account of less than $6,000 to be paid in the final
          installment) or in one lump sum distribution which shall be paid
          within an administratively reasonable period of time after such
          Participant's First Eligible Payment Date, subject to the provisions
          of section 3.2(d) hereof. Any lump sum distribution elected by the
          Participant shall be equal to the balance credited to the
          Participant's Account as of the Valuation Date immediately preceding
          such distribution. If no election is made by the Participant, the
          distribution shall be made in substantially equal quarterly
          installments over a fifteen-year period. To the extent the Account is
          paid in installment payments, amounts remaining in the Plan (and, if
          applicable, in the Trust) shall continue to be credited with earnings,
          and those earnings shall be divided by the number of remaining
          installment payments and distributed in substantially equal amounts
          along with the remaining installments. Payment of benefits under this
          Section shall be a complete discharge of the Company's obligation
          under the Plan with respect to that Participant. Any election by the
          Participant with respect to the form or timing of his distribution
          must be made within thirty (30) days of the Company's notification to
          the Participant of his or her initial selection as a Participant.

     (b)  Death of Participant. Upon the death of a Participant while employed
          with the Company, the Participant's Designated Beneficiary shall be
          paid the vested balance credited to the Participant's Account under
          this Plan. Distribution to the Designated Beneficiary shall commence
          within an administratively reasonable period of time after such
          Participant's First Eligible Payment Date. Distribution shall be made
          in one of the following

                                       3

<PAGE>

          forms as elected by the Participant within 30 days of his or her
          selection as a Participant. The Participant may elect to receive a
          lump sum distribution or a distribution in substantially equal
          quarterly installments over a maximum period of fifteen years.

     (c)  A Participant may elect one form of distribution in the event of death
          and a different form of distribution in the event of termination of
          employment, provided that all elections relating to such forms of
          distribution shall be made within thirty (30) days of the Company's
          notification to the Participant of his or her initial selection as a
          Participant.

     (d)  Notwithstanding any other provision hereof, no distribution may be
          made to any Participant who is a "specified employee" (within the
          meaning of section 409A of the Code) prior to the date that is 6
          months after the date such employee terminates employment with the
          Company.

                                   ARTICLE IV

                 FUNDING, INVESTMENT, AND VALUATION OF ACCOUNTS

4.1  Plan Accounts Are Unfunded and May be Held in Trust.

     (a)  All amounts payable in accordance with this Plan shall constitute a
          contractual general unsecured obligation of the Company. Such amounts,
          as well as any administrative costs relating to the Plan, shall be
          paid out of the general assets of the Company, to the extent not paid
          from the assets of any Trust established pursuant to Section 4.1(b)
          below.

     (b)  The Company may establish a grantor trust for the benefit of all or
          some of the Participants under the Plan. Any assets placed in the
          Trust shall be comprised of all or any portion of amounts in Accounts
          and shall be held separate and apart from other Company funds, and
          shall be used exclusively for the purposes set forth in the Plan and
          Trust subject to the following conditions:

          (i)  the Company shall be treated as "grantor" of the Trust for
               federal income tax purposes; and

          (ii) the Trust agreement shall provide that its assets may be used
               upon the insolvency of the Company to satisfy claims of the
               Company's general creditors, and that the rights of such general
               creditors are enforceable by them under federal and state law.

     (c)  In the event that a Trust is established pursuant to this Section
          4.1(b), the amounts contributed in the form of Contributions shall be
          transferred by the Company to such Trust, as directed by the
          Committee.

                                       4

<PAGE>

4.2  Account Investment. Each Participant may direct the investment of the
     amounts allocable to the Participant's Account under the Plan, whether or
     not such amounts are held in a Trust, into one or more of the Investment
     Funds offered by the Committee.

4.3  Investment Funds. The Committee may designate one or more Investment Funds
     for the investment of Participant's Accounts. The Committee may change the
     designation of Investment Funds from time to time, in its sole discretion.
     The Committee shall determine from time to time the manner in which
     Participants may provide investment instructions for their Accounts under
     the Plan.

4.4  Individual Records. The Committee shall maintain, or cause to be
     maintained, records showing the individual balances of each Participant's
     Account and the amounts allocable to each Participant under this Plan (and,
     if applicable, under the Trust); provided, however, the Committee may
     delegate this responsibility to another administrator. At least once a
     year, each Participant shall be furnished with a statement setting forth
     the balance credited to his or her Account under the Plan.

4.5  Valuations.

     (a)  Except as provided in Section 4.3, on each Valuation Date each
          Participant's Account shall be allocated its proportionate share of
          the increase or decrease (including earnings) in the fair market value
          of that portion of any Investment Fund or interest under Section 4.3
          which is allocable to the Participant's Account, as well as any
          brokerage or other investment expenses. All other expenses of the
          Trust shall be paid by the Company.

     (b)  In the event that a Trust is established under section 4.1 hereof,
          immediately after any gain or loss or earnings are allocated to a
          Participant's Account under the Trust in accordance with Section
          4.5(a), an equal amount of gain or loss or earnings shall be credited
          to the Participant's Account under the Plan.

                                    ARTICLE V

                                 ADMINISTRATION

5.1  Modification, Amendment, and Termination. The Board reserves the right to
     modify, amend in whole or in part, discontinue benefit accrual under, or
     terminate the Plan at any time. However, no modification or amendment shall
     adversely affect the right of any Participant to receive the benefits
     accrued and the vested balance to the credit of such Participant's Account
     as of the date of such

                                       5

<PAGE>

     modification, discontinuance, amendment, or termination, without the
     written consent of the affected Participant. In the event of any
     termination of the Plan, distributions shall be made to Participants only
     in accordance with the provisions of section 3.2 hereof and the termination
     of the Plan shall not result in any acceleration of such distributions.

5.2  Administration and Interpretation. Full power and authority to construe,
     interpret, and administer the Plan shall be vested in the Committee. Any
     interpretation of the Plan by the Committee or any administrative act by
     the Committee shall be final and binding on all Participants. The Committee
     shall, from time to time, establish rules and regulations for the
     administration of the Plan and the transaction of its business and shall
     maintain or cause to be maintained all records which it shall deem
     necessary for purposes of the Plan.

5.3  No Contract of Employment. The establishment of the Plan (and the
     establishment of any Trust) shall not be construed as conferring any legal
     rights upon any person for a continuation of employment, nor shall it
     interfere with the rights of the company to discharge any employee and to
     treat such employee without regard to the effect which such treatment might
     have upon such employee as a Participant in the Plan.

5.4  Facility of Payment. In the event that the Committee shall find that a
     Participant is unable to care for his or her affairs because of illness or
     accident, the Committee may direct that any benefit payment due to such
     Participant, unless a claim shall have been made therefore by a duly
     appointed legal representative, be paid to such Participant's spouse,
     child, or other blood relative, or to a person with whom such Participant
     resides, and any such payment so made shall be in complete discharge of the
     liabilities of the Company, the Plan, and the Trust therefor.

5.5  Withholding and Tax Consequences. The Company and the Trustee shall have
     the right to deduct from each payment to be made under the Plan and the
     Trust any required withholding or other taxes. In the event the Internal
     Revenue Service determines (pursuant to section 409A of the Code or
     otherwise) that the value of all or any portion of the benefits accrued
     under this Plan are taxable to Participants in any year prior to the year
     of actual distribution, the Committee may authorize distribution of a
     portion of a Participant's Account in an amount sufficient to satisfy such
     tax liability. The Company shall not be responsible for any income taxes
     (or additions to tax imposed by section 409A of the Code) attributable to
     distributions from the Plan.

5.6  Nonalienation. Subject to any applicable law, no benefit under the Plan
     shall be subject in any manner to anticipation, alienation, sale, transfer,
     assignment, pledge, encumbrance, or charge, and any attempt to do so shall
     be void, nor shall any such benefit be in any manner liable for or subject
     to garnishment,

                                       6

<PAGE>

     attachment, execution of levy, or liability for or subject to the debts,
     contracts, liabilities, engagements or torts of a Participant.

5.7  Construction. The Plan shall be construed, regulated and administered under
     the laws of the State of Arizona. When used herein the masculine pronoun
     shall include the feminine pronoun, and the singular shall include the
     plural, where appropriate.

5.8  Claims Procedure. Any Participant, beneficiary, or his duly authorized
     representative may file a claim for a Plan benefit to which the claimant
     believes that he or she is entitled. Such a claim must be in writing and
     delivered or mailed to the Committee. The Committee shall have full
     discretion to deny or grant a claim in whole or in part.

5.9  Unfunded Plan. The Company shall not be required to fund its obligations
     under this Plan in any manner, whether by purchase of insurance or
     endowment contracts, or contributions to a trust, or deposits in an escrow
     account or otherwise; and if the Company does choose to do so, then the
     Participant shall not have any right or interest in such contract, trust
     (other than the Participant's right to the funds held in a trust created
     under Section 4.1), or account but may look only to the Company's unsecured
     promise to pay in accordance with the provisions of this Plan. Nothing
     contained in this Plan will be deemed to create a trust of any kind or to
     create any fiduciary relationship.

     IN WITNESS WHEREOF, Mesa Air Group, Inc. has approved this Plan effective
February 7, 2005.

                                        MESA AIR GROUP, INC.

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

                                        Its:
                                             -----------------------------------

                                       7<PAGE>
                                                                   Exhibit 10.14

                                             * TEXT OMITTED AND FILED SEPARATELY
                                                CONFIDENTIAL TREATMENT REQUESTED
                                           UNDER 17 C.F.R. SECTION 200.80(B)(4),
                                                            200.83 AND 240.24b-2

                          FIFTH AMENDMENT TO CODE SHARE
                          AND REVENUE SHARING AGREEMENT

     THIS FIFTH AMENDMENT TO CODE SHARE AND REVENUE SHARING AGREEMENT ("Fifth
Amendment") is made and entered into as of January 28, 2005 (the "Effective
Date"), among AMERICA WEST AIRLINES, INC., a Delaware corporation ("AWA"), MESA
AIRLINES, INC., a Nevada corporation ("Mesa"), AIR MIDWEST, INC., a Kansas
corporation ("AM"), and FREEDOM AIRLINES, INC., a Nevada corporation
("Freedom"). Mesa, AM and Freedom are referred to collectively as the "Mesa
Group".

     RECITALS:

     A. AWA and the Mesa Group are parties to that certain Code Share and
Revenue Sharing Agreement, dated to be effective February 1, 2001, as amended by
that certain First Amendment to Code Share and Revenue Sharing Agreement, dated
to be effective April 27, 2001, that certain Second Amendment to Code Share and
Revenue Sharing Agreement, dated to be effective October 24, 2002 ("Second
Amendment"), that certain Third Amendment to Code Share and Revenue Sharing
Agreement, dated to be effective January 29, 2003 ("Third Amendment"), and that
certain Fourth Amendment to Code Share and Revenue Sharing Agreement and
Release, dated to be effective September 5, 2003 (collectively, the "Code Share
Agreement"). All capitalized terms used herein, but not otherwise defined
herein, shall have the meanings given to such terms in the Code Share Agreement.

     B. The Code Share Agreement requires the Mesa Group to provide certain
Flight Services for AWA, pursuant to the terms and conditions of the Code Share
Agreement.

     C. The Mesa Group and AWA desire to amend the Code Share Agreement pursuant
to the terms and conditions of this Fifth Amendment.

     D. The Mesa Group and AWA desire to terminate certain Subcontracting of
Services and allow for Subcontracting of Services under limited circumstances.

     NOW, THEREFORE, in consideration of the promises, covenants,
representations and warranties hereinafter set forth, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, AWA
and the Mesa Group agree as set forth below.

     AMENDMENTS:

<PAGE>

     1.   The parties agree that Section 2.2.2(b) of the Code Share Agreement is
          amended in its entirety as follows:

          (b) AWA shall have the options to expand the CRJ Fleet from the Option
          Aircraft. On or before each option "Exercise Date" (as set forth on
          Exhibit A), AWA, by written notice to Mesa (the "Option Notice"),
          shall have the option to require Mesa to increase the CRJ Subfleet by
          the addition of the applicable CRJ Aircraft (as set forth on Exhibit
          A) in the applicable "In Service Months" (as set for on Exhibit A)
          (each, a "Fleet Expansion Option"). Each Option Notice shall specify
          whether AWA is selecting either a CRJ Model 700 or 900. If the Option
          Notice does not specify the CRJ Model, then AWA shall be deemed to
          have selected a CRJ Model 900. The Fleet Expansion Options are
          separate and individual options and may be exercised or not exercised
          on a separate and individual basis. If AWA does not exercise a Fleet
          Expansion Option timely, then the applicable Option Aircraft shall not
          be added to the CRJ Subfleet and shall not be placed into Flight
          Services. The Aircraft that are the subject of each exercise of a
          Fleet Expansion Option shall be added to the Fleet by Mesa in the
          applicable In Service Months. Mesa shall provide AWA with at least 90
          days prior written notice of the week each Option Aircraft will be
          placed into Flight Service under this Agreement and at least 60 days'
          prior written notice of the Scheduled Delivery Date for each Option
          Aircraft that is the subject of each exercised Fleet Expansion Option.

     2.   The parties agree that Section 8.1 of the Code Share Agreement is
          amended in its entirety as follows:

          Term. The term of this Agreement (the "Term") commences on the
          Effective Date retroactive to the Contract Date (the "Commencement
          Date") and shall expire at 11:59 p.m., Phoenix time, on June 30, 2012
          ("Expiration Date"), unless earlier terminated as provided in this
          Agreement. Notwithstanding the foregoing to the contrary, if any of
          the Option Aircraft is added to the CRJ Subfleet pursuant to Section
          2.2.2(b), then the Expiration Date shall be extended to 11:59 p.m.,
          Phoenix time, on the date eight (8) years after the last day of the In
          Service Month (as set forth on Exhibit A) for the last Option Aircraft
          added to the CRJ Subfleet. By way of example, if AWA adds the Option
          Aircraft with the December 2006 In Service Month and does not add any
          of the remaining seven Option Aircraft from January 2007 through July
          2007, the Expiration Date shall be extended to 11:59 p.m., Phoenix
          time, on December 31, 2014. AWA, by written notice to Mesa at least
          180 days prior to the Expiration Date, may further extend the
          Expiration Date for two years, expiring at 11:59 p.m., Phoenix time,
          on either (i) June 30, 2014; or (ii) the date ten (10) years after the
          last day of the In Service Month for the last Option Aircraft added to
          the CRJ Subfleet, if applicable. Unless AWA

                                        2

<PAGE>

          does not exercise any of the Fleet Expansion Options, Mesa and AWA
          shall execute an amendment to this Section 8.1 following the Exercise
          Date for the last Option Aircraft specifying the revised Expiration
          Date.

     3.   The parties agree that the second page of Exhibit A of the Code Share
          Agreement is amended in its entirety as set forth in Exhibit 1 to this
          Fifth Amendment.

     AGREEMENTS:

     4.   900 Election Notice. Mesa acknowledges: (i) receipt of AWA's 900
          Election Notice dated April 29, 2004, rejecting the twelve (12) CRJ
          Model 900s pursuant to Section 2.2.5(e) of the Code Share Agreement;
          and (ii) as a result thereof, the twelve (12) CRJ Model 900s scheduled
          to be delivered into Flight Services from April 2005 to November 2005,
          pursuant to the Delivery Schedule, will not be added to the CRJ
          Subfleet and will not be placed into Flight Services.

     5.   Termination of Consent to Subcontracting. AWA and the Mesa Group agree
          that AWA's consent to subcontracting granted to both Freedom and AM
          pursuant to the Code Share Agreement is terminated, except as set
          forth in Section 6 below. Notwithstanding the preceding sentence, (i)
          Freedom's assumption relating to the CRJ 700 Services (as set forth in
          Section 2 of the Second Amendment) and relating to the CRJ 900
          Services (as set forth in Section 2 of the Third Amendment) shall
          remain in effect for all CRJ 700 Services and CRJ 900 Services
          previously provided by Freedom pursuant to the Code Share Agreement
          and (ii) AM's assumption relating to the AM Services shall remain in
          effect for all AM Services previously provided by AM pursuant to the
          Code Share Agreement. AM confirms and acknowledges that for all AM
          Services previously provided by AM pursuant to the Code Share
          Agreement, AM assumed and agreed to be bound by all of the
          liabilities, obligations, and duties of Mesa applicable to the AM
          Services. Nothing in this Section 5 shall prohibit Mesa, after the
          Effective Date of this Fifth Amendment, from seeking AWA's consent for
          the Subcontracting of Services pursuant to Section 2.1 of the Code
          Share Agreement.

     6.   Consent to Subcontracting for Beech 1900s. The consent to
          subcontracting granted to AM and Freedom shall remain in effect only
          for the limited circumstance in which irregular operations make a
          Flight for which a Dash 8 Aircraft is scheduled to be used by Mesa
          subject to cancellation ("Swap Flight"), and AM or Freedom is
          available to provide Flight Services for the Swap Flight (and avoid
          cancellation of the Swap Flight) using a Beech 1900 Aircraft. For such
          Swap Flights, Freedom and AM assume and agree to discharge,

                                        3

<PAGE>

          perform, and satisfy on behalf of Mesa all the obligations,
          liabilities and duties of Mesa under the Code Share Agreement relating
          to the provision of these Flight Services, in the time and manner
          required by the Code Share Agreement, to the same extent Mesa is
          required to perform and satisfy such obligations, liabilities and
          duties under the Code Share Agreement. AWA shall make payments for the
          Swap Flights to Mesa for negotiated activity costs for the Beech 1900
          Aircraft, which shall include de-icing expenses (if any), fuel costs,
          landing fees, security outside AWA Service locations (if any), the
          B1900 station cost per departure (as set forth in Exhibit B to the
          Code Share Agreement), the Beech 1900 flight crew cost per block hour
          and dispatcher cost per departure (as set forth in Exhibit C to the
          Code Share Agreement), and the Beech 1900 maintenance cost per block
          hour and maintenance cost per departure (as set forth in Exhibit D to
          the Code Share Agreement). Payments for the Swap Flights shall not
          include any fixed monthly costs relating to the Beech 1900 Aircraft.

     7.   Effect. Except as set forth in this Fifth Amendment, all of the terms
          and conditions of the Code Share Agreement shall remain in full force
          and effect and be applicable to this Fifth Amendment.

     8.   Counterparts. This Fifth Amendment may be executed in counterparts,
          all of which when taken together shall be one and the same document.

     9.   Entire Agreement. This Fifth Amendment constitutes the entire
          agreement between the parties with respect to the subject matter
          hereof and supersedes all prior understandings with respect thereto.

                        [SIGNATURES APPEAR ON NEXT PAGE]

                                        4

<PAGE>

                                        AMERICA WEST AIRLINES, INC.

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

                                        MESA AIRLINES, INC.

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

                                        FREEDOM AIRLINES, INC.

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

                                        AIR MIDWEST, INC.

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

                                        5

<PAGE>

                                    Exhibit 1

                                        6

<PAGE>

                                    EXHIBIT A
                               OPTION CRJ-700/900
                                DELIVERY SCHEDULE

<TABLE>
<CAPTION>
            Option
          CRJ-7/900
          ---------
<S>       <C>
 Nov-05
 Dec-05
 Jan-06
 Feb-06
 Mar-06
 Apr-06
 May-06
*Jun-06      [*]
*Jul-06      [*]
*Aug-06      [*]
 Sep-06      [*]
 Oct-06      [*]
 Nov-06      [*]
 Dec-06      [*]
 Jan-07      [*]
 Feb-07      [*]
 Mar-07      [*]
 Apr-07      [*]
 May-07      [*]
 Jun-07      [*]
 Jul-07       *
             ---
 Totals       *
             ===
</TABLE>

Note: [*]

*[*]

                                        7

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