Document:

Exhibit 4.2

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY STATE SECURITIES LAWS ("BLUE SKY LAWS"). THE HOLDER OF
THIS WARRANT MAY NOT TRANSFER THIS WARRANT OR THE COMMON STOCK ISSUABLE UPON THE
EXERCISE OF THIS WARRANT WITHOUT SUCH REGISTRATION OR AN EXEMPTION FROM SUCH
REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE BLUE SKY LAWS. THE
HOLDER OF THIS WARRANT MAY ONLY TRANSFER IT IN ACCORDANCE WITH AND SUBJECT TO
THE TERMS OF THIS WARRANT.

                          COMMON STOCK PURCHASE WARRANT

                      To Purchase Shares of Common Stock of

                         Midwest Express Holdings, Inc.

                                 August 19, 2003

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                                TABLE OF CONTENTS
                                                                            Page

1.   Definitions of Certain Terms.............................................2

2.   Exercise of Warrant......................................................3
     2.1.  Right to Exercise; Notice..........................................3
     2.2.  Manner of Exercise; Issuance of Common Stock.......................3
     2.3.  Effectiveness of Exercise..........................................4
     2.4.  Fractional Shares..................................................4
     2.5.  Representations of Warrant Holder..................................4
     2.6.  Net Exercise.......................................................7
     2.7.  Payment of Exercise Price by Cancellation of Debt..................8

3.   Registration, Transfer, Exchange and Replacement of
     Warrant; Legends.........................................................8
     3.1.  Registration, Transfer and Exchange of Warrant.....................8
     3.2.  Replacement of Warrant.............................................8
     3.3.  Transfer Restrictions on Warrants and Warrant Shares...............9

4.   Anti-Dilution Provisions................................................10
     4.1.  Adjustment in Exercise Price......................................10
     4.2.  Adjustments in Case of Stock Split, Distributions, etc............12
     4.3.  Adjustment in Case of Consolidation, Merger or
           Reclassification..................................................13
     4.4.  Adjustment in Case of Tender Offer................................14
     4.5.  Condition Precedent Related to Par Value..........................14
     4.6.  Certificate of Adjustment.........................................15
     4.7.  Other Dilutive Event..............................................15

5.   Registration Rights.....................................................15

6.   Reservation of Common Stock.............................................15

7.   Various Covenants and Representations of the Company....................15
     7.1.  No Impairment or Amendment........................................15
     7.2.  Listing on Securities Exchanges...................................16
     7.3.  Supplemented Warrant..............................................16
     7.4.  Anti-Dilution Provisions..........................................16
     7.5.  Certain Expenses..................................................16
     7.6.  Form D............................................................16
     7.7.  Notice of Events..................................................16
     7.8.  Additional Representations........................................17

8.   Miscellaneous...........................................................19
     8.1.  Nonwaiver.........................................................19
     8.2.  Amendment.........................................................19
     8.3.  Communications....................................................19
     8.4.  Remedies..........................................................20
     8.5.  Successors and Assigns............................................20
     8.6.  Governing Law; Venue; Waive Jury Trial............................20
     8.7.  Headings; Entire Agreement; Partial Invalidity, etc...............21
     8.8.  No Rights or Liabilities as a Shareholder.........................21

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                                    EXHIBITS

            Exhibit 2.2      Form of Notice of Exercise
            Exhibit 3.1      Form of Assignment
            Exhibit 5        Form of Registration Rights Agreement

                                       ii
<PAGE>

THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
"SECURITIES ACT"), OR ANY STATE SECURITIES LAWS ("BLUE SKY LAWS"). THE HOLDER OF
THIS WARRANT MAY NOT TRANSFER THIS WARRANT OR THE COMMON STOCK ISSUABLE UPON THE
EXERCISE OF THIS WARRANT WITHOUT SUCH REGISTRATION OR AN EXEMPTION FROM SUCH
REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE BLUE SKY LAWS. THE
HOLDER OF THIS WARRANT MAY ONLY TRANSFER IT IN ACCORDANCE WITH AND SUBJECT TO
THE TERMS OF THIS WARRANT.

                          COMMON STOCK PURCHASE WARRANT

                      To Purchase Shares of Common Stock of

                         Midwest Express Holdings, Inc.

                                                                 August 19, 2003

     THIS IS TO CERTIFY that, for value received and subject to the terms and
conditions set out in this Common Stock Purchase Warrant (as amended, modified
and supplemented from time to time, this "Warrant"), _____________________, a
______ corporation ("Initial Warrant Holder"), or any permitted and registered
assign of the Initial Warrant Holder (the Initial Warrant Holder and each such
assign, for so long as he, she or it holds this Warrant, a "Warrant Holder"), is
entitled upon the due exercise hereof at any time during the Exercise Period (as
defined in Section 1) to purchase, as provided for herein, up to _______
(_______) shares of Common Stock, par value $0.01 per share, of Midwest Express
Holdings, Inc., a Wisconsin corporation (the "Company"), at an exercise price
per share of $4.78 (the number of shares of Common Stock (as defined in Section
1) purchasable hereunder and the Exercise Price (as defined in Section 1) shall
be subject to adjustment as provided herein), and to exercise the other rights,
powers and privileges hereinafter provided, all on the terms and subject to the
conditions hereinafter set forth.

     This Warrant is issued in connection with that certain [Participation
Agreement]/[Agreement to Amend Operative Documents] (relating to the aircraft
bearing U.S. registration number ______), dated as of August 19, 2003 (as
amended, modified and supplemented from time to time, the "Amendment
Agreement"), by and among the Company, and Midwest Airlines, Inc., a Wisconsin
corporation and a wholly-owned subsidiary of the Company ("Midwest Airlines"),
or Skyway Airlines, Inc., a Delaware corporation and a wholly-owned subsidiary
of Midwest Airlines ("Skyway Airlines"), as the case may be, and the other
parties named in the Amendment Agreement. Pursuant to the Amendment Agreement,
the parties have agreed to amend certain aircraft financing documents,
instruments, contracts, guarantees and agreements entered into by the parties,
as more fully detailed in the Amendment Agreement. To induce the Initial Warrant
Holder to execute and deliver the Amendment Agreement, the Company has agreed to
issue this Warrant.

                                       1
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     1. Definitions of Certain Terms. The terms defined in this Section 1,
whenever used and capitalized in this Warrant, shall, unless the context
otherwise requires, have the following respective meanings:

     "Common Stock" shall mean the common stock, par value $0.01 per share, of
the Company (and any associated preferred share purchase rights issued pursuant
to that certain Rights Agreement, dated February 14, 1996, as amended, between
the Company and American Stock Transfer & Trust Company, as successor in
interest to U.S. Bank, National Association (successor in interest to Firstar
Trust Company) (the "Rights Plan") or similar share purchase rights that the
Company might authorize and issue in the future) as constituted on the date of
this Warrant and any Shares resulting from any reclassification of such Common
Stock.

     "Convertible Securities" shall mean evidences of indebtedness, Shares or
other securities that are convertible into or exchangeable or exercisable for,
with or without payment of additional consideration, shares of Common Stock,
either immediately or upon the arrival of a specified date or the happening of a
specified event (excluding the Company's preferred share purchase rights issued
pursuant to that certain Rights Agreement, dated February 14, 1996, as amended,
between the Company and American Stock Transfer & Trust Company, as successor in
interest to U.S. Bank, National Association (successor in interest to Firstar
Trust Company) and any similar share purchase rights that the Company might
authorize and issue in the future).

     "Exercise Period" shall mean the period commencing August 19, 2003 and
continuing for ten (10) years from that date (August 19, 2013).

     "Exercise Price" shall mean the price per share of Common Stock set forth
in the Preamble to this Warrant, as such price may be adjusted pursuant to
Section 4.

     "Market Price" shall mean (a) the closing price of the Common Stock as of
the date in question under this Warrant, or, if no closing price is available on
that date, then the closing price on the immediately preceding business day on
which there is a closing price, if such security is listed or admitted for
trading on any domestic national securities exchange, as officially reported on
the principal securities exchange on which the Common Stock is listed; (b) if
not reported as described in clause (a), the closing sale price of the Common
Stock as of the date in question under this Warrant, or, if no closing sale
price is available on that date, then the closing sale price on the immediately
preceding business day on which there is a closing sale price, as reported by
The Nasdaq Stock Market, or any similar system of automated dissemination of
quotations of securities prices then in common use, if so quoted; or (c) if not
reported as described in clause (a) or quoted as described in clause (b), then
the Company's Board of Directors shall determine in good faith and on a
reasonable basis the applicable Market Price, which determination shall be
conclusive.

     "Notice of Exercise" shall mean the Notice of Exercise substantially in the
form of Exhibit 2.2 attached hereto.

     "Notice of Assignment" shall mean the Notice of Assignment substantially in
the form of Exhibit 3.l attached hereto.

     "Operative Documents" shall mean this Warrant, the Amendment Agreement, the
Company's Organizational Documents and each of the other agreements, documents
and instruments

                                       2
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executed in connection herewith and therewith, each as it may from time to time
be amended, modified or supplemented.

     "Organizational Documents" of any Person shall mean such Person's charter
and bylaws, partnership agreement, operating agreement or trust agreement (as
applicable) and/or any other similar agreement, document or instrument.

     "Person" shall mean an individual, a corporation, an association, a
joint-stock company, a business trust or other similar organization, a
partnership, a limited liability company, a joint venture, a trust, an
unincorporated organization or a government or any agency, instrumentality or
political subdivision thereof.

     "Shares" of any Person shall include any and all shares of capital stock,
partnership interests, membership interests, or other shares, interests,
participations or other equivalents (however designated and of any class) in the
capital of, or other ownership interests in, such Person.

     "Stock Purchase Rights" shall mean any warrants, options or other rights to
subscribe for, purchase or otherwise acquire any shares of Common Stock or any
Convertible Securities (excluding the Company's preferred share purchase rights
issued pursuant to that certain Rights Agreement, dated February 14, 1996, as
amended, between the Company and American Stock Transfer & Trust Company, as
successor in interest to U.S. Bank, National Association (successor in interest
to Firstar Trust Company) and any similar share purchase rights that the Company
might authorize and issue in the future), either immediately or upon the arrival
of a specified date or the happening of a specified event.

     "Warrants" shall mean all of the warrants issued by the Company on the date
hereof in connection with the Amendment Agreement and similar agreements that
the Company, Midwest Airlines, Inc. and/or Skyway Airlines, Inc. are executing
as of August 19, 2003.

     "Warrant Shares" shall mean the aggregate number of shares of Common Stock
issued or issuable, as the case may be, from time to time upon exercise of this
Warrant, as such number may be increased or decreased pursuant to Section 4, and
shall also mean any other Shares, other securities and/or other assets otherwise
deliverable upon exercise of this Warrant.

     2. Exercise of Warrant.

     2.1. Right to Exercise; Notice. On the terms and subject to the conditions
of this Section 2, the Warrant Holder shall have the right, at its option, to
exercise this Warrant at any time or from time to time during the Exercise
Period for all or part of the Warrant Shares then issuable upon its exercise,
all as more fully specified below, provided that a partial exercise of this
Warrant for less than the entire remaining amount of Warrant Shares issuable
under this Warrant shall be made only for a whole number of shares.

     2.2. Manner of Exercise; Issuance of Common Stock. To exercise this
Warrant, the Warrant Holder shall deliver to the Company (a) a Notice of
Exercise (substantially in the form of Exhibit 2.2 attached hereto) duly
executed by the Warrant Holder (or its attorney) specifying the number of
Warrant Shares to be purchased, (b) an amount equal to the aggregate Exercise
Price then in effect for all Warrant Shares as to which this Warrant is then
being exercised by payment of cash,

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<PAGE>

pursuant to Section 2.6 or pursuant to Section 2.7 and (c) this Warrant. If
payment is to be made by cash, then, at the option of the Company, payment of
the Exercise Price shall be made by wire transfer of funds to an account in a
bank located in the United States designated by the Company for such purpose or
by check payable to the order of the Company.

     Upon receipt of the items referred to in this Section 2.2, the Company
shall, as promptly as practicable, and in any event within three (3) trading
days thereafter, cause to be issued and delivered to the Warrant Holder (or its
nominee), or the transferee designated in the Notice of Exercise, a certificate
or certificates representing the number of Warrant Shares specified in the
Notice of Exercise (but not exceeding the maximum number of shares then issuable
upon exercise of this Warrant). Such certificates shall be registered in the
name of the Warrant Holder (or its nominee) or in the name of such transferee,
as the case may be.

     If this Warrant is exercised in part, then the Company shall, at the time
of delivery of such certificate or certificates, issue and deliver to the
Warrant Holder or the transferee so designated in the Notice of Exercise a new
Warrant evidencing the right of the Warrant Holder or such transferee to
purchase at the Exercise Price then in effect the aggregate number of Warrant
Shares for which this Warrant shall not have been exercised, and this Warrant
shall be canceled.

     2.3. Effectiveness of Exercise. Unless otherwise requested by the Warrant
Holder, this Warrant shall be deemed to have been exercised and such certificate
or certificates representing Warrant Shares shall be deemed to have been issued,
and the holder or transferee so designated in the Notice of Exercise shall be
deemed to have become the holder of record of such Warrant Shares for all
purposes, as of the close of business on the date on which the Notice of
Exercise, the Exercise Price and this Warrant shall have been received by the
Company.

     2.4. Fractional Shares. The Company shall not issue fractional Warrant
Shares or scrip representing fractional Warrant Shares upon any exercise of this
Warrant. As to any fractional Warrant Shares that the Warrant Holder would
otherwise be entitled to purchase from the Company upon such exercise, the
Company shall pay the Warrant Holder a cash adjustment for such fraction based
on the Market Price of a share of Common Stock as of the date of the Notice of
Exercise.

     2.5. Representations of Warrant Holder. Unless the Company issues the
Warrant Shares to the Warrant Holder pursuant to an effective registration
statement filed under the Securities Act and such sale is made in accordance
with said registration statement, by delivery of the Notice of Exercise, and as
a condition to the exercise of this Warrant, the Warrant Holder covenants,
represents and warrants that as of the date any Warrant Shares are issued (these
covenants, representations and warranties, including the representations and
warranties of the Warrant Holder as to the contents of any statement under
subsection (d), shall survive the date any Warrant Shares are issued, and the
Company shall have the right to seek any available remedy based upon any breach
of such covenants, representations and warranties):

          (a) the Warrant Holder is acquiring the Warrant Shares for its own
     account or for an account with respect to which it exercises sole
     investment discretion, and that (unless it is Kreditanstalt fur
     Wiederaufbau) it or such account, as the case may be, is an "accredited
     investor" as defined in Rule 501(a) of Regulation D of the Securities Act.
     In the case of Kreditanstalt fur Wiederaufbau, since it has such knowledge
     and experience in financial, business and investment matters, including the
     airline industry and businesses and operations

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<PAGE>

     of companies that operate in lines of business similar to the Company, it
     believes it is capable of evaluating the terms and conditions, merits and
     risks of the transactions described herein and the investment contemplated
     hereby and it is familiar with the risks associated with such industry and
     businesses, and therefore considers itself a sophisticated investor in
     connection with the investment contemplated hereby. The Warrant Holder is
     not registered as a broker or dealer under Section 15(a) of the Securities
     Exchange Act of 1934, as amended (the "Exchange Act"), or a member of the
     National Association of Securities Dealers, Inc.; and

          (b) the Warrant Holder is acquiring the Warrant Shares for investment
     purposes and not with a view to distribution thereof; provided, however,
     that by making the representation herein, the Warrant Holder reserves the
     right to dispose of the Warrant Shares in accordance with or pursuant to an
     effective registration statement or an exemption from registration under
     the Securities Act; and

          (c) the Warrant Holder and its advisors, if any, have been afforded
     adequate opportunity to ask questions, receive answers, request and receive
     materials from the Company respecting the business, finances and operations
     of the Company and its subsidiaries and the offer and sale of the Warrant
     Shares. The failure by the Warrant Holder or its advisors, if any, to
     request any particular documentation or obtain any particular information
     from the Company shall not prejudice the rights of the Warrant Holder under
     this Warrant. The Warrant Holder acknowledges and understands that its
     investment in the Warrant Shares involves a significant degree of risk,
     including the risks reflected in documents that the Company has filed with
     the Securities and Exchange Commission (the "SEC") pursuant to the
     reporting requirements of the Exchange Act; and ---

          (d) the delivery of the Warrant Shares has not been registered under
     the Securities Act or any applicable state securities laws, and
     consequently, the Warrant Holder may have to bear the risk of owning the
     Warrant Shares for an indefinite period of time because the Warrant Shares
     may not be transferred unless:

               (i) the resale of the Warrant Shares is registered pursuant to an
          effective registration statement under the Securities Act and such
          resale is made in accordance with said registration statement;

               (ii) the Warrant Shares are sold or transferred pursuant to Rule
          144 promulgated under the Securities Act ("Rule 144") and the Warrant
          Holder has delivered to the Company a statement certifying that the
          proposed sale or transfer meets the requirements of Rule 144 (which
          certification shall be in form and content reasonably acceptable to
          the Company), and, if reasonably requested by the Company, a statement
          describing the circumstances surrounding the proposed sale or transfer
          (the form and content of which shall be reasonably acceptable to the
          Company) and, if reasonably requested by the Company after receiving
          such statement describing circumstances, an opinion of counsel (which
          opinion shall be in form, substance and scope customary for opinions
          of counsel in comparable transactions and which counsel, including
          internal counsel of the Warrant Holder, if applicable, shall be
          reasonably satisfactory to the Company) to the effect that the
          proposed sale or transfer meets the requirements of Rule 144
          (collectively, the "144 Documentation");

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<PAGE>

               (iii) the Warrant Shares are sold or transferred to an affiliate
          (as defined in Rule 144) of the Warrant Holder;

               (iv) the Warrant Shares are sold or transferred in an "offshore
          transaction" meeting the requirements of Rule 904 of Regulation S of
          the Securities Act ("Rule 904") and in compliance with applicable
          local laws and regulations if the Warrant Holder has delivered to the
          Company a statement certifying that the proposed sale or transfer
          meets the requirements of Rule 904 and applicable local laws and
          regulations (which certification shall be in form and content
          reasonably acceptable to the Company), and, if reasonably requested by
          the Company, a statement describing the circumstances surrounding the
          proposed sale or transfer (the form and content of which shall be
          reasonably acceptable to the Company) and, if reasonably requested by
          the Company after receiving such statement describing circumstances,
          an opinion of counsel (which opinion shall be in form, substance and
          scope customary for opinions of counsel in comparable transactions and
          which counsel, including internal counsel of the Warrant Holder, if
          applicable, shall be reasonably satisfactory to the Company) to the
          effect that the proposed sale or transfer meets the requirements of
          Rule 904 and applicable local laws and regulations (collectively, the
          "904 Documentation"); or

               (v) in connection with a transfer other than in accordance with
          clause (i), (ii), (iii) or (iv) herein, a statement certifying that
          the proposed disposition may be made pursuant to an exemption from
          registration, which exemption is specified (which certification shall
          be in form and content reasonably acceptable to the Company), and, if
          reasonably requested by the Company, the Warrant Holder has delivered
          to the Company a statement describing the circumstances surrounding
          the proposed disposition (the form and content of which shall be
          reasonably acceptable to the Company), and, if reasonably requested by
          the Company after receiving such statement describing circumstances,
          an opinion of counsel (which opinion shall be in form, substance and
          scope customary for opinions of counsel in comparable transactions and
          which counsel, including internal counsel of the Warrant Holder, if
          applicable, shall be reasonably satisfactory to the Company) to the
          effect that the proposed disposition may be made pursuant to an
          exemption from registration, which exemption is specified
          (collectively, the "Other Exemption Documentation"); and

          (e) any sale of the Warrant Shares made in reliance on Rule 144 may be
     made only in accordance with the terms of Rule 144 (including the holding
     period requirement, the volume limitations and the manner of sale
     restrictions, if applicable), and if Rule 144 is not applicable, then the
     seller (or the person through whom the sale is made) might be deemed to be
     an underwriter (as that term is defined in the Securities Act) under the
     Securities Act or the rules and regulations of the SEC thereunder, except
     for any offshore transaction that meets the requirements of Rule 904 and
     complies with applicable local laws and regulations; and

          (f) the Warrant Holder has had an opportunity to consult with an
     attorney in connection with the Warrant Holder's acquisition of the Warrant
     Shares; and

          (g) the Warrant Holder does not beneficially own 10% or more of the
     outstanding shares of Common Stock as determined in accordance with Section
     13(d) of the Exchange Act and the rules and regulations promulgated
     thereunder, provided that the Warrant Shares issuable under this Warrant
     shall be treated as outstanding and owned by the Warrant Holder; and

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<PAGE>

          (h) the Warrant Holder (i) has such knowledge and experience in
     financial and business matters as to be capable of evaluating the merits
     and risks of an investment in the Warrant Shares; (ii) has the ability to
     bear the economic risks of an investment in the Warrant Shares and can
     afford the complete loss of such investment; and (iii) may be required to
     bear the financial risks of an investment in the Warrant Shares for an
     indefinite period of time; and

          (i) if the Warrant Holder is domiciled outside the United States and
     is subject to the securities laws or regulations of any jurisdiction
     outside the United States ("Foreign Securities Law"), then the Warrant
     Holder will not re-offer, resell, pledge or otherwise transfer the Warrant
     Shares other than in compliance with the terms of this Warrant and in
     compliance with applicable Foreign Securities Law; and

          (j) the delivery of any statement under subsection (d) shall
     constitute representations and warranties of the Warrant Holder as to the
     contents of such statement and the Company will rely upon the truth and
     accuracy of such representation and warranties under subsection (d) and
     upon the truth and accuracy of the other foregoing covenants,
     representations and warranties, and if any of such covenants,
     representations or warranties are no longer accurate, prior to the issuance
     of the Warrant Shares to it, it will notify the Company.

     2.6. Net Exercise. If the registration statement contemplated by the
Registration Agreement has not been declared effective by January 20, 2004 and
the Market Price of one share of Common Stock is greater than the Exercise Price
(at the date the Company receives the Notice of Exercise), then until said
registration statement is declared effective, at the Warrant Holder's election,
in lieu of exercising this Warrant by payment of cash or cancellation of
indebtedness, the Warrant Holder may elect to receive shares of Common Stock
having a value equal to the value of this Warrant (or the portion thereof being
exercised) (as determined below) by surrender of this Warrant at the principal
office of the Company together with the properly endorsed Notice of Exercise in
which event the Company shall issue to the Holder a number of shares of Common
Stock computed using the following formula:

                                   X = Y (A-B)
                                       -------
                                          A

     X = the number of shares of Common Stock to be issued to the Warrant Holder
pursuant to the net exercise.

     Y = the number of shares of Common Stock purchasable under this Warrant or,
if only a portion of this Warrant is being exercised, the portion of this
Warrant being exercised (at the date the Company receives the Notice of
Exercise).

     A = the Market Price of one share of Common Stock (at the date the Company
receives the Notice of Exercise).

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<PAGE>

     B = Exercise Price (as adjusted pursuant to Section 4 hereof to the date
the Company receives the Notice of Exercise).

     2.7. Payment of Exercise Price by Cancellation of Debt. In lieu of
exercising this Warrant by payment of cash or net exercise, the Warrant Holder
may elect to pay the exercise price by cancellation of amounts of principal due
to the Warrant Holder (as of the date of exercise of this Warrant in whole or in
part) by Midwest Airlines or Skyway Airlines, as the case may be, pursuant to
that certain Basic Moratorium Note, dated August 19, 2003 (the "Note"), on a
dollar-for-dollar basis by surrender of this Warrant at the principal office of
the Company together with the properly endorsed Notice of Exercise. Such
payments on the Note, which payments shall immediately reduce the outstanding
principal of the Note as of the date of exercise of this Warrant, shall be
applied against installments of principal due under the Note in the order of
their due dates commencing with the first payment due after the date the Company
receives the Notice of Exercise.

     3. Registration, Transfer, Exchange and Replacement of Warrant; Legends.

          3.1. Registration, Transfer and Exchange of Warrant. This Warrant
shall be issued in registered form. The Company shall keep at its principal
executive office a register in which it shall provide for the registration and
transfer of this Warrant. The name and address of the Warrant Holder shall be
registered in such register. Whenever this Warrant shall be surrendered for
transfer or exchange, in accordance with the terms of this Warrant, the Company,
at its expense, will as promptly as practicable, and in any event within three
(3) trading days thereafter, execute and deliver in exchange therefor a new
Warrant (registered in such name or names as may be requested by the holder of
the surrendered Warrant), exercisable for the same aggregate number of shares of
Common Stock as that of the Warrant so surrendered. The Company may treat the
Person in whose name this Warrant is registered as the owner of the Warrant. The
Warrant Holder may transfer this Warrant in part, subject to the following
conditions:

          (a) this Warrant may be transferred in part only if the transferee
     will receive a warrant that is immediately exercisable to acquire at least
     10,000 Warrant Shares and the transferor will retain rights under this
     Warrant to acquire at least 10,000 Warrant Shares (if this Warrant is
     transferred in part, then the Company, at its expense, will as promptly as
     practicable, and in any event within three (3) trading days after said
     transfer, execute and deliver a new Warrant of like tenor for the number of
     Warrant Shares not being transferred to the transferring Warrant Holder or
     the person designated in the Notice of Assignment); and

          (b) if (a) above does not apply, then this Warrant may only be
     transferred in whole as to all shares of Common Stock for which this
     Warrant is then exercisable or may thereafter be exercisable;

To transfer this Warrant, the Warrant Holder shall deliver to the Company a
Notice of Assignment (substantially in the form of Exhibit 3.1 attached hereto)
duly executed by the Warrant Holder (or its attorney) specifying that this
Warrant is to be transferred to the Person(s) named therein and comply with
Section 3.3. To transfer the Warrant Holder's registration rights under the
Registration Agreement (as defined herein), the Warrant Holder and transferee
must comply with the terms and conditions of Article IX of the Registration
Agreement.

          3.2. Replacement of Warrant. Upon receipt of satisfactory evidence of
the loss, theft, destruction or mutilation of this Warrant and (in the case of
loss, theft or destruction) of

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<PAGE>

satisfactory indemnity, and (in the case of mutilation) upon surrender of such
Warrant, the Company, at its expense, will execute and deliver in lieu of such
Warrant a new Warrant of like tenor. An unsecured agreement to indemnify and/or
affidavit from the Warrant Holder shall constitute satisfactory indemnity and/or
satisfactory evidence of loss, theft or destruction for the purpose of this
Section 3.2.

          3.3. Transfer Restrictions on Warrants and Warrant Shares.

          (a) This Warrant shall bear the legend set forth below. Subject to
     Section 3.1, the Company will permit the transfer of the Warrant, and the
     Company will reissue this Warrant, without such legend, in such name(s) as
     specified by the Warrant Holder, if:

               (i) this Warrant was sold under an effective registration
          statement filed under the Securities Act and such resale was made in
          accordance with said registration statement; or

               (ii) this Warrant can be sold under Rule 144(k);

               (iii) this Warrant was sold or transferred under Rule 144 and the
          Warrant Holder delivered to the Company the 144 Documentation;

               (iv) this Warrant was sold or transferred in a transaction that
          met the requirements of Rule 904 and complied with applicable local
          laws and regulations and the Warrant Holder delivered to the Company
          the 904 Documentation; or

               (v) in connection with a transfer other than in accordance with
          clause (i), (ii), (iii) or (iv), the Warrant Holder has delivered to
          the Company the Other Exemption Documentation.

     "THIS WARRANT AND THE COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS
     WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
     AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS ("BLUE SKY
     LAWS"). THE HOLDER OF THIS WARRANT MAY NOT TRANSFER THIS WARRANT OR THE
     COMMON STOCK ISSUABLE UPON THE EXERCISE OF THIS WARRANT WITHOUT SUCH
     REGISTRATION OR AN EXEMPTION FROM SUCH REGISTRATION UNDER THE SECURITIES
     ACT AND ANY APPLICABLE BLUE SKY LAWS. THE HOLDER OF THIS WARRANT MAY ONLY
     TRANSFER IT IN ACCORDANCE WITH AND SUBJECT TO THE TERMS OF THIS WARRANT."

          (b) The Warrant Shares shall bear the legend set forth below unless
     the Company issues the Warrant Shares to the Warrant Holder pursuant to an
     effective registration statement filed under the Securities Act and such
     sale is made in accordance with said registration statement. The Company
     will permit the transfer of the Warrant Shares, and the transfer agent will
     issue one or more certificates, free from any restrictive legend (unless
     otherwise required by applicable state securities laws or the laws of any
     applicable foreign jurisdiction), in such name and in such denominations as
     specified by the Warrant Holder, if:

                                       9
<PAGE>

               (i) the Warrant Shares were sold under an effective registration
          statement filed under the Securities Act and such resale was made in
          accordance with said registration statement; or

               (ii) the Warrant Shares can be sold under Rule 144(k);

               (iii) the Warrant Shares were sold or transferred under Rule 144
          and the Warrant Holder delivered to the Company the 144 Documentation;

               (iv) the Warrant Shares were sold or transferred in a transaction
          that met the requirements of Rule 904 and complied with applicable
          local laws and regulations and the Warrant Holder delivered to the
          Company the 904 Documentation; or

               (v) in connection with a transfer other than in accordance with
          clause (i), (ii), (iii) or (iv), the Warrant Holder has delivered to
          the Company the Other Exemption Documentation.

     "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED
     UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY
     STATE SECURITIES LAWS ("BLUE SKY LAWS"). THE HOLDER OF THIS CERTIFICATE MAY
     NOT TRANSFER THESE SECURITIES WITHOUT SUCH REGISTRATION OR AN EXEMPTION
     FROM SUCH REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE BLUE SKY
     LAWS."

     4. Anti-Dilution Provisions.

          4.1. Adjustment in Exercise Price.

          (a) Upon any adjustment of the Exercise Price as provided in this
     Section 4.1(a), the Warrant Holder shall thereafter be entitled to
     purchase, at the Exercise Price resulting from such adjustment, the number
     of shares of Common Stock (calculated to the nearest 1/100th of a share)
     obtained by multiplying the Exercise Price in effect immediately prior to
     such adjustment by the number of shares of Common Stock purchasable
     hereunder immediately prior to such adjustment and dividing the product
     thereof by the Exercise Price resulting from such adjustment. Until the
     later of (i) August 19, 2005 or (ii) the date the Company has achieved
     Financial Closing (defined below) with respect to New Financing (defined
     below) in the amount of at least $30 million, if and whenever the Company
     subsequent to August 19, 2003 shall issue or sell any of the following
     ("Additional Securities"): (i) any Common Stock (other than Common Stock
     issued pursuant to Convertible Securities or Stock Purchase Rights in
     respect of which an adjustment was previously made under this Section
     4.1(a)) at a price per share less than the then applicable Exercise Price
     or (ii) Convertible Securities or Stock Purchase Rights (other than in the
     cases referred to in Section 4.2) entitling any Person to acquire shares of
     Common Stock at a price per share less than the then applicable Exercise
     Price, then the Exercise Price shall be adjusted to that price determined
     by multiplying the then applicable Exercise Price by a fraction, the
     numerator of which shall be the number of shares of Common Stock actually
     outstanding immediately prior to the issuance of such Additional Securities
     plus the number of shares of Common

                                       10
<PAGE>

     Stock that the offering price for such Additional Securities would purchase
     at the then applicable Exercise Price, and the denominator of which shall
     be the sum of the number of shares of Common Stock actually outstanding
     immediately prior to such issuance plus the number of shares of Common
     Stock so issued or issuable. For purposes of calculating such fraction, all
     shares of Common Stock that are issuable upon conversion, exercise or
     exchange of those Additional Securities that are Convertible Securities or
     Stock Purchase Rights shall be deemed actually outstanding immediately
     after the issuance of such Convertible Securities or Stock Purchase Rights.
     Subject to Section 4.1(b), such adjustment shall be made whenever such
     shares of Convertible Securities or Stock Purchase Rights are issued.
     However, if any Convertible Securities or Stock Purchase Rights the
     issuance of which resulted in an adjustment in the Exercise Price pursuant
     to clause (ii) of this Section 4.1(a) shall expire and shall not have been
     exercised in full, then, subject to Section 4.1(b), the Exercise Price
     shall immediately upon such expiration be recomputed and be increased to
     the price that it would have been (but reflecting any other adjustments in
     the Exercise Price made pursuant to the provisions of this Section 4.1(a)
     after the issuance of such Convertible Securities or Stock Purchase Rights)
     had the adjustment of the Exercise Price made upon the issuance of such
     Convertible Securities or Stock Purchase Rights been made on the basis of
     offering for subscription or purchase only that number of shares of Common
     Stock actually purchased upon the exercise of such Convertible Securities
     or Stock Purchase Rights actually exercised. "Financial Closing" shall mean
     that the funds committed pursuant to the New Financing have been received
     by the Company or its subsidiaries or are available for drawdown and all
     conditions precedent to drawdown (other than no default occurring after the
     closing of the New Financing) shall have been satisfied or waived. "New
     Financing" shall mean any financing arrangement (including credit
     facilities, subordinated credit facilities, any indebtedness evidenced by
     bonds, debentures, notes, convertible notes, or similar instruments, and
     investments of equity capital other than resulting from the conversion of
     convertible debt securities (unless and to the extent that such conversion
     results in the Company or its subsidiaries receiving additional equity
     consideration)) entered into by the Company or its subsidiaries following
     the date hereof, but specifically excluding (A) any extensions of three
     hundred sixty-three (363) days or less of existing financing arrangements,
     (B) any refinancings by the existing creditors under that certain Senior
     Secured Revolving Credit Agreement, dated August 31, 2001, as amended (the
     "U.S. Bank Credit Agreement"), among the Company, as borrower, the several
     lenders identified on the signature pages to the U.S. Bank Credit Agreement
     and such other lenders as may from time to time become a party thereto (the
     "Lenders") and U.S. Bank National Association, as agent for the Lenders,
     except to the extent that any such refinancing results in an increase of
     credit available to the Company or its subsidiaries, and then only to the
     extent of such increase, or that provides for availability of credit that
     extends beyond three hundred sixty-three (363) days from the presently
     scheduled maturity of the U.S. Bank Credit Agreement, (C) any increased
     credit availability that results from Milwaukee County, Wisconsin providing
     any credit support for the industrial revenue bonds issued for the benefit
     of the Company or its subsidiaries, (D) any indebtedness to any aircraft or
     equipment vendors for the purchase of goods or services, including any
     third-party financing of such amounts, (E) any indebtedness to other trade
     creditors incurred in the ordinary course of business, (F) any financing
     (including any sale-leaseback arrangement) related to the Company's
     corporate headquarters, or any extension or replacement thereof, or (G) any
     obligations associated with programs of

                                       11
<PAGE>

     the Company or its subsidiaries for the pre-purchase of tickets or similar
     prepayment programs.

          (b) No adjustment in the Exercise Price shall be required unless the
     adjustment would require an increase or decrease of at least 1% in the then
     applicable Exercise Price; provided, however, that any adjustments that by
     reason of this Section 4.1(b) are not required to be made shall be carried
     forward and taken into account in any subsequent adjustment. All
     calculations under this Section 4.1(b) shall be made to the nearest cent.

          (c) This Section 4.1 shall not apply to: (i) the delivery of any of
     the Warrants, the operation of the Warrants or the issuance of Shares
     pursuant to the Warrants or (ii) the grant of options relating to up to
     1,551,741 shares of Common Stock (as such number may be increased pursuant
     to anti-dilution adjustments under the terms of such options) to the
     Company's employees in return for their contribution to the Company's
     restructuring efforts pursuant to the plan the Company announced July 17,
     2003 (the "Employee Options"), the operation of the Employee Options or the
     issuance of Shares pursuant to the Employee Options.

          4.2. Adjustments in Case of Stock Split, Distributions, etc.

          (a) Upon any adjustment of the Exercise Price as provided in this
     Section 4.2(a), the Warrant Holder shall thereafter be entitled to
     purchase, at the Exercise Price resulting from such adjustment, the number
     of shares of Common Stock (calculated to the nearest 1/100th of a share)
     obtained by multiplying the Exercise Price in effect immediately prior to
     such adjustment by the number of shares of Common Stock purchasable
     hereunder immediately prior to such adjustment and dividing the product
     thereof by the Exercise Price resulting from such adjustment. If and
     whenever the Company subsequent to August 19, 2003:

               (i) declares a dividend upon, or makes any distribution in
          respect of, any of its capital stock, payable in shares of Common
          Stock, Convertible Securities or Stock Purchase Rights, or

               (ii) splits or otherwise subdivides its outstanding shares of
          Common Stock into a larger number of shares of Common Stock, or

               (iii) combines its outstanding shares of Common Stock into a
          smaller number of shares of Common Stock,

     then the Exercise Price shall be adjusted to that price determined by
     multiplying the Exercise Price in effect immediately prior to such event by
     a fraction (x) the numerator of which shall be the total number of
     outstanding shares of Common Stock immediately prior to such event, and (y)
     the denominator of which shall be the total number of outstanding shares of
     Common Stock immediately after such event, treating as outstanding all
     shares of Common Stock issuable upon conversions or exchanges of any such
     Convertible Securities issued in such dividend or distribution and
     exercises of any such Stock Purchase Rights issued in such dividend or
     distribution. No adjustment in the Exercise Price shall be required unless
     the adjustment would require an increase or decrease of at least 1% in the
     Exercise Price then in effect; provided, however, that any adjustments that
     by reason of this sentence are not

                                       12
<PAGE>

     required to be made shall be carried forward and taken into account in any
     subsequent adjustment. All calculations under this Section 4.2(a) shall be
     made to the nearest cent.

          (b) If and whenever the Company subsequent to August 19, 2003 declares
     a dividend upon, or makes any distribution to all shareholders generally in
     respect of, any of its capital stock, payable in cash, evidences of
     indebtedness or assets, then the Exercise Price shall be adjusted to that
     price determined by multiplying the Exercise Price in effect immediately
     prior to such event by a fraction (x) the numerator of which shall be the
     Market Price on the record date for the determination of shareholders
     entitled to receive the payment less the then fair market value (as
     determined in good faith on a reasonable basis by the Board of Directors of
     the Company, which determination shall be conclusive) as of such record
     date of the cash, evidences of indebtedness or assets so paid with respect
     to one share of Common Stock and (y) the denominator of which shall be the
     Market Price per share of Common Stock as of such record date; provided,
     however, that if the then fair market value (as determined in good faith by
     the Company's Board of Directors, which determination shall be conclusive)
     so paid with respect to one share of Common Stock is equal to or greater
     than the Exercise Price per share of Common Stock on the record date, then
     in lieu of the foregoing adjustment, adequate provision shall be made so
     that the Warrant Holder shall have the right to receive the cash, evidences
     of indebtedness or assets that the Warrant Holder would have been entitled
     to receive had this Warrant been exercised in full prior to the record
     date; and provided further that no adjustment shall be made if the Company
     issues or distributes to the Warrant Holder the cash, evidences of
     indebtedness or assets that the Warrant Holder would have been entitled to
     receive had this Warrant been exercised in full prior to the record date.
     No adjustment in the Exercise Price shall be required unless the adjustment
     would require an increase or decrease of at least 1% in the Exercise Price
     then in effect; provided, however, that any adjustments that by reason of
     this sentence are not required to be made shall be carried forward and
     taken into account in any subsequent adjustment. All calculations under
     this Section 4.2(b) shall be made to the nearest cent.

          (c) If the terms of both this Section 4.2 and Section 4.3 would apply
     to a transaction, then the transaction will be subject to Section 4.3 and
     not this Section 4.2.

          4.3. Adjustment in Case of Consolidation, Merger or Reclassification.

          (a) If and whenever subsequent to August 19, 2003 the Company shall
     effect (i) any reorganization or reclassification or recapitalization of
     the capital stock of the Company, (ii) any consolidation or merger of the
     Company with or into another Person whether or not the Company is the
     surviving corporation, (iii) any share exchange to which the Company is a
     party or (iv) the sale, transfer or other disposition of all or
     substantially all of the property, assets or business of the Company
     (whether in one transaction or a series of transactions) as a result of
     which holders of Common Stock become entitled to receive any Shares or
     other securities and/or other assets of the Company, any of its
     subsidiaries or any other Person (including, without limitation, cash) with
     respect to or in exchange for Common Stock, there shall thereafter be
     deliverable upon the exercise of this Warrant (until the end of the
     Exercise Period), in lieu of the Warrant Shares theretofore deliverable,
     the highest number of Shares or other securities and/or other assets
     (including, without limitation, cash) that would have been deliverable to
     the Warrant Holder had this Warrant been exercised in full immediately
     prior to, and the Warrant Holder participated in, such reorganization,
     reclassification or

                                       13
<PAGE>

     recapitalization of capital stock, consolidation or merger, share exchange
     or sale and thereafter Section 4.1 shall no longer be of any force or
     effect. If the terms of both Section 4.2 and this Section 4.3 would apply
     to a transaction, then the transaction will be subject to this Section 4.3
     and not Section 4.2.

          (b) The Company shall not consummate any transaction subject to
     Section 4.3(a) unless each Person whose Shares, other securities or other
     assets will be issued, delivered or paid to the holders of the Common Stock
     (other than the Company), prior to or simultaneously with the consummation
     of the transaction, expressly assumes, by a Warrant Supplement or other
     document in a form substantially similar hereto, executed and delivered to
     the Warrant Holder, the obligation to deliver to the Warrant Holder such
     Shares, other securities or other assets as, in accordance with the
     foregoing provisions of this Section 4.3, the Warrant Holder is entitled to
     purchase, and all other obligations and liabilities under this Warrant,
     including obligations and liabilities in respect of subsequent adjustments
     that are required under this Warrant.

          (c) The above provisions of this Section 4.3 shall similarly apply to
     successive reclassifications and changes of Warrant Shares and to
     successive consolidations, mergers, leases, sales or conveyances, with
     necessary changes being made and respective differences being taken into
     account.

          4.4. Adjustment in Case of Tender Offer. If the Company consummates a
tender or exchange offer (other than an odd lot offer) to acquire Common Stock
at a price per share in excess of the Market Price of a share of Common Stock on
the day immediately following the day on which such tender or exchange offer
expires, then the Exercise Price in effect immediately prior to the day on which
such tender or exchange offer expires shall be adjusted to a price obtained by
multiplying such Exercise Price by a fraction of which (a) the denominator shall
be the Market Price on the day immediately prior to the day on which such tender
or exchange offer expires and (b) the numerator shall be the result of dividing
(i) an amount equal to (A) the product of the number of shares of Common Stock
outstanding and the Market Price of a share of Common Stock, in each case
immediately prior to the day on which such tender or exchange offer expires,
minus (B) the aggregate consideration paid by the Company in the tender or
exchange offer, by (ii) the number of shares of Common Stock outstanding
immediately after the day on which such tender or exchange offer expires.

          4.5. Condition Precedent Related to Par Value.

          (a) Before taking any action that would cause an adjustment reducing
     the Exercise Price to below the then par value of any of the Warrant
     Shares, the Company will take any corporate action that may, in the opinion
     of its counsel, be necessary in order that the Company may validly and
     legally issue fully paid and non-assessable shares of such Common Stock at
     such adjusted Exercise Price.

          (b) Before taking any action that would increase the par value of the
     Warrant Shares to an amount that is greater than the then effective
     Exercise Price, the Company will take any corporate action that may, in the
     opinion of its counsel, be necessary in order that the Company may validly
     and legally issue fully paid and non-assessable shares of such Common Stock
     at such then effective Exercise Price.

                                       14
<PAGE>

          4.6. Certificate of Adjustment. As promptly as practicable (but in any
event no later than twenty business days) after the occurrence of any event
requiring any adjustment under this Section 4 to the Exercise Price (or to the
number or kind of securities or other property deliverable upon the exercise of
this Warrant), the Company shall, at its expense, deliver to the Warrant Holder
a certificate setting forth in reasonable detail the events requiring the
adjustment and the method by which such adjustment was calculated and specifying
the adjusted Exercise Price and the number of Warrant Shares purchasable upon
exercise of this Warrant after giving effect to such adjustment.

          4.7. Other Dilutive Event. If any event or occurrence shall occur that
actually results in an adjustment under Section 11(a)(ii) or Section 13 of the
Rights Plan (or corresponding provisions under similar share purchase rights
that the Company might authorize and issue in the future) and the provisions of
this Section 4 are not strictly applicable, but as to which the failure to make
any adjustment to the Exercise Price and/or the number of Shares or other
securities or other assets subject to this Warrant would adversely affect the
purchase rights or value represented by this Warrant in accordance with the
essential intent and principles of this Section 4, then the Company shall
determine the adjustment, if any, on a basis consistent with the essential
intent and principles established in this Section 4, necessary to preserve,
without dilution, the purchase rights represented by this Warrant. If such
determination involves or is based on a determination of the fair market value
of any securities or other assets, then such determination shall be made by the
Company's Board of Directors acting in good faith and on a reasonable basis.

     5. Registration Rights. Registration rights respecting this Warrant and the
Warrant Shares shall be governed by that certain Registration Rights Agreement
substantially in the form attached hereto as Exhibit 5 (the "Registration
Agreement").

     6. Reservation of Common Stock. The Company has reserved and at all times
after the date hereof will reserve and keep available, solely for issuance, sale
and delivery upon the exercise of this Warrant, such number of shares of Common
Stock equal to the number of shares of Common Stock purchasable from time to
time upon the exercise of this Warrant. All such shares of Common Stock shall be
duly authorized and, when issued upon exercise of this Warrant in accordance
with the terms hereof, will be validly issued and fully paid and non-assessable
(except as otherwise provided by Section 180.0622(2)(b) of the Wisconsin
Business Corporation Law) and free from all taxes, liens and charges with
respect to the issue thereof (except to the extent resulting from the Warrant
Holder's own circumstances, actions or omissions). If at any time during the
Exercise Period the number of authorized but unissued shares of Common Stock
shall not be sufficient to permit exercise in full of this Warrant, then the
Company will use its best efforts to take such corporate action as shall be
necessary to increase its authorized but unissued shares of Common Stock to such
number of shares as shall be sufficient for such purposes.

     7. Various Covenants and Representations of the Company.

          7.1. No Impairment or Amendment. The Company shall not take any action
(including, without limitation, amending its Organizational Documents, any
reorganization, recapitalization, transfer of assets, consolidation, merger,
dissolution, issue or sale of Shares or other securities or any other voluntary
action) for the purpose of avoiding or seeking 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
action as may be necessary or appropriate to protect the rights of the Warrant
Holder against impairment, except that nothing in

                                       15
<PAGE>

this Section 7.1 shall prohibit or hinder the Company from taking any action
that may result in an adjustment under Section 4.

          7.2. Listing on Securities Exchanges. After August 19, 2003, at all
times during which this Warrant is exercisable to acquire Warrant Shares, the
Company will use its reasonable best efforts to maintain the listing of all
Warrant Shares on the principal securities exchange or market or trading system,
if any, on which shares of Common Stock are then listed or traded.

          7.3. Supplemented Warrant. If at any time, including as a result of
Section 4, this Warrant shall be exercisable for any other Shares, other
securities and/or other assets otherwise deliverable upon exercise of this
Warrant, then the terms of this Warrant shall be modified or supplemented in
writing, in the sole discretion of the Company's Board of Directors acting in
good faith and on a reasonable basis, and the Company shall take all actions as
may be necessary to preserve, in a manner and on terms as nearly equivalent as
practicable to the provisions of this Warrant as they apply to the Common Stock
and the rights of the Warrant Holder hereunder (including, without limitation,
the provisions of Section 4).

          7.4. Anti-Dilution Provisions. After the later of (a) August 19, 2005
or (b) the date the Company has achieved Financial Closing with respect to New
Financing in the amount of at least $30 million, if, as of that date, the
Company has issued or outstanding any Stock Purchase Rights or Convertible
Securities or other securities (excluding the Warrants and the Company's
preferred share purchase rights issued pursuant to that certain Rights
Agreement, dated February 14, 1996, as amended, between the Company and American
Stock Transfer & Trust Company, as successor in interest to U.S. Bank, National
Association (successor in interest to Firstar Trust Company) and any similar
share purchase rights that the Company might authorize and issue in the future)
containing provisions protecting the holder or holders thereof against dilution
in any manner more favorable to such holder or holders thereof than those set
forth in this Warrant, then such provisions (or any more favorable portion
thereof) shall be deemed to be incorporated herein as if fully set forth in this
Warrant and, to the extent inconsistent with any provision of this Warrant,
shall be deemed to be substituted therefor.

          7.5. Certain Expenses. The Company shall pay all of the Company's
expenses in connection with, and all taxes (other than income, franchise and
stock transfer taxes) and other governmental charges that may be imposed in
respect of, the issuance, sale and delivery of this Warrant and any Warrant
Shares.

          7.6. Form D. If required by applicable law, the Company shall use its
reasonable best efforts to timely file a Form D under Regulation D of the
Securities Act in respect of the issuance of this Warrant, and if required by
applicable law, the Company shall use its reasonable best efforts to timely file
a Form D under Regulation D of the Securities Act in respect of the issuance of
the Warrant Shares.

          7.7. Notice of Events. If the Company (a) takes a record of the
holders of any class of securities for the purpose of determining the holders
thereof who are entitled to receive any dividend or other distribution, (b)
authorizes the granting to the holders of Common Stock generally of rights to
subscribe to or purchase any shares of capital stock of any class or securities
convertible into any shares of capital stock or of any other right (excluding
any share purchase rights similar to the Company's preferred share purchase
rights issued pursuant to that certain Rights Agreement,

                                       16
<PAGE>

dated February 14, 1996, as amended, between the Company and American Stock
Transfer & Trust Company, as successor in interest to U.S. Bank, National
Association (successor in interest to Firstar Trust Company) that the Company
might authorize and issue in the future), (c) authorizes any reclassification
of, or any recapitalization involving, any class of Common Stock or any
consolidation or merger to which the Company is a party and for which approval
of the shareholders the Company is required, or of the sale or transfer of all
or substantially all of the assets of the Company or (d) authorizes or consents
to or otherwise commences the voluntary or involuntary dissolution, liquidation
or winding up of the Company, then the Company shall mail to the Warrant Holder,
at least five calendar days prior to the earlier of the record date for any such
action or shareholder vote and the date of such action, a notice specifying (i)
which action is to be taken and the date on which any such record is to be taken
for the purpose of any such action, (ii) the date that any such action is to
take place and (iii) the amount and character of any Shares, other securities or
assets and amounts, or rights or options with respect thereto, proposed to be
issued, granted or delivered to each holder of Common Stock.

          7.8. Additional Representations. The Company hereby represents and
warrants to the Initial Warrant Holder as of August 19, 2003:

          (a) The Company is a corporation duly incorporated and validly
     existing in good standing under the laws of the State of Wisconsin, has the
     corporate power and authority to own or hold under lease its properties and
     to enter into and perform its obligations under this Warrant and the
     Registration Agreement and is duly qualified to do business as a foreign
     corporation in good standing in each state in which the nature of the
     business conducted by it makes such qualification necessary (other than
     failures to so qualify that would not have a material adverse effect on the
     consolidated financial condition of the Company and its subsidiaries,
     considered as a whole, or on the ability of the Company to perform its
     obligations under this Warrant and the Registration Agreement).

          (b) Assuming the truth and accuracy of the Initial Warrant Holder's
     representations, the execution, delivery and performance by the Company of
     this Warrant and the Registration Agreement have been duly authorized by
     all necessary corporate action on the part of the Company, do not require
     any shareholder approval or approval or consent of any lessor, trustee or
     holder of any indebtedness or obligations of the Company, except such as
     have been duly obtained and are in full force and effect, and do not
     contravene or conflict with any law, governmental rule, regulation,
     judgment or order binding on the Company or the organizational documents of
     the Company or contravene or result in a breach of, or constitute a default
     under, or result in the creation of any lien upon the property of the
     Company under, any indenture, mortgage, contract or other agreement to
     which the Company is a party or by which it or any of its properties are
     bound.

          (c) This Warrant and the Registration Agreement have been duly
     executed and delivered by the Company and constitute the legal, valid and
     binding obligations of the Company, enforceable against the Company in
     accordance with their respective terms, except as the same may be limited
     by bankruptcy, insolvency, reorganization, moratorium or other similar laws
     affecting rights of creditors generally and by general principles of
     equity.

                                       17
<PAGE>

          (d) This Warrant has been duly and validly authorized and is free from
     all taxes, liens, claims, encumbrances and charges, in each case arising
     with respect to the delivery thereof (other than those imposed through acts
     or omissions of the Initial Warrant Holder);

          (e) Assuming the truth and accuracy of the Initial Warrant Holder's
     representations, the offer and issuance of this Warrant are exempt from the
     registration requirements under the Securities Act.

          (f) The Company has filed a supplemental listing application with the
     New York Stock Exchange respecting the listing on the New York Stock
     Exchange of at least 1,551,741 shares of Common Stock issuable upon
     exercise of the Warrants;

          (g) The consolidated financial statements of the Company included in
     the reports, schedules, forms, statements and other documents required to
     be filed by the Company with the SEC pursuant to the reporting requirements
     of the Exchange Act after December 31, 2002 (all of the foregoing filed
     prior to the date hereof and all exhibits included therein and consolidated
     financial statements and schedules thereto and documents (including all
     exhibits available on the SEC's EDGAR system) incorporated by reference
     therein being hereinafter referred to herein as the "SEC Documents") have
     been prepared in accordance with United States generally accepted
     accounting principles, consistently applied, during the periods involved
     (except (i) as may be otherwise indicated in such consolidated financial
     statements or the notes thereto or (ii) in the case of unaudited interim
     statements, to the extent they may not include footnotes or may be
     condensed or summary statements) and fairly present in all material
     respects the consolidated financial position of the Company as of the dates
     thereof and the results of its operations and cash flows for the periods
     then ended (subject, in the case of unaudited statements, to year-end audit
     adjustments).;

          (h) The capitalization of the Company is as described in the SEC
     Documents as of the respective dates set forth therein. Other than (i)
     grants or issuances pursuant to employee benefit plans or director plans
     disclosed in the Company's SEC Documents (the "Plans"), (ii) the Employee
     Options or (iii) as disclosed in the Company's SEC Documents, the Company
     has not issued any capital stock since December 31, 2002. The authorized
     capital stock of the Company consists of (A) 25,000,000 shares of Common
     Stock, of which 15,517,411 shares were issued and outstanding as of July
     31, 2003, and (B) 5,000,000 shares of preferred stock, without par value,
     none of which are issued and outstanding. All of such outstanding shares of
     Common Stock are duly authorized, validly issued, fully paid and
     non-assessable (except as otherwise provided by Section 180.0622(2)(b) of
     the Wisconsin Business Corporation Law). Each share of Common Stock to be
     issued pursuant to this Warrant will be accompanied by four-ninths of a
     preferred share purchase right ("Preferred Purchase Rights") issued
     pursuant to the Rights Agreement, dated as of February 14, 1996, as
     amended, between the Company and American Stock Transfer & Trust Company,
     and such rights will be validly issued in accordance with the terms of said
     Rights Agreement. No shares of capital stock of the Company, including the
     Common Stock, are subject to preemptive rights or any other similar rights
     of the shareholders of the Company or any liens or encumbrances imposed
     through the actions or failure to act of the Company. Other than pursuant
     to this Agreement, the Warrants, the Employee Options, the Preferred
     Purchase Rights and as contemplated by the Plans, there are no outstanding
     options, warrants, scrip, convertible securities, rights to subscribe for,
     puts, calls, rights of first refusal, agreements,

                                       18
<PAGE>

     understandings, claims or other commitments or rights of any character
     whatsoever that could require the Company to issue additional shares of
     capital stock of the Company. There are no agreements or arrangements
     (other than the Registration Agreement and that certain Registration Rights
     Agreement, dated June 18, 2002, between the Company and the parties named
     therein) under which the Company is obligated to register the sale of any
     of its securities under the Securities Act;

          (i) Neither the Company nor, to the knowledge of the Company, any
     person acting for the Company has directly or indirectly made any offers or
     sales of any security or solicited any offers to buy any security under
     circumstances within the prior six months that would require registration
     under the Securities Act of the delivery of this Warrant (and the shares of
     Common Stock issuable upon exercise of this Warrant);

          (j) Neither the Company nor, to the knowledge of the Company, any
     person acting for the Company has conducted any "general solicitation" (as
     such term is defined in Regulation D of the Securities Act) with respect to
     this Warrant and the Common Stock issuable upon exercise of this Warrant;
     and

          (k) The Company has furnished the Initial Warrant Holder and its
     advisors with all materials (i) relating to the business, finances and
     operations of the Company and its subsidiaries and (ii) relating to the
     offer and sale of the Warrant and the Warrant Shares that have been
     requested in writing by the Initial Warrant Holder or its advisors.

     8. Miscellaneous.

          8.1. Nonwaiver. No course of dealing or any delay or failure to
exercise any right, power or remedy hereunder on the part of the Warrant Holder
or on the part of any holder(s) of Warrant Shares shall operate as a waiver of
or otherwise prejudice any such holder's rights, powers or remedies.

          8.2. Amendment. Any term, covenant, agreement or condition of this
Warrant may, with the consent of the Company, be amended, or compliance
therewith may be waived (either generally or in a particular instance and either
retroactively or prospectively), by a written instrument signed by the Warrant
Holder, provided that no such amendment or waiver shall extend to or affect any
obligation not expressly amended or waived or impair any right consequent
thereon.

          8.3. Communications. All communications or notices required under this
Warrant shall be deemed to have been given on the date of hand delivery or three
(3) business days after mailing via certified or registered U.S. mail, return
receipt requested, proper postage prepaid and properly addressed as follows
(unless and until either party advises the other in writing of a change in such
address in accordance with this Section 8.3):

          (a) If to the Warrant Holder, to the address set forth on Exhibit A to
     the Registration Agreement.

                                       19
<PAGE>

          (b) If to the Company, to the address set forth below:

                  Midwest Express Holdings, Inc.
                  6744 South Howell Avenue
                  Oak Creek, Wisconsin 53154
                  Attention:  President

          8.4. Remedies. The Company stipulates that the remedies at law of the
Warrant Holder and/or holder(s) of any Warrant Shares in the event of any
default or any threatened default by the Company in the performance of or
compliance with any of the terms of this Warrant are not and will not be
adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise. No remedy conferred in this Warrant on the Warrant Holder
or holder(s) of any Warrant Shares is intended to be exclusive of any other
remedy, and each and every such remedy shall be cumulative and shall be in
addition to every other remedy given hereunder or under any other related
agreement, document or instrument, and in addition to every other remedy now or
hereafter existing at law or in equity or by statute or otherwise.

          8.5. Successors and Assigns. This Warrant and the rights evidenced
hereby shall inure to the benefit of the successors and assigns of the Warrant
Holder and shall be binding upon the successors and assigns of the Company.

          8.6. Governing Law; Venue; Waive Jury Trial. This Warrant, including
the validity hereof and the rights and obligations of the Company and of the
Warrant Holder and all amendments and supplements hereto and all waivers and
consents hereunder, shall be construed in accordance with and governed by the
internal laws of New York (except as it relates to corporate law involving the
Company, in which case it shall be governed by the internal laws of the state of
incorporation of the Company) without giving effect to any choice of law or
conflicts of law provision or rule that would cause the application of the
internal laws of any other jurisdiction.

          Notwithstanding anything to the contrary in this Warrant or any other
agreement between any of the parties hereto prior to the date hereof, each of
the parties hereto, to the extent it may do so under applicable law, for
purposes hereof, hereby (i) irrevocably submits itself to the non-exclusive
jurisdiction of the courts of the State of New York sitting in the City of New
York, Borough of Manhattan, and to the non-exclusive jurisdiction of the U.S.
District Court for the Southern District of New York, for the purposes of any
suit, action or other proceeding arising out of this Warrant, the subject matter
hereof or any of the transactions contemplated hereby brought by any party or
parties hereto, or their successors or any permitted and registered assign and
(ii) waives, and agrees not to assert, by way of motion, as a defense, or
otherwise, in any such suit, action or proceeding, that the suit, action or
proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Warrant or the subject matter
hereof or any of the transactions contemplated hereby may not be enforced in or
by such courts; provided that nothing in this paragraph shall be construed as a
waiver by any party of any right to seek to remove any such suit, action or
proceeding from a state court to a federal court or from a federal court to a
state court.

          EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN
ANY LEGAL OR EQUITABLE ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS

                                       20
<PAGE>

WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY OR THE SUBJECT MATTER
OF ANY OF THE FOREGOING.

          8.7. Headings; Entire Agreement; Partial Invalidity, etc. The table of
contents to and headings in this Warrant are for purposes of reference only and
shall not limit or otherwise affect the meaning hereof. This Warrant, together
with the other Operative Documents, embodies the entire agreement and
understanding between the Warrant Holder and the Company and supersedes all
prior agreements and understandings relating to the subject matter hereof. In
case any provision in this Warrant is determined to be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

          8.8. No Rights or Liabilities as a Shareholder. This Warrant shall not
entitle the holder hereof to any voting rights or other rights as a shareholder
of the Company, provided that nothing in this Section 8.8 shall be construed to
affect any of the rights that the Warrant Holder may have under any other
provision of this Warrant or any of the other Operative Documents or under any
applicable law. No provision of this Warrant, in the absence of an affirmative
action by the holder hereof to purchase Common Stock, and no mere enumeration
herein of the rights or privileges of the holder hereof, shall give rise to any
liability of such holder as a shareholder of the Company, whether such liability
is asserted by the Company, by creditors of the Company or by any other Person.

                            [Signature page follows]

                                       21
<PAGE>

     IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its duly authorized officer as of _______ ___, 2003.

                                  MIDWEST EXPRESS HOLDINGS, INC.

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

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

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

                                       22
<PAGE>

                                                                     Exhibit 2.2
                                                                    [to Warrant]

                           FORM OF NOTICE OF EXERCISE

               (To be executed only upon partial or full exercise
                             of the within Warrant)

     1. [choose one]

     [ ] The undersigned registered holder of the within Warrant irrevocably
exercises the within Warrant for and purchases __________________ shares of
Common Stock of Midwest Express Holdings, Inc. and herewith makes payment
therefor in the amount of $____________ with cash, provided that at the option
of Midwest Express Holdings, Inc., payment shall be made by wire transfer of
funds to an account in a bank located in the United States designated by Midwest
Express Holdings, Inc. for such purpose or by check payable to the order of
Midwest Express Holdings, Inc.

     [ ] The undersigned registered holder of the within Warrant irrevocably
exercises the within Warrant in respect of __________________ shares of Common
Stock of Midwest Express Holdings, Inc. to purchase a number of shares of Common
Stock of Midwest Express Holdings, Inc. calculated pursuant to the terms of the
net exercise provisions set forth in Section 2.6 of the within Warrant.

     [ ] The undersigned registered holder of the within Warrant irrevocably
exercises the within Warrant for and purchases __________________ shares of
Common Stock of Midwest Express Holdings, Inc. and herewith makes payment
therefor in the amount of $____________ pursuant to the terms of the debt
cancellation provisions set forth in Section 2.7 of the within Warrant.

     2. The undersigned requests that a certificate (or ______ certificates in
denominations of __________ shares) for such shares hereby purchased be issued
in the name of and delivered to [choose one] [(a) the undersigned] or [(b)
___________________________ whose address is _______________________], and, if
such shares do not include all the Warrant Shares issuable as provided in the
within Warrant, the undersigned does hereby direct that a new Warrant of like
tenor for the number of Warrant Shares not being purchased hereunder be issued
in the name of and delivered to [choose one] [(a) the undersigned] or [(b)
____________, whose address is ____________________________].

Dated:  ___________, ______.

                                           -------------------------------------

                                           By:
                                               ---------------------------------
                                                (Signature of Registered Holder)

NOTICE:   The signature on this Notice of Exercise must correspond with the name
          as written upon the face of the within Warrant in every particular,
          without alteration or enlargement or any change whatever.

<PAGE>

                                                                     Exhibit 3.1
                                                                    [to Warrant]

                               FORM OF ASSIGNMENT

                    (To be executed only upon the assignment
                             of the within Warrant)

     FOR VALUE RECEIVED, the undersigned registered holder of the within Warrant
hereby sells, assigns and transfers unto _______________________________ (the
"Transferee"), whose address is
_________________________________________________________, all of the rights of
the undersigned under the within Warrant, with respect to _____ shares of Common
Stock of Midwest Express Holdings, Inc. (the "Transferred Warrant") and, if such
shares do not include all the Warrant Shares issuable as provided in the within
Warrant, the undersigned does hereby direct that a new Warrant of like tenor for
the number of Warrant Shares not being transferred hereunder be issued in the
name of and delivered to [(a) the undersigned] or [(b) ________________________,
whose address is __________________________________________________], and the
undersigned does hereby irrevocably constitute and appoint the Corporate
Secretary of Midwest Express Holdings to register such transfer on the books of
Midwest Express Holdings maintained for such purpose, with full power of
substitution in the premises.

     The registered holder agrees to transfer its rights under the Registration
Agreement (as defined in the within Warrant) respecting the Transferred Warrant
and any shares of Common Stock issuable upon exercise of the Transferred Warrant
that are Registrable Securities (as defined in the Registration Statement), and
the Transferee agrees to be bound by all of the provisions contained in the
Transferred Warrant and the Registration Agreement. The address of the
Transferee is _______________________, and the Transferee's phone, facsimile and
e-mail information is as follows:

                  Attn:    _____________________
                  Phone:   _____________________
                  Fax:     _____________________
                  Email:   _____________________

Dated:  _________, ____.
                                            ------------------------------------

                                            By:
                                                --------------------------------
                                                (Signature of Registered Holder)

                                            ------------------------------------

                                            By:
                                                --------------------------------
                                                (Signature of Transferee)

NOTICE:   The signature on this Assignment must correspond with the name as
          written upon the face of the within Warrant in every particular,
          without alteration or enlargement or any change whatever.Exhibit 4.3

                          REGISTRATION RIGHTS AGREEMENT

     This REGISTRATION RIGHTS AGREEMENT, dated as of August 19, 2003 (this
"Agreement"), is made by and among Midwest Express Holdings, Inc., a Wisconsin
corporation (the "Company"), with headquarters located at 6744 South Howell
Avenue, Oak Creek, WI 53154, and the parties named on the signature pages hereto
(each of whom is hereinafter referred to as an "Initial Investor" and all of
whom collectively are hereinafter referred to as the "Initial Investors").

                                    RECITALS:

     A. In connection with that certain Participation Agreement and those
certain Agreements to Amend Operative Documents, each dated as of August 19,
2003 (collectively, the "Amendment Agreements"), by and among, as applicable,
the Company, Midwest Airlines, Inc., a Wisconsin corporation and a wholly-owned
subsidiary of the Company, Skyway Airlines, Inc., a Delaware corporation and a
wholly-owned subsidiary of Midwest Airlines, Inc., and the other parties named
in the Amendment Agreements, the Company has agreed to issue to the Initial
Investors warrants (the "Warrants") to purchase shares of the Company's common
stock, par value $.01 per share (the "Common Shares" and, together with any
associated preferred stock purchase rights ("Rights"), the "Securities").

     B. To induce the Initial Investors to execute and deliver the Amendment
Agreements, the Company has agreed to provide certain registration rights under
the Securities Act of 1933, as amended (the "Securities Act"), with respect to
the Securities.

                                   AGREEMENT:

     In consideration of the premises and the mutual covenants contained herein
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Company and the Initial Investors hereby agree as
follows:

                                    ARTICLE I
                                   DEFINITIONS

     As used in this Agreement, the following terms have the following meanings:

     1.1. "Investors" means the Initial Investors and any of their permitted
transferees or assignees who receive or acquire Registrable Securities and agree
to become bound by the provisions of this Agreement in accordance with Article
IX, but in each case only for so long as such person holds Registrable
Securities or Warrants giving the person the right to acquire Registrable
Securities, except as otherwise provided in Article VI; provided that no such
person is registered as a broker or dealer under Section 15(a) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), or a member of the
National Association of Securities Dealers, Inc.

     1.2. The terms "register," "registered," and "registration" refer to a
registration effected by preparing and filing the Registration Statement in
compliance with the Securities Act and, in particular, pursuant to Rule 415
under the Securities Act and the declaration or ordering of effectiveness of
such Registration Statement by the United States Securities and Exchange
Commission (the "SEC").

     1.3. "Registrable Securities" means (a) the Warrants; (b) the Common Shares
issued pursuant to the Warrants, but only if such Common Shares are issued upon
exercise of the Warrants by

<PAGE>

the Initial Investors or Investors to whom the Warrants were sold or transferred
in a private transaction and not pursuant to the Registration Statement; (c) the
Common Shares issuable pursuant to the Warrants, but only if such Common Shares
are issuable upon exercise of the Warrants by Investors other than the Initial
Investors or Investors to whom the Warrants were sold or transferred in a
private transaction and not pursuant to the Registration Statement; (d) any
shares of capital stock issued or issuable from time to time (with any
adjustments) in exchange for or otherwise with respect to Common Shares
referenced in clause (b) and (c); and (e) any Rights associated with the Common
Shares, except that any such securities will cease to be Registrable Securities
at such time as they have been sold under the Registration Statement or pursuant
to Rule 144 or at such time as they are eligible to be sold pursuant to Rule
144(k).

     1.4. "Registration Period" means the period ending on the earlier to occur
of (i) August 19, 2013; or (ii) the date on which no Registrable Securities
remain outstanding or issuable.

     1.5. "Registration Statement" means the Registration Statement(s) of the
Company filed with the SEC under the Securities Act in accordance with Section
2.1, including all amendments (pre-effective or post-effective) and supplements
thereto and all documents incorporated by reference therein.

     1.6. "Rule 415" means Rule 415 under the Securities Act, or any successor
rule providing for offering securities on a continuous basis, and applicable
rules and regulations thereunder.

     1.7. "Rule 144" means Rule 144 under the Securities Act, or any successor
rule, and applicable rules and regulations thereunder.

                                   ARTICLE II
                                  REGISTRATION

     2.1. Mandatory Registration. The Company will prepare and file with the SEC
a Registration Statement registering all of the Registrable Securities for sale
or resale, as the case may be (including without limitation all Common Shares
issuable pursuant to the Warrants as of date of filing, except to the extent
such Common Shares have ceased to be Registrable Securities at the date of
filing and subject to Section 4.1), and in the case of resale, in accordance
with the intended methods of resale or distribution described by the Investors
in accordance with Section 4.1. The Company will file the Registration Statement
on Form S-3, if available, or on such form as is then available to effect a
registration of the Registrable Securities; provided, that if the Registration
Statement is filed on Form S-1 or Form S-2 to register the Registrable
Securities (because the Company does not qualify to use Form S-2 and/or Form
S-3) and the Company subsequently qualifies to use Form S-2 or Form S-3, as the
case may be, then the Company may take such actions as it deems appropriate to
convert the Registration Statement to a Registration Statement on Form S-2 or
Form S-3, as the case may be.

     2.2. Effectiveness of the Registration Statement. The Company will use its
reasonable best efforts to cause the Registration Statement contemplated by the
previous Section to be filed as soon as practicable but in no event later than
December 19, 2003 (subject to extension by up to 12 business days by operation
of Section 4.1) (the "Required Filing Date"). The Company will use its
reasonable best efforts to cause the Registration Statement to be declared
effective by the SEC as soon as reasonably practicable following the filing
thereof, but in any event not later than January 20, 2004 (subject to extension
to the extent the Required Filing Date was delayed by operation of Section 4.1)
(the "Required Effective Date"). The Company's reasonable best efforts will
include, but are not to be limited to, promptly responding in good faith to all
comments received from the staff of the SEC. If the Company receives
notification from the SEC that the Registration Statement will receive no action
or review from the SEC, then the Company will request that the Registration
Statement become effective within five business days after such SEC
notification.

                                       2
<PAGE>

     2.3. Liquidated Damages.

          (a) If the Registration Statement has not been filed with the SEC by
     the Required Filing Date, then the Company will make a payment to each
     Investor (the "Late Filing Payment"). The Late Filing Payment for each
     Investor will be in an amount equal to (i) 1.35% of the then remaining
     aggregate exercise price of the Warrant or Warrants that are Registrable
     Securities or represent the right to acquire Registrable Securities and are
     held by the Investor on the Required Filing Date plus (ii) 1.35% of the
     exercise price paid for Common Shares that are Registrable Securities, were
     issued to the Investor upon exercise of the Investor's Warrant or Warrants
     and are held by such Investor on the Required Filing Date. Subject to
     subsection (f), the Company will make the Late Filing Payment to each
     Investor by check (or by wire transfer if the payment exceeds $10,000 in
     amount and the Company has wire transfer instructions from the Investor)
     within ten business days following the Required Filing Date.

          (b) If the Registration Statement has not been declared effective by
     the Required Effective Date, then the Company will make a payment to each
     Investor (the "Late Effective Payment"). The Late Effective Payment for
     each Investor will be an amount equal to (i) 0.34% of the then remaining
     aggregate exercise price of the Warrant or Warrants that are Registrable
     Securities or represent the right to acquire Registrable Securities and are
     held by the Investor on the Required Effective Date plus (ii) 0.34% of the
     exercise price paid for Common Shares that are Registrable Securities, were
     issued to the Investor upon exercise of the Investor's Warrant or Warrants
     and are held by such Investor on the Required Effective Date. Subject to
     subsection (f), the Company will make the Late Effective Payment to each
     Investor by check (or by wire transfer if the payment exceeds $10,000 in
     amount and the Company has wire transfer instructions from the Investor)
     within ten business days following the Required Effective Date.

          (c) If the Registration Statement has not been declared effective by
     the first monthly anniversary of the Required Effective Date, then the
     Company will make one or more payments to each Investor under this
     subsection (c) (each, a "Continuing Late Effective Payment"). The
     Continuing Late Effective Payment for each Investor for each calendar month
     after the first monthly anniversary of the Required Effective Date that the
     Registration Statement has not been declared effective will be an amount
     equal to (i) 0.34% of the then remaining aggregate exercise price of the
     Warrant or Warrants that are Registrable Securities or represent the right
     to acquire Registrable Securities and are held by the Investor on the
     respective last calendar day of the period to which the Continuing Late
     Effective Payment in question relates plus (ii) 0.34% of the exercise price
     paid for Common Shares that are Registrable Securities, were issued to the
     Investor upon exercise of the Investor's Warrant or Warrants and are held
     by the Investor on the respective last calendar day of the period to which
     the Continuing Late Effectiveness Payment in question relates.

          (d) If at any time after the Registration Statement has been declared
     effective sales thereunder during the Registration Period cannot be made by
     reason of the operation of Section 3.4(c) for a period of time that exceeds
     the limitations set forth in Section 3.4(c), then the Company will make a
     payment to each Investor (each, an "Excess Suspension Payment"). The Excess
     Suspension Payment for each Investor for each calendar month that sales
     cannot be made will be an amount equal to (i) 0.34% of the then remaining
     aggregate exercise price of the Warrant or Warrants that are Registrable
     Securities or represent the right to acquire Registrable Securities and are
     held by the Investor on the respective last calendar day of the period to
     which the Excess Suspension Payment in question relates plus (ii) 0.34% of
     the exercise price paid for Common Shares that are Registrable Securities,
     were issued to the Investor upon exercise of the Investor's Warrant or
     Warrants and are held by the Investor on the respective last calendar day
     of the period to which the Excess Suspension Payment in question relates.

                                       3
<PAGE>

          (e) The Continuing Late Effectiveness Payment and the Excess
     Suspension Payment are referred to herein collectively as the "Payments."
     The Payments will be prorated on a daily basis for periods less than a
     calendar month. Subject to subsection (f), the Company will make the
     Payments to each Investor by check (or by wire transfer if the payment
     exceeds $10,000 in amount and the Company has wire transfer instructions
     from the Investor) within ten business days following the end of each
     calendar month as to which payment hereunder is due.

          (f) Upon the reasonable request of the Company in writing, an Investor
     shall promptly deliver to the Company in writing information regarding the
     Investor's Warrants and Common Shares (together with reasonable supporting
     documentation) to enable the Company to calculate the amount of any payment
     due under this Section 2.3. Until the Investor has responded to such a
     reasonable request, the Company may withhold any payment due under this
     Section 2.3 until the fourth business day after the Investor delivers such
     information.

          (g) The Investors may make a claim for additional damages as a remedy
     for the Company's failure to comply with the timelines relating to the
     Registration Statement set forth in this Agreement, but acknowledgement of
     such right in this Agreement shall not constitute an admission by the
     Company that any such damages exist or may exist. Notwithstanding the
     foregoing, if the Company has used its reasonable best efforts to avoid
     circumstances as a result of which the Registration Statement is not filed
     by the Required Filing Date, the Registration Statement has not been
     declared effective by the Required Effective Date or sales cannot be made
     under the Registration Statement during the Registration Period, then the
     damages described above shall be the Investors' sole and exclusive remedy
     for damages arising out of such circumstances. Nothing contained in the
     preceding sentence shall be read to limit the ability of the Investors to
     seek specific performance of this Agreement.

     2.4. Piggyback Registrations.

          (a) At any time prior to the expiration of the Registration Period, if
     the Registration Statement has not yet been declared effective in
     accordance with Section 2.1 and the Company decides to register any of its
     Common Shares for its own account or for the account of others, then the
     Company will promptly give the Investors written notice thereof and will
     use its best efforts to include in such registration all or any part of the
     Registrable Securities requested by such Investors to be included therein.
     This requirement does not apply to any registration statement related to
     the New Financing (as defined in the Warrant), Company registrations on
     Form S-4 or S-8 or their equivalents (relating to equity securities to be
     issued in connection with an acquisition of any entity or business or
     equity securities issuable in connection with stock option or other
     employee benefit or director plans) or to registration statements that
     would otherwise not permit the registration of resales of previously issued
     securities. Each Investor must give its request for registration under this
     section to the Company in writing within 15 calendar days after receipt
     from the Company of notice of such pending registration. If the
     registration for which the Company gives notice is a public offering
     involving an underwriting, then the Company will so advise the Investors as
     part of the above-described written notice. In that event, if the managing
     underwriter(s) of the public offering impose a limitation on the number of
     Common Shares that may be included in the Registration Statement because,
     in such underwriter(s)' judgment, such limitation would be necessary to
     effect an orderly public distribution, then the Company shall include in
     such registration (i) first, the securities desired to be sold pursuant to
     such Registration Statement by the shareholder or shareholders that are
     requiring the Company pursuant to a contractual registration right to file
     such Registration Statement, if any, (ii) second, the Registrable
     Securities requested by any of the Investors to be included in such
     offering, pro rata among the holders of such Registrable Securities on the
     basis

                                       4
<PAGE>

     of the number of shares requested to be included by each such holder and
     (iii) third, the securities the Company proposes to sell.

          (b) No right to registration of Registrable Securities under this
     Section 2.4 limits in any way the registration required under Section 2.1
     above. The obligations of the Company under this Section 2.4 expire upon
     the earlier of (i) the effectiveness of the Registration Statement filed
     pursuant to Section 2.1 above with respect to Registrable Securities or
     (ii) expiration of the Registration Period.

     2.5. Force Majeure. The Company shall not be deemed in breach of its
commitments under Article II, and no Late Payment shall be due in respect of any
period, to the extent that the Company is unable to fulfill its obligations
hereunder in a timely fashion because the SEC, the New York Stock Exchange
("NYSE") and/or the Nasdaq Stock Market are closed or operating on a limited
basis as a result of the occurrence of a Force Majeure. As used herein, "Force
Majeure" means war or armed hostilities or other national or international
calamity, or one or more acts of terrorism.

                                   ARTICLE III
                      ADDITIONAL OBLIGATIONS OF THE COMPANY

     3.1. Continued Effectiveness of Registration Statement. Subject to the
limitations set forth in Section 3.4, the Company will use its best efforts to
keep the Registration Statement covering the Registrable Securities effective
under Rule 415 at all times during the Registration Period.

     3.2. Accuracy of Registration Statement. Assuming the accuracy of
information furnished by or on behalf of the Investors, the Registration
Statement (including any amendments or supplements thereto and prospectuses
contained therein) covering Registrable Securities will not contain any untrue
statement of a material fact or omit to state a material fact required to be
stated therein, or necessary to make the statements therein, in light of the
circumstances in which they were made, not misleading. The Company will prepare
and file with the SEC as soon as practicable such amendments (including
post-effective amendments) and supplements to the Registration Statement and the
prospectus used in connection with the Registration Statement as may be
necessary to permit sales pursuant to the Registration Statement at all times
during the Registration Period (but subject to Section 3.4) and, during such
period, will comply with the provisions of the Securities Act with respect to
the sale or resale of all Registrable Securities covered by the Registration
Statement until the termination of the Registration Period. The Company may take
reasonable steps to aggregate changes to the Registration Statement for purposes
of filing amendments to the Registration Statement or supplements to the
prospectus related thereto so as to reduce the need for multiple amendments or
supplements, and the Company shall not be required to file more than one
post-effective amendment or supplement to reflect changes relating to Investors
in any twenty calendar-day period.

     3.3. Furnishing Documentation. The Company will furnish to each Investor
whose Registrable Securities are then included in the Registration Statement,
and Investors' Counsel (as herein defined), if any, (a) promptly after each
document is filed with the SEC, one copy of the Registration Statement filed
pursuant to this Agreement and any amendments thereto, each preliminary
prospectus (if any) and final prospectus and each amendment or supplement
thereto; and (b) a number of copies of a prospectus, including a preliminary
prospectus (if any), and all amendments and supplements thereto, and such other
documents as the Investor may reasonably request to facilitate the disposition
of the Registrable Securities owned by the Investor. The Company will notify
each Investor whose Registrable Securities are then included in the Registration
Statement of the filing and the effectiveness of the Registration Statement and
any post-effective amendment on the date of filing or effectiveness of the
Registration Statement or any post-effective amendment, as applicable.

                                       5
<PAGE>

     3.4. Suspension of Sale and Resale Rights.

          (a) During the Registration Period, the Company will notify by
     facsimile each Investor who holds Registrable Securities that are then
     included in the Registration Statement of the happening of any event of
     which the Company has knowledge as a result of which the prospectus
     included in the Registration Statement as then in effect includes an untrue
     statement of a material fact or omits to state a material fact required to
     be stated therein or necessary to make the statements therein, in light of
     the circumstances under which they were made, not misleading (each an
     "Event"). The Company will promptly make such notification after the
     Company becomes aware of the Event (but in no event will the Company
     disclose to any Investor any of the facts or circumstances regarding the
     Event). Each Investor will hold in confidence and will not make any
     disclosure of any Event and any related information disclosed by the
     Company unless (i) the release of such information is ordered pursuant to a
     subpoena or other order from a court or government body of competent
     jurisdiction, (ii) the information has been made generally available to the
     public other than by disclosure in violation of this or any other agreement
     (to the knowledge of the relevant Investor), (iii) the information was
     developed independently by an Investor without breach of this Agreement,
     (iv) the information was known to the Investor before receipt of such
     information from the Company, (v) the information was disclosed to the
     Investor by a third party not under an obligation of confidentiality or
     (vi) the period during which the Company may suspend use of the
     Registration Statement under Section 3.4(c) has expired. However, an
     Investor may make disclosure of an Event and/or any related information
     disclosed by the Company to any attorney, adviser or other third party
     retained by it that needs to know the information, as determined in good
     faith by the Investor ("Investor Representative"), if the Investor advises
     the Investor Representative of the confidentiality provisions of this
     Section 3.4(a), but the Investor will be liable for any act or omission of
     any of its Investor Representatives relative to such information as if the
     act or omission was that of the Investor. Unless legally prohibited from so
     doing, each Investor will, upon learning that disclosure of such
     confidential information is sought in or by a court or governmental body of
     competent jurisdiction or through other means, give prompt notice to the
     Company and allow the Company, at the Company's expense, to undertake
     appropriate action to prevent disclosure of, or to obtain a protective
     order for, such confidential information.

          (b) If the Registration Statement ceases to be effective or the
     prospectus related thereto ceases to be usable at any time during the
     Registration Period, including as a result of the occurrence of an Event
     under Section 3.4(a), then the Company will promptly (and in any event
     within 12 business days in the case of a post-effective amendment and
     within four business days in the case of a supplement, in each case after
     the Company becomes aware of the related circumstances) prepare a
     post-effective amendment or supplement to the Registration Statement or the
     prospectus to correct any untrue statement or omission or to otherwise
     update and modify the Registration Statement and the prospectus as required
     by applicable law and use its reasonable best efforts to cause any
     post-effective amendment to the Registration Statement to be declared
     effective by the SEC as soon as reasonably practicable following the filing
     thereof. The Company will deliver a number of copies of such post-effective
     amendment (in the form declared effective) or supplement to each Investor
     as such Investor may reasonably request. Sales and resales of Registrable
     Securities shall be suspended until the Company has filed such
     post-effective amendment or supplement to the Registration Statement or
     prospectus that cures such failure to be effective or useable and that is
     itself, in the case of a post-effective amendment, declared effective. The
     Company will notify Investors of an Event in accordance with Section
     3.4(a), and the Company will notify each Investor who holds Registrable
     Securities that are then included in the Registration Statement of the
     existence of any other circumstances of which the Company has knowledge as
     a result of which the Registration Statement ceases to be effective or

                                       6
<PAGE>

     the prospectus related thereto ceases to be usable. The Company will
     promptly notify each Investor when the use of the Registration Statement
     and prospectus may be resumed.

          (c) Notwithstanding the obligations under Section 3.4(a) and (b) or
     any provision of this Agreement, if in the good faith judgment of the
     Company, following consultation with legal counsel, it would be detrimental
     to the Company and its shareholders for sales and resales of Registrable
     Securities to be made pursuant to the Registration Statement due to the
     existence of a material development or potential material development
     involving the Company that the Company would be obligated to disclose in
     the Registration Statement, which disclosure would be premature or
     otherwise inadvisable at such time or could have a Material Adverse Effect
     (including premature disclosure of the anticipated filing of a
     Company-initiated registration of any class of its equity securities), then
     the Company will have the right to suspend the use of the Registration
     Statement for a period of not more than 60 consecutive calendar days, and
     no more than 90 calendar days in a calendar year, provided, however, that,
     after deferring or suspending the use of the Registration Statement, the
     Company may not again defer or suspend the use of the Registration
     Statement until a period of 30 calendar days has elapsed after resumption
     of the use of the Registration Statement. "Material Adverse Effect" means a
     material adverse effect on the assets, liabilities, financial condition or
     results of operation of the Company and its subsidiaries, taken as a whole.
     If the Company suspends use of the Registration Statement under this
     Section 3.4(c), then the Company will promptly give notice of the
     suspension to all Investors whose securities are covered by the
     Registration Statement (in no event will the Company disclose to any
     Investor any of the facts or circumstances regarding the material event or
     Company-initiated registration) and will promptly notify each such Investor
     as soon as possible that the use of the Registration Statement may be
     resumed.

          (d) Subject to the Company's rights under this Section 3.4, during the
     Registration Period, the Company will use its best efforts to prevent the
     issuance of any stop order or other suspension of effectiveness of the
     Registration Statement and, if such an order is issued, will use its best
     efforts to obtain the withdrawal of such order at the earliest possible
     time, and the Company will promptly notify each Investor that holds
     Registrable Securities whose Registrable Securities are then included in
     the Registration Statement of the issuance of such order and the resolution
     thereof.

     3.5. Review by the Investors. The Company will provide a single firm of
legal counsel, designated in writing by the Investors based on a determination
made in accordance with Section 11.12 (the "Investors' Counsel"), copies of the
Registration Statement and all amendments and supplements thereto (as well as
all SEC correspondence related to the Registration Statement and requests for
acceleration or effectiveness thereof) for review a reasonable period of time
prior to their filing with the SEC, and will not file any document in a form to
which such counsel reasonably objects within five business days after receipt
thereof, unless otherwise required by law in the opinion of the Company's
counsel. The sections of any such Registration Statement including information
with respect to the Investors, the Investors' beneficial ownership of securities
of the Company and the Investors' intended method of disposition of Registrable
Securities must conform to the information provided to the Company by each of
the Investors, so long as they comply with all applicable laws in the Company's
reasonable opinion. The Company further acknowledges and agrees that the use of
Investors' Counsel pursuant hereto shall not be deemed to create a presumption
that the Investors are in any way acting in concert with respect to the
transactions contemplated by this agreement or the Warrants.

     3.6. Due Diligence; Confidentiality.

          (a) During the Registration Period, the Company will make available,
     upon reasonable advance notice during normal business hours, for inspection
     by any Investor whose

                                       7
<PAGE>

     Registrable Securities are being sold pursuant to the Registration
     Statement and any Investor Representative retained by any such Investor
     (collectively, the "Inspectors"), all pertinent financial and other
     records, pertinent corporate documents and properties of the Company
     (collectively, the "Records") as are reasonably necessary to enable each
     Inspector to exercise its due diligence responsibility in connection with
     or related to the contemplated offering. The Company will cause its
     officers, directors and employees to supply all information that any
     Inspector may reasonably request for purposes of performing such due
     diligence.

          (b) Each Inspector will hold in confidence, use only in connection
     with the contemplated offering and not make any disclosure (except to an
     Investor) of all Records and other information that the Company reasonably
     determines in good faith to be confidential, and of which determination the
     Inspectors are so notified in writing, unless (i) the disclosure of such
     Records is necessary to avoid or correct a misstatement or omission in the
     Registration Statement, (ii) the release of such Records is ordered
     pursuant to a subpoena or other order from a court or government body of
     competent jurisdiction, (iii) the information in such Records has been made
     generally available to the public other than by disclosure in violation of
     this or any other agreement (to the knowledge of the relevant Inspector),
     (iv) the Records or other information was developed independently by an
     Inspector without breach of this Agreement, (v) the information was known
     to the Inspector before receipt of such information from the Company, or
     (vi) the information was disclosed to the Inspector by a third party not
     under an obligation of confidentiality. However, an Inspector may make
     disclosure of such Records and other information to any attorney, adviser
     or other third party retained by it that needs to know the information, as
     determined in good faith by the Inspector ("Inspector Representative"), if
     the Inspector advises the Inspector Representative of the confidentiality
     provisions of this Section 3.6(b), but the Inspector will be liable for any
     act or omission of any of its Inspector Representatives relative to such
     information as if the act or omission was that of the Inspector. Unless
     legally prohibited from so doing, each Investor will, upon learning that
     disclosure of Records containing confidential information is sought in or
     by a court or governmental body of competent jurisdiction or through other
     means, give prompt notice to the Company and allow the Company, at the
     Company's expense, to undertake appropriate action to prevent disclosure
     of, or to obtain a protective order for, the Records deemed confidential.
     Nothing herein will be deemed to limit the Investor's ability to sell
     Registrable Securities in a manner that is otherwise consistent with
     applicable laws and regulations.

          (c) The Company will hold in confidence, and will not make any
     disclosure of, information concerning an Investor provided to the Company
     under this Agreement unless (i) the Company reasonably determines
     disclosure of such information is necessary to comply with federal or state
     securities laws, or any exchange listing or similar rules and regulations,
     (ii) the disclosure of such information is necessary to avoid or correct a
     misstatement or omission in the Registration Statement, (iii) the release
     of such information is ordered pursuant to a subpoena or other order from a
     court or governmental body of competent jurisdiction, (iv) such information
     has been made generally available to the public other than by disclosure in
     violation of this Agreement or any other agreement, (v) the information was
     disclosed to the Company by a third party not under an obligation of
     confidentiality or (vi) such Investor consents to the form and content of
     any such disclosure. However, the Company may make disclosure of such
     information to any attorney, adviser or other third party retained by it
     that needs to know the information, as determined in good faith by the
     Company ("Company Representative"), if the Company advises the Company
     Representative of the confidentiality provisions of this Section 3.6(c),
     but the Company will be liable for any act or omission of any Company
     Representatives relative to such information as if the act or omission was
     that of the Company. If the Company learns that disclosure of such
     information concerning an Investor is sought in or by a court or
     governmental body of competent jurisdiction or through other means, the
     Company will (unless legally

                                       8
<PAGE>

     prohibited from so doing) give prompt notice to such Investor prior to
     making such disclosure and allow such Investor, at its expense, to
     undertake appropriate action to prevent disclosure of, or to obtain a
     protective order for, such information.

     3.7. Blue Sky Filings. The Company will use its reasonable best efforts to
file documents required of the Company for normal blue sky clearance in the
United States in states reasonably specified in writing by an Investor prior to
the effectiveness of the Registration Statement. Notwithstanding the foregoing,
the Company is not required, in connection with such obligations, to (a) qualify
to do business in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3.7, (b) subject itself to general taxation in any
such jurisdiction, (c) file a general consent to service of process in any such
jurisdiction, (d) provide any undertakings that cause material expense or burden
to the Company, or (e) make any change in its charter or bylaws, which in each
case the Company determines to be contrary to the best interests of the Company
and its shareholders.

     3.8. Listing. During the Registration Period, the Company shall use its
reasonable best efforts to maintain the listing of all of the Registrable
Securities (other than the Warrants) on the principal securities exchange or
market or trading system, if any, on which Common Shares are then listed or
traded.

     3.9. Share Certificates. The Company will cooperate in good faith with the
Investors who hold Registrable Securities being sold to facilitate the timely
preparation and delivery of certificates (not bearing any restrictive legends)
representing Registrable Securities to be offered pursuant to the Registration
Statement and will enable such certificates to be in such denominations or
amounts and registered in such names as the Investors may reasonably request.

     3.10. Plan of Distribution. At the request of the Investors holding a
majority in interest of the Registrable Securities registered pursuant to the
Registration Statement under Section 2.1 (for purposes of such calculation,
Common Shares issuable upon exercise of any Warrant that is among the
Registrable Securities shall be treated as outstanding and owned by the holder
of such Warrant), the Company will promptly prepare and file with the SEC such
amendments (including post-effective amendments) and supplements to the
Registration Statement, and the prospectus used in connection with the
Registration Statement, as may be necessary to change the plan of distribution
set forth in such Registration Statement.

     3.11. Securities Laws Compliance. During the Registration Period, the
Company will comply with all applicable laws related to the Registration
Statement relating to the sale of Registrable Securities and with all applicable
rules and regulations of governmental authorities in connection therewith
(including, without limitation, the Securities Act, the Exchange Act and the
rules and regulations promulgated by the SEC).

     3.12. Further Assurances. The Company will take all other reasonable
actions as any Investor may reasonably request to expedite and facilitate
disposition by such Investor of the Registrable Securities pursuant to the
Registration Statement.

                                   ARTICLE IV
                          OBLIGATIONS OF THE INVESTORS

     4.1. Investor Information. As a condition to the obligations of the Company
to complete any registration pursuant to this Agreement with respect to the
Registrable Securities of each Investor, such Investor will furnish to the
Company such information regarding itself, the Registrable Securities held by it
and the intended methods of disposition of the Registrable Securities held by it
as is reasonably required by the Company to effect the registration of the
Registrable Securities. At least twenty business

                                       9
<PAGE>

days prior to the first anticipated filing date of the Registration Statement,
the Company will notify each Investor of the information the Company requires
from that Investor. If the Company has not received the requested information
from an Investor by the third business day prior to the anticipated filing date
specified in the notice, then the Company shall resend notice to the Investors
who have not responded and may file the Registration Statement 12 business days
thereafter without including Registrable Securities of such Investors who have
not responded by the tenth business day thereafter. However, for any such
Investor who subsequently responds, the Company will use its reasonable best
efforts to include Registrable Securities of such Investor in the Registration
Statement by means of a pre-effective or post-effective amendment to the
Registration Statement to the extent the Company is able to do so without
subjecting the Company to material expense or burden.

     4.2. Further Assurances. Each Investor will cooperate with the Company, as
reasonably requested by the Company, in connection with the preparation and
filing of the Registration Statement hereunder, unless such Investor has
notified the Company in writing of such Investor's irrevocable election to
exclude all of such Investor's Registrable Securities from the Registration
Statement.

     4.3. Suspension of Sales. Upon receipt of any notice from the Company under
Section 3.4, each Investor will immediately discontinue disposition of
Registrable Securities pursuant to the Registration Statement covering such
Registrable Securities until (i) it receives copies of a supplemented or amended
prospectus contemplated by Section 3.4(a) and (b) or (ii) the Company advises
the Investor that a suspension of sales under Section 3.4(c) has terminated. If
so directed by the Company, each Investor will deliver to the Company (at the
expense of the Company) or destroy all copies in the Investor's possession
(other than a limited number of file copies) of the prospectus covering such
Registrable Securities that is current at the time of receipt of such notice.

                                   ARTICLE V
                            EXPENSES OF REGISTRATION

     During the Registration Period, in connection with registrations or
filings, including post-effective amendments and supplements, pursuant to
Articles II and III, the Company will bear (i) all reasonable expenses (other
than underwriting discounts and commissions, and transfer taxes, if any)
incurred in connection with filings, including post-effective amendments and
supplements, pursuant to Articles II and III of this Agreement, including,
without limitation, all registration, listing fees, qualifications and other
fees and expenses of complying with blue sky laws, printers and accounting fees;
(ii) the fees and disbursements of legal counsel for the Company; and (iii) the
reasonable fees and disbursements of Investors' Counsel (not to exceed $10,000).

                                   ARTICLE VI
                                 INDEMNIFICATION

     In the event that any Registrable Securities are included in the
Registration Statement under this Agreement:

     6.1. Indemnification of the Investors. To the extent permitted by law, the
Company will indemnify and hold harmless each Investor (including for purposes
of this Article VI any person who was an Investor), any underwriter (as defined
in the Securities Act) for the Investors, any directors or officers of such
Investor and any person who controls such Investor within the meaning of the
Securities Act or the Exchange Act or acts as such Investor's investment advisor
(each, an "Investor Indemnified Person") against any losses, claims, damages,
expenses or liabilities (joint or several) (collectively, and together with
actions, proceedings or inquiries by any regulatory or self-regulatory
organization, whether commenced or threatened in respect thereof, "Claims") to
which any of them become subject under the

                                       10
<PAGE>

Securities Act, the Exchange Act or otherwise, insofar as such Claims arise out
of or are based upon any of the following statements, omissions or violations in
the Registration Statement filed pursuant to this Agreement, any post-effective
amendment thereof or any prospectus included therein: (a) any untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement or any post-effective amendment thereof or any final prospectus (as
amended or supplemented, if the Company files any amendment or supplement
thereto with the SEC) included therein or the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in light of the circumstances under which they were
made, not misleading or (b) any violation or alleged violation by the Company of
the Securities Act, the Exchange Act or any other law related to the
Registration Statement, including without limitation any state securities law or
any rule or regulation thereunder (the matters in the foregoing clauses (a) and
(b) being, collectively, "Violations"). Subject to the restrictions set forth in
Section 6.3 with respect to the number of legal counsel, the Company will
reimburse the Investors and each such underwriter or controlling person and each
such other Investor Indemnified Person, promptly as such expenses are incurred
and are due and payable, for any reasonable legal fees or other reasonable
expenses incurred by them in connection with investigating or defending any
Claim. Notwithstanding anything to the contrary contained herein, the
indemnification agreement contained in this Section 6.1: (i) does not apply to
Claims arising out of or based upon a Violation that occurs in reliance upon and
in conformity with information furnished in writing to the Company by or on
behalf of such Investor or its related Investor Indemnified Persons expressly
for use in connection with the preparation of the Registration Statement or any
such amendment thereof or supplement thereto, if such prospectus was timely made
available by the Company pursuant to Section 3.3; (ii) does not apply to a Claim
arising out of or based on any failure by such Investor or its related Investor
Indemnified Persons to comply with prospectus delivery requirements (or the
Securities Act, the Exchange Act or any other law or legal requirement
applicable to them) or any covenant or agreement contained in the Amendment
Agreements, the Warrants or this Agreement with respect to sales under the
Registration Statement; (iii) does not apply to a Claim arising from an offer or
sale of Registrable Securities occurring during a period in which sales are
suspended in accordance with Section 3.4; and (iv) does not apply to amounts
paid in settlement of any Claim if such settlement is made without the prior
written consent of the Company, which consent will not be unreasonably withheld
or delayed. This indemnity obligation will remain in full force and effect
regardless of any investigation made by or on behalf of the Investor Indemnified
Persons and will survive the transfer of Registrable Securities by Investors
under Article IX.

     6.2. Indemnification of the Company and Certain Others. In connection with
the Registration Statement in which an Investor is participating, each such
Investor will indemnify and hold harmless, severally and not jointly, to the
same extent and in the same manner set forth in Section 6.1 above, the Company,
each of its directors, each of its officers who signs the Registration
Statement, each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, and any other Investor selling
securities pursuant to the Registration Statement and any of its directors and
officers and any person who controls such Investor within the meaning of the
Securities Act or the Exchange Act (each, an "Company Indemnified Person")
against any Claim to which any of them may become subject under the Securities
Act, the Exchange Act or otherwise, insofar as such Claim arises out of or is
based upon any of the following: (a) any matter of the type referred to clause
(a) in Section 6.1 above in each case to the extent (and only to the extent)
that such violation occurs in reliance upon and in conformity with written
information furnished to the Company by such Investor expressly for use in
connection with such Registration Statement or (b) any failure by such Investor
to comply with prospectus delivery requirements (or the Securities Act, the
Exchange Act or any other law or legal requirement applicable to sales under the
Registration Statement) or any covenant or agreement contained in the Amendment
Agreements, the Warrants or this Agreement with respect to sales under the
Registration Statement. Subject to the restrictions set forth in Section 6.3,
such Investor will promptly reimburse any legal or other expenses, promptly as
such expenses are incurred and due and payable, reasonably incurred by any
Company Indemnified Person in connection with investigating or defending any
such Claim. However, the indemnity agreement contained in this Section 6.2 does
not apply to

                                       11
<PAGE>

amounts paid in settlement of any Claim if such settlement is effected without
the prior written consent of such Investor, which consent will not be
unreasonably withheld, and no Investor will be liable under this Agreement
(including this Section 6.2 and Article VII) for the amount of any Claim that
exceeds the net proceeds actually received by such Investor as a result of the
sale of such Investor's Registrable Securities or the Common Shares acquired
upon exercise of any such Registrable Securities. This indemnity will remain in
full force and effect regardless of any investigation made by or on behalf of an
Indemnified Party and will survive the transfer of Registrable Securities by
Investors under Article IX.

     6.3. Notification and Other Indemnification Procedures. Promptly after
receipt by an Investor Indemnified Person or Company Indemnified Person, as the
case may be ("Indemnified Person"), under this Article VI of notice of the
commencement of any action (including any governmental action), such Indemnified
Person will, if a Claim in respect thereof is to be made against any
indemnifying party under this Article VI, deliver to the indemnifying party a
written notice of the commencement thereof. The indemnifying party may
participate in, and, to the extent the indemnifying party so desires, jointly
with any other indemnifying party similarly given notice, assume control of the
defense thereof with counsel mutually and reasonably satisfactory to the
indemnifying parties and the Indemnified Person. If the indemnifying party
assumes the defense by notice to the Indemnified Person, then the indemnifying
party shall not be responsible for any legal or other expenses subsequently
incurred by the Indemnified Person in connection with the defense thereof,
except as expressly provided herein, and the indemnifying party will diligently
pursue such defense. If, in the reasonable opinion of an Indemnified Person, the
representation by such counsel of the Indemnified Person and the indemnifying
party would be inappropriate due to actual or potential conflicts of interest
between the Indemnified Person and any other party represented by such counsel
in such proceeding or the actual or potential defendants in, or targets of, any
such action including the Indemnified Person and such Indemnified Person
reasonably determines that there may be legal defenses available to such
Indemnified Person that are different from or in addition to those available to
the indemnifying party, then the Indemnified Person is entitled to assume such
defense and may retain its own counsel, with the reasonable fees and expenses to
be paid by the indemnifying party (subject to the restrictions on settlement
under Section 6.1 or 6.2, as applicable). However, in such case, or if the
indemnifying party elects not to control the defense, the indemnifying party
will pay for only one separate legal counsel for the Indemnified Persons
collectively, and where the Indemnified Persons are the Investors, such legal
counsel will be selected through a determination in accordance with Section
11.12. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action does not relieve an
indemnifying party of any liability to an Indemnified Person under this Article
VI, except to the extent that the indemnifying party is prejudiced in its
ability to defend such action. The indemnification required by this Article VI
will be made by periodic payments of the amount thereof during the course of the
investigation or defense, as such expense, loss, damage or liability is incurred
and is due and payable.

                                  ARTICLE VII
                                  CONTRIBUTION

     To the extent that any indemnification provided for herein is prohibited or
limited by law, the indemnifying party will contribute the amount paid or
payable by the Indemnified Party as a result of such Claim in such proportion as
is appropriate to reflect not only the relative benefits received by the
Indemnified Party and the indemnifying party, but also the relative fault of the
Indemnified Party and the indemnifying party, as well as any other relevant
equitable considerations. The relative fault of the Company on the one hand and
the Investors on the other hand shall be determined by reference to, among other
things, whether any untrue or alleged untrue statement of a material fact or
omission or alleged omission to state a material fact relates to information
supplied by the Company or by the Investors and the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission. However, (a) no contribution will be made under
circumstances where the maker

                                       12
<PAGE>

would not have been liable for indemnification under the fault standards set
forth in Article VI, (b) no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation and (c) no Investor will be liable under this Agreement
(including this Article VII) for the amount of any Claim that exceeds the net
proceeds actually received by such Investor as a result of the sale of such
Investor's Registrable Securities or the Common Shares acquired upon exercise of
any such Registrable Securities.

                                  ARTICLE VIII
                             EXCHANGE ACT REPORTING

     To make available to the Investors the benefits of Rule 144 or any similar
rule or regulation of the SEC that may at any time permit the Investors to sell
securities of the Company to the public without registration, the Company will,
until the end of the Registration Period:

     (a) Use its best efforts to file with the SEC in a timely manner, and make
and keep available, all reports and other documents required of the Company
under the Securities Act and the Exchange Act so long as the Company remains
subject to such requirements and the filing and availability of such reports and
other documents is required for the applicable provisions of Rule 144; and

     (b) Furnish to each Investor, so long as such Investor holds Registrable
Securities, promptly upon request, (i) a written statement by the Company that
it has complied with the reporting requirements of the Securities Act and the
Exchange Act, (ii) if not available on the SEC's EDGAR system, a copy of the
most recent annual or quarterly report of the Company and such other reports and
documents filed by the Company with the SEC and (iii) such other information as
may be reasonably requested to permit the Investors to sell such securities
pursuant to Rule 144 without registration.

                                   ARTICLE IX
                        ASSIGNMENT OF REGISTRATION RIGHTS

     The rights of any Investor hereunder, including the right to have the
Company register Registrable Securities pursuant to this Agreement, shall be
assignable (in whole or in part) by such Investor to any permitted transferee or
assignee of the Registrable Securities, if (a) the Investor agrees in writing
with the transferee or assignee to assign such rights, and a copy of such
agreement is furnished to the Company within a reasonable time after such
assignment, (b) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such
registration rights are being transferred or assigned, and (c) at or before the
time the Company received the written notice contemplated by clause (b) of this
sentence, the transferee or assignee agrees in writing with the Company to be
bound by all of the provisions contained herein. Delivery to the Company of a
completed and executed Form of Assignment in the form of Exhibit 3.1 to the
Warrants, if the transfer involves Warrants that are Registrable Securities,
and/or the Notice of Assignment substantially in the form of Exhibit B attached
hereto, if the transfer involves only Common Shares that are Registrable
Securities, shall satisfy the foregoing requirement. Any transferee or assignee
of an Investor under Article IX shall be deemed an "Investor" for all purposes
of this Agreement for so long as such person holds Registrable Securities, and
shall be entitled to all rights of, and subject to all obligations (including
indemnification obligations) of, an Investor hereunder.

                                       13
<PAGE>

                                    ARTICLE X
                        AMENDMENT OF REGISTRATION RIGHTS

     This Agreement may be amended and the obligations hereunder may be waived
(either generally or in a particular instance, and either retroactively or
prospectively) only with the written consent of the Company and of the Investors
who then hold a majority in interest of the Registrable Securities (but not
including any Investor who is not affected by such amendment or waiver). For
purposes of such calculation, Common Shares issuable upon exercise of any
Warrant that is among the Registrable Securities shall be treated as outstanding
and owned by the holder of such Warrant. Any amendment or waiver effected in
accordance with this Article X is binding upon each Investor and the Company.
Notwithstanding the foregoing, no amendment or waiver will retroactively affect
any Investor without its consent, or will prospectively adversely affect any
former Investor who no longer owns any Registrable Securities without its
consent.

                                   ARTICLE XI
                                  MISCELLANEOUS

     11.1. Conflicting Instructions. A person or entity is deemed to be a holder
of Registrable Securities whenever such person or entity owns of record such
Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more persons or entities with respect to the
same Registrable Securities, the Company will act upon the basis of
instructions, notice or election received from the registered owner of such
Registrable Securities.

     11.2. Notices. Except as set forth in Sections 3.3 and 3.4, all
communications or notices required under this Agreement shall be deemed to have
been given on the date of hand delivery or three (3) business days after mailing
via certified or registered U.S. mail, return receipt requested, proper postage
prepaid and properly addressed as follows (unless and until either party advises
the other in writing of a change in such address in accordance with this Section
11.2):

          (a)  If to an Investor, to the address set forth on Exhibit A.

          (b)  If to the Company, to the address set forth below:

                           Midwest Express Holdings, Inc.
                           6744 South Howell Avenue
                           Oak Creek, Wisconsin 53154
                           Attention:  President

     Information regarding the Initial Investors is set forth on Exhibit A. The
Company shall update Exhibit A as necessary to add the information of any
permitted transferee or assignee of an Investor who receives or acquires
Registrable Securities and agrees to become bound by the provisions of this
Agreement in accordance with Article IX and to supplement or update the
information contained on Exhibit A to reflect revised information regarding an
Investor of which the Company receives proper notice.

     11.3. Waiver. Failure of any party to exercise any right or remedy under
this Agreement or otherwise, or delay by a party in exercising such right or
remedy, does not operate as a waiver thereof.

     11.4. Governing Law; Venue; Waiver of Jury Trial. This Agreement, including
the validity hereof and the rights and obligations of the Company and of the
Investors and all amendments

                                       14
<PAGE>

and supplements hereto and all waivers and consents hereunder, shall be
construed in accordance with and governed by the internal laws of New York
(except as it relates to corporate law involving the Company, in which case it
shall be governed by the internal laws of the state of incorporation of the
Company) without giving effect to any choice of law or conflicts of law
provision or rule that would cause the application of the internal laws of any
other jurisdiction.

     Notwithstanding anything to the contrary in this Agreement or any other
agreement between any of the parties hereto prior to the date hereof, each of
the parties hereto, to the extent it may do so under applicable law, for
purposes hereof, hereby (i) irrevocably submits itself to the non-exclusive
jurisdiction of the courts of the State of New York sitting in the City of New
York, Borough of Manhattan, and to the non-exclusive jurisdiction of the U.S.
District Court for the Southern District of New York, for the purposes of any
suit, action or other proceeding arising out of this Agreement, the subject
matter hereof or any of the transactions contemplated hereby brought by any
party or parties hereto, or their successors or any permitted and registered
assign and (ii) waives, and agrees not to assert, by way of motion, as a
defense, or otherwise, in any such suit, action or proceeding, that the suit,
action or proceeding is brought in an inconvenient forum, that the venue of the
suit, action or proceeding is improper or that this Agreement or the subject
matter hereof or any of the transactions contemplated hereby may not be enforced
in or by such courts; provided that nothing in this paragraph shall be construed
as a waiver by any party of any right to seek to remove any such suit, action or
proceeding from a state court to a federal court or from a federal court to a
state court.

     EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE RIGHT TO TRIAL BY JURY IN ANY
LEGAL OR EQUITABLE ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR THEREBY OR THE SUBJECT
MATTER OF ANY OF THE FOREGOING.

     11.5. Severability. If any provision of this Agreement is invalid or
unenforceable under any applicable statute or rule of law, then such provision
will be deemed modified in order to conform to such statute or rule of law. Any
provision hereof that may prove invalid or unenforceable under any law will not
affect the validity or enforceability of any other provision hereof.

     11.6. Entire Agreement. This Agreement, the Warrants and the Amendment
Agreements (including all schedules and exhibits thereto) constitute the entire
agreement among the parties hereto with respect to the subject matter hereof and
thereof. There are no restrictions, promises, warranties or undertakings, other
than those set forth or referred to herein or therein. This Agreement supersedes
all prior agreements and understandings among the parties hereto with respect to
the subject matter hereof.

     11.7. Successors and Assigns. Subject to the requirements of Article IX,
this Agreement inures to the benefit of and is binding upon the successors and
assigns of each of the parties hereto.

     11.8. Use of Pronouns. All pronouns refer to the masculine, feminine or
neuter, singular or plural, as the context may require.

     11.9. Headings. The headings of this Agreement are for convenience of
reference only, are not part of this Agreement and do not affect its
interpretation.

     11.10. Counterparts. This Agreement may be executed in two or more
counterparts, each of which is deemed an original but all of which constitute
one and the same agreement. This

                                       15
<PAGE>

Agreement, once executed by a party, may be delivered to the other party hereto
by facsimile transmission, and facsimile signatures are binding on the parties
hereto.

     11.11. Further Assurances. Each party will do and perform, or cause to be
done and performed, all such further acts and things, and will execute and
deliver all other agreements, certificates, instruments and documents, as
another party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

     11.12. Consents. All consents and other determinations to be made by the
Investors pursuant to this Agreement will be made by the Investors holding a
majority in interest of the Registrable Securities (for purposes of such
calculation, Common Shares issuable upon exercise of any Warrant that are among
the Registrable Securities shall be treated as outstanding and owned by the
holder of such Warrant).

     11.13. No Strict Construction. The language used in this Agreement is
deemed to be the language chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against any party.

                            [Signature pages follow]

                                       16
<PAGE>

     IN WITNESS WHEREOF, the undersigned Investors and the Company have caused
this Agreement to be duly executed as of the date first above written.

                                      COMPANY:

                                      MIDWEST EXPRESS HOLDINGS, INC.

                                      By: /s/ Robert S. Bahlman
                                         ---------------------------------------
                                          Name:  Robert S. Bahlman
                                          Title: Senior Vice President and
                                                 Chief Financial Officer

                  [SIGNATURES CONTINUE ON THE FOLLOWING PAGES]

                  Registration Rights Agreement Signature Page
<PAGE>

                                      INVESTORS:

                                      BANC OF AMERICA LEASING & CAPITAL, LLC

                                      By:    /s/ James A. Redmond
                                         ---------------------------------------
                                      Name:  James A. Redmond
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      BANC ONE LEASING CORPORATION

                                      By:    /s/ Ennio F. Izzo
                                         ---------------------------------------
                                      Name:  Ennio F. Izzo
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      THE FIFTH THIRD LEASING COMPANY

                                      By:    /s/ William Mulder
                                         ---------------------------------------
                                      Name:  William Mulder
                                           -------------------------------------
                                      Title: Assistant Vice President
                                            ------------------------------------

                                      INFORMATION LEASING CORPORATION

                                      By:    /s/ Rae E. Buck, III
                                         ---------------------------------------
                                      Name:  Rae E. Buck, III
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      KIMBERLY-CLARK CORPORATION

                                      By:    /s/ Jolene L. Varney
                                         ---------------------------------------
                                      Name:  Jolene L. Varney
                                           -------------------------------------
                                      Title: Vice President and Treasurer
                                            ------------------------------------

<PAGE>

                                      KREDITANSTALT FUR WIEDERAUFBAU

                                      By:    /s/ Christiane Laibach
                                         ---------------------------------------
                                      Name:  Christiane Laibach
                                           -------------------------------------
                                      Title: First Vice President
                                            ------------------------------------

                                      By:    /s/ Christian Kramer
                                         ---------------------------------------
                                      Name:  Christian Kramer
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      M & I FIRST NATIONAL LEASING CORPORATION

                                      By:    /s/ Tom Podewils
                                         ---------------------------------------
                                      Name:  Tom Podewils
                                           -------------------------------------
                                      Title: President
                                            ------------------------------------

                                      SIEMENS FINANCIAL SERVICES, INC.

                                      By:    /s/ Anne C. Mickens
                                         ---------------------------------------
                                      Name:  Anne C. Mickens
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      By:    /s/ Craig L. Johnson
                                         ---------------------------------------
                                      Name:  Craig L. Johnson
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

                                      <PAGE>

                                      TRANSAMERICA AVIATION LLC

                                      By:    /s/ Dave B. Fate
                                         ---------------------------------------
                                      Name:  Dave B. Fate
                                           -------------------------------------
                                      Title: Executive Vice President
                                            ------------------------------------

                                      U.S. BANCORP EQUIPMENT FINANCE, INC.

                                      By:    /s/ Bruce Phoel
                                         ---------------------------------------
                                      Name:  Bruce Phoel
                                           -------------------------------------
                                      Title: Senior Vice President
                                            ------------------------------------

                                      WELLS FARGO BANK NORTHWEST, NATIONAL
                                      ASSOCIATION

                                      By:    /s/ Mark J. Carpenter
                                         ---------------------------------------
                                      Name:  Mark J. Carpenter
                                           -------------------------------------
                                      Title: Vice President
                                            ------------------------------------

<PAGE>

                                                                       EXHIBIT A

                           INFORMATION AS TO INVESTORS

BANC OF AMERICA LEASING & CAPITAL, LLC

555 California St., 4th Floor
San Francisco, CA  94104

Attn:    James A. Redmond
Phone:   (415) 765-7381
Fax:     (415) 765-7418
Email:   james.redmond@bankofamerica.com

BANC ONE LEASING CORPORATION

1111 Polaris Parkway, Suite A3
Columbus, OH  43240

Attn:    Ennio F. Izzo
Phone:   (614) 213-5419
Fax:     (614) 213-7712
Email:   ennio_f_izzo@bankone.com

KREDITANSTALT FUR WIEDERAUFBAU

BMa
Palmengartenstrasse - 5 - 9
60325 Frankfurt am Main
Germany

Attn:    Karin Spranger
Phone:   +49.69.7431.3714
Fax:     +49.69.7431.4110
Email:   karin.spranger@kfw.de

M & I FIRST NATIONAL LEASING CORPORATION

250 East Wisconsin Ave.
Milwaukee, WI 53202

Attn:    Tom Podewils
Phone:   (414) 272-9743
Fax:     (414) 272-1710
Email:   tom.podewils@micorp.com

<PAGE>

INFORMATION LEASING CORPORATION

One East Fourth St.
Cincinnati, OH 45202

Attn:    Rae E. Buck, III
Phone:   (513) 639-4796
Fax:     (513) 639-4794
Email:   rbuck@providentbank.com

SIEMENS FINANCIAL SERVICES, INC.

200 Somerset Corporate Boulevard
Bridgewater, New Jersey 08807

Attn:    V.P. Risk Management c/o Anne Mickens
Phone:   (908) 429-6040
Fax:     (908) 429-6076
Email:   anne.mickens@siemens.com

THE FIFTH THIRD LEASING COMPANY

38 Fountain Square Plaza
Cincinnati, OH 45202

Attn:    Bill Mulder
Phone:   (513) 534-0192
Fax:     (513) 534-6706
Email:   bill.mulder@53.com

TRANSAMERICA AVIATION LLC

Transamerica Aviation LLC
5080 Spectrum Drive, Suite 1100W
Addison, TX 75001

Attn:    Dave B. Fate EVP
Phone:   (972) 458-5999
Fax:     (972) 458-5959

<PAGE>

U.S. BANCORP EQUIPMENT FINANCE, INC.

777 East Wisconsin Avenue
Milwaukee, WI  53202

Attn:    Ron Shapiro
Phone:   (414) 765-4638
Fax:     (414) 765-4332
Email:   ron.shapiro@usbank.com

WELLS FARGO BANK NORTHWEST, NATIONAL ASSOCIATION

733 Marquette Avenue
Suite 700
Minneapolis, MN  55402

Attn:    James A. Bluhm
Phone:   (612) 667-9023
Fax:     (612) 667-9711
Email:   James.A.Bluhm@wellsfargo.com

KIMBERLY-CLARK CORPORATION

P.O. Box 619100
Dallas, TX 75261-9100

Attn:    John Wesley
Phone:   (972) 281-1385
Fax:     (982) 281-1578

<PAGE>

                                                                       EXHIBIT B

                          REGISTRATION RIGHTS AGREEMENT

                              NOTICE OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned Investor under that certain
Registration Rights Agreement (the "Agreement"), dated August ___, 2003, by and
among Midwest Express Holdings, Inc., a Wisconsin corporation, and the parties
named on the signature pages thereto, hereby agrees to transfer unto
_______________________________ (the "Transferee"), whose address is
_________________________________________________________, all of the rights of
the undersigned under the Agreement with respect to _____ Common Shares (as
defined in the Agreement) that are Registerable Securities (as defined in the
Agreement) (the "Transferred Shares"). The Transferee hereby agrees to be a
party to the Agreement and acknowledges and agrees that it is an "Investor" as
defined in the Agreement, and agrees to be bound by all of the terms of the
Agreement. The Transferee's phone, facsimile and e-mail information is as
follows:

                        Attn:    _____________________
                        Phone:   _____________________
                        Fax:     _____________________
                        Email:   _____________________

Dated:  _________, ____.

                                      ------------------------------------------
                                      (the "Investor")

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

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

                                      ------------------------------------------
                                      (the "Transferee")

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

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

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