Document:

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                                                                   Exhibit 4.19

THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THEY MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT UNLESS AN
EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE

                        AMERICA WEST HOLDINGS CORPORATION
                   WARRANT TO PURCHASE CLASS B COMMON STOCK

NO. PW-                                                       January 18, 2002
                           VOID AFTER January 18, 2012

      THIS CERTIFIES THAT, for value received,
     , with its principal office at
        , and/or its transferees and assigns (individually or collectively, the
"HOLDER"), is entitled to purchase at the Exercise Price (defined below) from
America West Holdings Corporation, a Delaware corporation, with its principal
office at 111 West Rio Salado Parkway, Tempe, Arizona 85281 (the "COMPANY"),
           shares of Class B common stock, par value $0.01 per share, of the
Company (the "CLASS B COMMON"), as provided herein.

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

      "AFFILIATE" shall mean, as to any specified Person, any other Person
directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition,
"control," when used with respect to any Person, means the power to direct the
management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise and the terms
"affiliated," "controlling" and "controlled" have meanings correlative to the
foregoing.

      "APPLICABLE PRICE" shall mean:

      (i) for purposes of any issuance of Additional Shares of Common Stock (as
defined below) under Section 5.4, the greater of (A) the Fair Market Value of a
share of the class of Common Stock being issued (or, if being issued in an
underwritten offering, the Market Price on the day that such offering is being
priced), and (B) the then effective Exercise Price; and

      (ii) for purposes of any issuance under Section 5.1(b), the greater of (A)
the Market Price on the date of such issuance, and (B) the then effective
Exercise Price.

      "BUSINESS DAY" shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday that is not a day on which banking institutions in New York, New York are
authorized or obligated by law or executive order to close.

      "COMMON STOCK" shall mean the Class B Common, the Class A common stock,
par value $0.01 per share, of the Company, and all other stock of any class or
classes (however designated) of the Company from time to time outstanding, the
holders of which have the right,

                                       1.
<PAGE>
without limitation as to amount, either to all or to a share of the balance of
current dividends or liquidating distributions after the payment of dividends
and distributions on any shares entitled to preference.

      "EXERCISE PERIOD" shall mean the time period commencing with the date
hereof and ending at 5:00 p.m. New York time on the tenth anniversary of the
date hereof.

      "EXERCISE PRICE" shall mean three dollars ($3.00) per share, subject to
adjustment pursuant to Section 5 below.

      "EXERCISE SHARES" shall mean the shares of the Class B Common issuable
upon exercise of this Warrant, subject to adjustment pursuant to the terms
herein, including but not limited to adjustment pursuant to Section 5 below and
shall also mean any other shares, securities, assets or property otherwise
issuable upon exercise of this Warrant.

      "EXCLUDED ISSUANCE" shall mean:

      (a) shares of Class B Common issued upon exercise of this Warrant or the
warrants issued concurrently to            ,               , and
(this Warrant and such other warrants, collectively, the "Loan Warrants") or
upon conversion of the Company's outstanding 7.5% Convertible Senior Notes due
2009;

      (b) shares of Class B Common and/or options, warrants or other Class B
Common purchase rights issued and the Class B Common issued pursuant to such
options, warrants or other rights after the date hereof to employees, officers
or directors of, or consultants or advisors to the Company or any subsidiary
pursuant to stock purchase or stock option plans or other arrangements that are
approved by the Board (the "PLANS"); provided that such shares, options,
warrants or other Class B Common purchase rights and the Class B Common issued
pursuant to such options, warrants or other rights shall not be Excluded
Issuances in any case where the grantee acquires the shares, or options,
warrants or other rights to purchase Class B Common at a price per share less
than the Market Price on the date of grant;

      (c) shares of Class B Common issued pursuant to the exercise of rights,
options, warrants or convertible securities outstanding as of the date hereof;
and

      (d) shares of Class B Common issued to any charitable organization
described in Section 170(c) of the Internal Revenue Code of 1986, as amended,
provided that no more than 50,000 shares are issued in any fiscal year pursuant
to this clause (d).

      "FAIR MARKET VALUE" shall mean,

      (i) with respect to a share of Common Stock, or any other security of the
Company or any other issuer:

            (a) the average daily Market Price during the period of the most
recent twenty (20) Trading Days, ending on the last Trading Day before the date
of determination of Fair Market Value, if such class of Common Stock or other
security is (i) traded on a national securities exchange or admitted to unlisted
trading privileges on such an exchange, or (ii) is

                                       2.
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quoted on the National Market System of the Nasdaq Stock Market (the "NATIONAL
MARKET System") or the Nasdaq Small Cap Market (the "SMALL CAP MARKET"); or

            (b) if such class of Common Stock or other security is not then so
listed, admitted to trading or quoted, the Fair Market Value shall be the Market
Price on the last Business Day before the date of determination of Fair Market
Value; or

      (ii) with respect to any assets or property other than cash or Common
Stock or other securities, the fair market value as determined in accordance
with the Valuation Procedure.

      "MARKET PRICE" shall be, as of any specified date with respect to any
share of any class of Common Stock or any other security of the Company or any
other issuer, if such class of Common Stock or other security is traded on a
national securities exchange or admitted to unlisted trading privileges on such
an exchange, or is quoted on the National Market System or the Small Cap Market,
the last reported share or unit sale price of such class of Common Stock or
other security on such exchange or on the National Market System or the Small
Cap Market on such date or if no such sale is made on such day, the mean of the
closing bid and asked prices for such day on such exchange or on the National
Market System or the Small Cap Market; provided that if such class of Common
Stock or other security is not so listed or admitted to unlisted trading
privileges or quoted, the Market Price as of a specified date shall be the mean
of the last bid and asked prices reported on such date (x) by the Nasdaq or (y)
if reports are unavailable under clause (x) above by the National Quotation
Bureau Incorporated; provided further that if such class of Common Stock or
other security is not so listed or admitted to unlisted trading privileges or
quoted and bid and ask prices are not reported, the Market Price shall be
determined in accordance with the Valuation Procedure.

      "PARTICIPATING SECURITIES" shall mean, (i) any equity security (other than
Common Stock) that entitles the holders thereof to participate in liquidations
or other distributions with the holders of Common Stock or otherwise participate
in the capital of the Company other than through a fixed or floating rate of
return on capital loaned or invested, and (ii) any stock appreciation rights,
phantom stock rights, or any other profit participation rights with respect to
any of the Company's capital stock or other equity ownership interest, or any
rights or options to acquire any such rights; provided that any stock
appreciation rights, phantom stock rights or any other profit participation
rights, or any rights or options to acquire such rights, issued pursuant to any
of the Plans shall not be deemed a Participating Security if their grant or
issuance would constitute an Excluded Issuance.

      "PERSON" shall mean any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust,
estate, unincorporated organization or government or any agency or political
subdivision thereof, or any entity whatsoever.

      "RECORD DATE" shall mean, with respect to any dividend, other distribution
or issuance, the record date for the determination of stockholders entitled to
receive such dividend, distribution or issuance, or if no such record date
exists, the date of such dividend, distribution or issuance.

      "TRADING DAY" shall mean, with respect to any class of Common Stock or any
other security of the Company or any other issuer a day (i) on which the
securities exchange or other trading platform applicable for purposes of
determining the Market Price of a share or unit of

                                       3.
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such class of Common Stock or other security shall be open for business or (ii)
for which quotations from such securities exchange or other trading platform of
the character specified for purposes of determining such Market Price shall be
reported.

      "VALUATION PROCEDURE" shall mean a determination made in good faith by the
Board of Directors of the Company (the "BOARD") that is set forth in resolutions
of the Board that are certified by the Secretary of the Company, which certified
resolutions (i) set forth the basis of the Board's determination, which, in the
case of a valuation in excess of $10.0 million, shall include the Board's
reliance on the valuation of a nationally recognized investment banking or
appraisal firm, and (ii) are delivered to the Holder within ten (10) Business
Days following such determination. A Valuation Procedure with respect to the
value of any capital stock shall be based on the price that would be paid for
all of the capital stock of the issuer in an arm's-length transaction between a
willing buyer and a willing seller (neither acting under compulsion).

      2. EXERCISE OF WARRANT.

            2.1 EXERCISE. This Warrant may be exercised in whole or in part at
any time during the Exercise Period, by delivery of the following to the Company
at its address set forth above (or at such other address as it may designate by
notice in writing to the Holder):
                  (a)   an executed Notice of Exercise in the form attached
hereto;

                  (b)   payment of the Exercise Price (i) in cash or by
check, (ii) by cancellation of indebtedness or (iii) pursuant to Section 2.2
hereof; and

                  (c)   this Warrant.

      Upon the exercise of this Warrant, a certificate or certificates for the
Exercise Shares so purchased, registered in the name of the Holder or such other
Person as may be designated by the Holder (to the extent such transfer is not
validly restricted and upon payment of any transfer taxes that are required to
be paid by the Holder in connection with any such transfer), shall be issued and
delivered to the Holder or such other Person as soon as practicable (and in any
event within five Business Days) after this Warrant shall have been exercised.
If this Warrant shall not have been exercised in full, a new Warrant exercisable
for the number of Exercise Shares remaining shall be executed by the Company and
delivered at the same time as the certificate for the Exercise Shares that are
being issued.

      The Person in whose name any certificate or certificates for the Exercise
Shares are to be issued upon exercise of this Warrant shall be deemed to have
become the holder of record of such shares on the date on which this Warrant was
surrendered and payment of the Exercise Price was made, irrespective of the date
of delivery of such certificate or certificates, except that, if the date of
such surrender and payment is a date when the stock transfer books of the
Company are closed, such Person shall be deemed to have become the holder of
such shares at the close of business on the next succeeding date on which the
stock transfer books are open (whether before or after the end of the Exercise
Period).

            2.2 NET EXERCISE. Notwithstanding any provision herein to the
contrary, if the Market Price of one share of the Class B Common is greater than
the Exercise Price (at the date of calculation as set forth below), in lieu of
exercising this Warrant by payment of cash, check or cancellation of
indebtedness, the Holder may elect (the "CONVERSION RIGHT") to receive shares

                                       4.
<PAGE>
equal to the value (as determined below) of this Warrant (or the portion thereof
being canceled) 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 Class B Common
computed using the following formula:

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

      Where X =   the number of shares of Class B Common to be issued

      Y = the number of shares of Class B Common 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 of such calculation)

      A =   the Market Price of one share of the Class B Common (at the date
of such calculation)

      B = Exercise Price (as adjusted pursuant to Section 5 hereof to the date
of such calculation)

      The Company shall pay all reasonable administrative costs incurred by the
Holder in connection with the exercise of the Conversion Right by the Holder
pursuant to this Section 2.2.

      3. COVENANTS AND REPRESENTATIONS OF THE COMPANY; SECURITIES MATTERS.

            3.1. COVENANTS AS TO EXERCISE SHARES.

                  (a) The Company covenants and agrees that all Exercise Shares
that may be issued upon the exercise of this Warrant will, upon issuance, be
validly authorized, issued and outstanding, fully paid and nonassessable, free
of preemptive rights and free from all taxes, liens and charges with respect to
the issuance thereof. If the Class B Common or the class of securities of any
other Exercise Shares is then listed or quoted on a national securities
exchange, the National Market System or the Small Cap Market, all such Exercise
Shares upon issuance shall also be so listed or quoted. The Company further
covenants and agrees that the Company will at all times during the Exercise
Period, have authorized and reserved solely for purposes of the exercise of this
Warrant, free from preemptive rights, a sufficient number of shares of its Class
B Common or the class of securities of any other Exercise Shares to provide for
the exercise in full of this Warrant (without taking into account any possible
exercise pursuant to Section 2.2 hereof). If at any time during the Exercise
Period the number of authorized but unissued shares of Class B Common or the
class of securities of any other Exercise Shares shall not be sufficient to
permit exercise in full of this Warrant (without taking into account any
possible exercise pursuant to Section 2.2 hereof), the Company will take such
corporate action as shall be necessary to increase its authorized but unissued
shares of Class B Common or the class of securities of any other Exercise Shares
to such number of shares as shall be sufficient for such purposes.

                  (b) In the event that at any time, including as a result of
any provision of Section 5, the Exercise Shares shall include any shares or
other securities other than shares of Class B Common, or any other property or
assets, the terms of this Warrant shall be modified or supplemented (in the
absence of express written documentation thereof, shall be deemed to be so
modified or supplemented), 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

                                       5.
<PAGE>
Warrant as they apply to the Class B Common, the rights of the Holder hereunder
(including, without limitation, the provisions of Section 5 hereof), including
any equitable replacements of the term "Class B Common" with the term "Exercise
Shares" and adjustments of any formula included herein.

                  (c) The Company's filings under the Securities Exchange Act of
1934, as amended (the "EXCHANGE ACT"), will comply in all material respects as
to form with the Exchange Act and the rules and regulations thereunder. The
Company shall timely file a Form D in respect of the issuance of this Warrant,
and if required pursuant to Regulation D or any successor regulation thereto,
timely file a Form D or any other form required by such regulation in respect of
the issuance of the Exercise Shares.

                  (d) Without prior written consent of the holders of Loan
Warrants exercisable for a majority of the securities issuable upon exercise of
the outstanding Loan Warrants, the Company shall not permit America West
Airlines, Inc. or any other Significant Subsidiary (as defined by Rule 1-02(w)
of Regulation S-X under the Securities Act or any successor rule) to (i) issue
or grant any capital stock or equity ownership interest, including any
Participating Security; (ii) any rights, options, warrants or convertible
security that is exercisable for or convertible into any capital stock or other
equity ownership interest, including any Participating Security; or (iii) any
stock appreciation rights, phantom stock rights, or any other profit
participation rights, or any rights or options to acquire any such rights, in
each case of clauses (i), (ii) and (iii) above, to any Person other than the
Company or its wholly-owned subsidiaries.

                  (e) Without prior written consent of the holders of Loan
Warrants exercisable for a majority of the securities issuable upon exercise of
the outstanding Loan Warrants, the Company shall not make grants of shares of
restricted Common Stock or options, warrants or other rights to purchase Common
Stock or other stock-based awards to employees, officers or directors of, or
consultants or advisors to, the Company pursuant to the Plans during, or with
respect to, the fiscal year ending December 31, 2002 covering shares in excess
of the sum equal to (A) the number of shares, as of the date hereof, unissued
but authorized for issuance under the Plans, plus (B) 2,000,000.

      3.2. NO IMPAIRMENT. Except and to the extent as waived or consented to in
writing by the Holder, the Company will not, by amendment of its Certificate of
Incorporation or through any reorganization, transfer of assets, consolidation,
merger, dissolution, issue or sale of securities or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be
observed or performed hereunder by the Company, but will at all times in good
faith assist in the carrying out of all the provisions of this Warrant and in
the taking of all such action as may be necessary or appropriate in order to
protect the exercise rights of the Holder against impairment consistent with the
intent and principles expressed in Section 5.9 below.

      3.3. NOTICES OF RECORD DATE. In the event (i) the Company 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,
(ii) the Company authorizes the granting to the holders of Class B Common (or
holders of the class of securities of any other Exercise

                                       6.
<PAGE>
Shares) 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, (iii) the Company 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
stockholders of the Company is required, or of the sale or transfer of all or
substantially all of the assets of the Company, (iv) the Company authorizes or
consents to or otherwise commences the voluntary or involuntary dissolution,
liquidation or winding up of the Company or (v) the Company authorizes or takes
any other action that would trigger an adjustment in the Exercise Price or the
number or amount of shares of Class B Common or other Exercise Shares subject to
this Warrant (other than a stock split or combination), the Company shall mail
to the Holder, at least ten (10) days prior to the earlier of the record date
for any such action or stockholder vote and the date of such action, a notice
specifying (a) 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, (b) the date that any such
action is to take place and (c) the amount and character of any stock, other
securities or property and amounts, or rights or options with respect thereto,
proposed to be issued, granted or delivered to each holder of Class B Common (or
holders of the class of securities of any other Exercise Shares).

      3.4. REPRESENTATIONS AND WARRANTIES. The Company hereby represents and
warrants to the Holder, as of the date hereof, that:

                  (a) The Company: (i) is a corporation duly organized, validly
existing and in good standing under the laws of the state of its formation; (ii)
is duly qualified to do business and is in good standing in every jurisdiction
where the nature of its business requires it to be so qualified (except where
the failure to so qualify could not reasonably be expected to have a material
adverse effect, individually or in the aggregate, on its business, financial
condition or operations of the Company and its subsidiaries taken as a whole or
on its ability to pay or perform its obligations under this Warrant and the
Registration Rights Agreement (as defined below) (collectively, the "WARRANT
DOCUMENTS")); (iii) has received all permits necessary to conduct the businesses
now operated by it and has not received notice of proceedings relating to the
revocation or modification of any permit that, if adversely determined, would
reasonably be expected to have, individually or in the aggregate, a material
adverse effect on its business, financial condition or operations of the Company
and its subsidiaries taken as a whole, or on its ability to pay or perform its
obligations under the Warrant Documents; (iv) has all requisite power and
authority to own its properties and to carry on its business as now conducted
and as proposed to be conducted, and to execute and deliver the Warrant
Documents to which it is a party and to perform its obligations thereunder; and
(v) is in compliance in all material respects with all applicable law, rules,
regulations and orders;

                  (b) The execution, delivery and performance by the Company of
the Warrant Documents and the consummation of the transactions contemplated
therein: (i) are within its powers and have been duly authorized by all
necessary corporate and stockholder action; (ii) do not contravene its charter
documents or any law, rule, regulation or administrative or court order binding
on or affecting the Company or its property; and (iii) do not conflict with or
constitute a breach of, or default under, or result in the creation or
imposition of any lien, charge or encumbrance upon any property or assets of the
Company pursuant to any material contract, indenture, mortgage, loan agreement,
note or other instrument to which it is a party, by which it may be bound or to
which its assets may be subject;

                                       7.
<PAGE>
                  (c) Each of the Warrant Documents has been duly authorized,
executed, delivered and constitutes a valid and binding obligation of the
Company, enforceable against it in accordance with its terms, except as the
enforceability thereof may be subject to or limited by bankruptcy, insolvency,
reorganization, arrangement, moratorium or other similar laws relating to or
affecting the rights of creditors generally and general equitable principles
(whether applied in an action at law or a suit in equity);

                  (d) There is no action, suit or proceeding affecting the
Company pending or, to its knowledge, threatened before any court, arbitrator,
or governmental authority, domestic or foreign, which would reasonably be
expected to have, individually or in the aggregate, a material adverse effect on
its ability to pay or perform its obligations under the Warrant Documents or on
the business, financial condition or operations of the Company and its
subsidiaries taken as a whole;

                  (e) The authorized capital stock of the Company consists of
1,200,000 shares of Class A Common Stock, par value $0.01 per share ("CLASS A
COMMON"), 100,000,000 shares of Class B Common, and 48,800,000 shares of
Preferred Stock, par value $0.01 per share (the "PREFERRED STOCK"), of which (i)
941,431 shares of Class A Common are outstanding, (ii) 32,786,410 shares of
Class B Common are outstanding, and (iii) no shares of Preferred Stock are
outstanding. All of the outstanding shares of Common Stock have been duly
authorized and validly issued, fully paid and nonassessable and are free of any
preemptive rights and the shares of Class B Common deliverable upon exercise of
this Warrant have been, and at all times will be, duly authorized and reserved
for issuance upon such exercise, and, when delivered upon such exercise, will be
validly issued, fully paid and nonassessable and free of any preemptive rights;

                  (f) Except as set forth on SCHEDULE 3.4(F), there are not
outstanding nor are there any commitments or obligations to issue or grant (i)
any securities, rights, options, warrants or subscriptions giving any Person the
right to acquire from the Company, or requiring that the Company or any of its
subsidiaries issue any capital stock or other equity interest in the Company or
any of its subsidiaries; (ii) any stock appreciation rights, phantom stock
rights, or any other profit participation rights with respect to any capital
stock or other equity ownership interest in the Company or any of its
subsidiaries, or any rights or options to acquire any such rights; or (iii) any
contracts, agreements, arrangements or understandings to which the Company or
any of its subsidiaries is party or by which any of them is bound, giving any
Person any rights of exchange, preemptive rights (statutory or contractual),
anti-dilution rights, rights of first refusal, rights of first offer or
registration rights with respect to any capital stock of the Company or any of
its subsidiaries;

                  (g) The offer and issuance by the Company of this Warrant are,
and the issuance of the Common Stock upon exercise of this Warrant will be,
exempt from the registration requirements under the Securities Act;

                  (h) No authorization, approval, consent or order of any court
or governmental authority or agency or any other Person is required in
connection with the issuance by the Company of this Warrant, or the consummation
by the Company of any of the transactions contemplated by the Warrant Documents,
and the Company has obtained from the New York Stock Exchange, Inc. a waiver
under paragraph 312.05 of the Listed Company

                                       8.
<PAGE>
Manual waiving any requirement to obtain stockholder approval of the
transactions contemplated by the Warrant Documents or any requirement to deliver
notice to the stockholders under said paragraph 312.05;

                  (i) The Company's filings under the Exchange Act do not
include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading and complied, or will comply in all
material respects as to form with the Exchange Act and the rules and regulations
thereunder; and

                  (j) Neither the Company nor any Affiliate of the Company has
directly, or though any agent, (i) sold, offered for sale, solicited offers to
buy or otherwise negotiated in respect of any security (as defined in the
Securities Act) which is or will be integrated with the issuance of this
Warrant, or the Exercise Shares issuable upon exercise of this Warrant, in a
manner that would require the registration under the Securities Act of this
Warrant or the Exercise Shares, or (ii) engaged in any form of general
solicitation or general advertising in connection with the offering of this
Warrant or the Exercise Shares (as those terms are used in Regulation D under
the Securities Act) or in any manner involving a public offering within the
meaning of Section 4(2) of the Securities Act.

                  (k) (i) To the extent the initial Holder is not an "accredited
investor" as defined in Rule 501(a) under the Securities Act, the Company has
heretofore delivered to the initial Holder, at a reasonable time prior to the
issuance hereof, the information required to be delivered to such Holder
pursuant to Rule 502(b)(ii) under the Securities Act; and (ii) the Company has
heretofore delivered to the initial Holder, the following financial statements
and information: (A) the audited consolidated balance sheets of the Company as
at December 31, 2000, and the related consolidated statements of income,
stockholders' equity and cash flows for the fiscal year then ended, and (B) the
unaudited consolidated balance sheet of the Company as at September 30, 2001 and
the related unaudited statements of income, stockholders' equity and cash flows
for the nine months then ended. All such consolidated statements were prepared
in conformity with United States generally accepted accounting principles and
fairly present the consolidated financial position of the Company as at the
respective dates thereof and the consolidated results of operations and cash
flows of the Company for each of the periods then ended subject, in the case of
the unaudited consolidated statements, to year-end audit and adjustments. Except
as disclosed in writing to the initial Holder prior to the date of this Warrant,
the Company has no material contingent liability or liability for taxes,
long-term lease or unusual forward or long-term commitment that is not reflected
in the foregoing consolidated financial statements or the notes thereto and
which in any such case is material in relation to the business, operations,
properties, assets or condition (financial or otherwise) of the Company.

                  (l) The representations and warranties made by America West
Airlines, Inc. ("AWA") in that certain $429,000,000 Loan Agreement, dated as of
January 18, 2002, among AWA, Citibank, N.A., as agent and initial lender, KPMG
Consulting, Inc., as loan administrator, and the Air Transportation
Stabilization Board are true and correct as of the date hereof.

                                       9.
<PAGE>
                  (m) The authorized capital stock of AWA consists of 1,000
shares of Common Stock, par value $0.01 per share, all of which is issued and
outstanding and is owned beneficially and of record by the Company.

      4. REPRESENTATIONS OF HOLDER.

            4.1. ACCREDITED INVESTOR; ACQUISITION OF WARRANT FOR PERSONAL
ACCOUNT. The Holder is an "accredited investor" as defined in Rule 501(a) of the
Securities Act, or alternatively, the Holder has received the information
specified in Section 3(k)(i) above. The Holder represents and warrants that it
is acquiring this Warrant and, to the extent this Warrant is exercised, the
Exercise Shares solely for its account for investment and not with a view to or
for sale or distribution of said Warrant or Exercise Shares or any part thereof,
other than potential transfers between Affiliates (including affiliated funds)
or transfers pursuant to an effective registration statement under, or an
exemption from the registration requirements of, the Securities Act.

            4.2. SECURITIES ARE NOT REGISTERED.

                  (a) The Holder understands that this Warrant and the Exercise
Shares have not been registered under the Securities Act, on the basis that no
distribution or public offering is being effected. The Holder realizes that the
basis for the exemption may not be present if, notwithstanding its
representations, the Holder has a present intention of acquiring the securities
for a fixed or determinable period in the future, selling (in connection with a
distribution or otherwise), granting any participation in, or otherwise
distributing the securities. The Holder has no such present intention, other
than potential transfers between Affiliates (including affiliated funds).

                  (b) The Holder recognizes that this Warrant and the Exercise
Shares may not be sold unless they are subsequently registered under the
Securities Act or an exemption from such registration is available.

            4.3 DISPOSITION OF WARRANT AND EXERCISE SHARES.

                  (a) The Holder further agrees not to make any disposition of
all or any part of this Warrant or Exercise Shares in any event unless:

                        (i)   The Company shall have received a letter
secured by the Holder from the Securities and Exchange Commission stating that
no action will be recommended to the Commission with respect to the proposed
disposition;

                        (ii)  There is then in effect a registration
statement under the Act covering such proposed disposition and such disposition
is made in accordance with said registration statement;

                        (iii) Pursuant to Rule 144; or

                        (iv)  The Holder shall have notified the Company of
the proposed disposition and shall have furnished the Company with a statement
of the circumstances surrounding the proposed disposition and if reasonably
requested by the

                                      10.
<PAGE>
Company, the Holder shall have furnished the Company with an opinion of counsel
for the Holder, reasonably satisfactory to the Company, to the effect that such
disposition will not require registration of such Warrant or Exercise Shares
under the Securities Act or any applicable state securities laws.

                  (b) The Holder is aware that neither this Warrant nor the
Exercise Shares may be sold pursuant to Rule 144 adopted under the Securities
Act unless the applicable conditions thereof are met, including, among other
things, the required holding period under Rule 144 and the number of shares
being sold during any three month period not exceeding specified limitations.

                  (c) The Holder understands and agrees that all certificates
evidencing the Exercise Shares may bear the following legend (unless such shares
have been disposed of in accordance with clause (a)(ii) or (iii) or such legend
is no longer required to comply with applicable securities laws):

      "THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
      1933, AS AMENDED (THE "SECURITIES ACT"). THEY MAY NOT BE SOLD, OFFERED FOR
      SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION
      STATEMENT AS TO SUCH SECURITIES UNDER THE SECURITIES ACT UNLESS AN
      EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE."

      5. ADJUSTMENT OF EXERCISE PRICE, SHARES OF CLASS B COMMON PURCHASABLE AND
NUMBER OF WARRANTS

            5.1. ADJUSTMENT OF EXERCISE PRICE. The Exercise Price as defined in
Section 1 shall be subject to adjustment from time to time as follows:

                  (a) If the Company after the date hereof shall (i) pay a
dividend or make a distribution to holders of any class of Common Stock in
shares of Class B Common, (ii) split or otherwise subdivide the outstanding
shares of Class B Common, or (iii) combine the outstanding shares of Class B
Common into a smaller number of shares, then in any such case the Exercise Price
in effect immediately prior thereto shall be adjusted to a price obtained by
multiplying such Exercise Price by a fraction of which the numerator shall be
the number of shares of Class B Common outstanding prior to such action and the
denominator shall be the number of shares of Class B Common outstanding after
giving effect to such action. An adjustment made pursuant to clause (i) of this
subsection (a) shall become effective retroactively immediately after the Record
Date for such dividend or distribution, and an adjustment made pursuant to
clause (ii) or (iii) of this subsection (a) shall become effective immediately
after the effective date of such subdivision or combination.

                  (b) If the Company after the date hereof shall issue rights,
options or warrants to holders of any class of Common Stock to subscribe for or
purchase shares of Common Stock or securities convertible into Common Stock at a
price per share less than the Applicable Price per share on the issuance date
thereof, the Exercise Price in effect immediately prior thereto shall be
adjusted to a price obtained by multiplying such Exercise Price by a fraction of
which (i) the numerator shall be the number of shares of Common Stock
outstanding on the date of issuance of such rights, options or warrants plus the
number of shares of the class

                                      11.
<PAGE>
of Common Stock subject to such rights, options or warrants which the aggregate
consideration for the total number of shares so to be offered would purchase at
the Applicable Price of a share of the class of Common Stock subject to such
rights, options or warrants, and (ii) the denominator shall be the number of
shares of Common Stock outstanding on the date of issuance of such rights,
options or warrants plus the number of additional shares of Common Stock to be
offered for subscription or purchase; provided, however, that no adjustment
shall be made if the Company issues or distributes to the Holder the rights,
options or warrants which the Holder would have been entitled to receive had
this Warrant been exercised prior to the Record Date (and, if applicable, had
this Warrant been exercisable for the class of Common Stock receiving such
issuance or distribution). Any such adjustments shall be made whenever such
rights, options or warrants are issued and shall become effective retroactively
immediately after the Record Date for the determination of stockholders entitled
to receive such rights, options or warrants unless such rights, options or
warrants are not immediately exercisable, in which case, any such adjustments
shall be made at such time such rights, options or warrants become exercisable.
Upon expiration of the period during which any such rights, options or warrants
may be exercised, any adjustment previously made pursuant to the foregoing
provisions shall be recalculated to take into consideration only those rights,
options or warrants actually exercised during the applicable period for exercise
and notice of any such further adjustment to the Exercise Price shall be given
to Holder as herein provided.

                  (c) If the Company after the date hereof shall issue or
distribute to holders of any class of Common Stock evidences of its
indebtedness, cash or other assets, shares of capital stock of any class or any
other securities (other than the Class B Common) or rights to subscribe therefor
(excluding those referred to in subsection (b) above), in each such case the
Exercise Price in effect immediately prior thereto shall be adjusted to a price
obtained by multiplying such Exercise Price by a fraction of which (i) the
numerator shall be the sum of the amount, for each class of Common Stock then
outstanding, of the Fair Market Value per share of such class of Common Stock,
multiplied by the number of outstanding shares of such class of Common Stock, in
each case on the Record Date, less the Fair Market Value of the assets, cash or
evidences of indebtedness so distributed, or shares of capital stock or other
securities or rights to subscribe therefor so issued, and (ii) the denominator
shall be the sum of the amount, for each class of Common Stock then outstanding,
of the Fair Market Value per share of such class of Common Stock, multiplied by
the number of outstanding shares of such class of Common Stock, in each case on
the Record Date; provided, however, that no adjustment shall be made if the
Company issues or distributes to the Holder the evidence of indebtedness, cash,
other assets, capital stock or other securities or subscription rights referred
to above in this subsection (c) that the Holder would have been entitled to
receive had this Warrant been exercised in full prior to the Record Date (and,
if applicable, had this Warrant been exercisable for the class of Common Stock
receiving such issuance or distribution). The Company shall provide the Holder,
upon receipt of a written request therefor, with any indenture or other
instrument defining the rights of the holders of any indebtedness, assets,
capital stock or other securities or subscription rights referred to in this
subsection 5.1(c). Any such adjustment shall be made whenever any such
distribution is made, and shall become effective retroactively immediately after
the Record Date. Upon expiration of the period during which any subscription
rights granted pursuant to this subsection (c) may be exercised, any adjustment
previously made pursuant to the foregoing provisions shall be recalculated to
take into consideration only those subscription rights actually

                                      12.
<PAGE>
exercised during the applicable period for exercise and notice of any such
further adjustment to the Exercise Price shall be given to the Holder as herein
provided.

                  (d) For purposes of Sections 5.1(a), 5.1(b) and 5.1(c), any
dividend or distribution to which Section 5.1(c) is applicable that also
includes shares of Common Stock, a subdivision of Common Stock or a combination
of Common Stock to which Section 5.1(a) applies, or rights or warrants to
subscribe for or purchase shares of Common Stock to which Section 5.1(b) applies
(or any combination thereof), shall be deemed instead to be:

                        (i) a dividend or distribution of the evidences of
indebtedness, cash, other assets, shares of capital stock, other securities or
subscription rights, other than such shares of Common Stock, such subdivision or
combination or such rights, options or warrants to which Sections 5.1(a) and
5.1(b) apply, respectively (and any Exercise Price reduction required by Section
5.1(c) with respect to such dividend or distribution shall then be made),
immediately followed by

                        (ii)  a dividend or distribution of such shares of
Common Stock, such subdivision or combination or such rights, options or
warrants to which Sections 5.1(a) and 5.1(b) apply (and any further Exercise
Price reduction required by Sections 5.1(a) and (b) with respect to such
dividend or distribution shall then be made).

                  (e) In case a tender or exchange offer (other than an odd lot
offer) by the Company for any Common Stock is consummated at a price in excess
of the Market Price of the Common Stock subject to such tender or exchange offer
at the expiration of such tender or exchange offer, the Exercise Price in effect
immediately prior thereto shall be adjusted to a price obtained by multiplying
such Exercise Price by a fraction of which (i) the numerator shall be such
Market Price, less the amount of the excess of the value of the tender or
exchange offer price over the Market Price, and (ii) the denominator shall be
the Market Price, such adjustment to become effective immediately prior to the
opening of business on the day following such date of expiration.

                  (f) In the case the Company shall, by dividend or otherwise,
declare a distribution to holders of any class of Common Stock, of rights or
warrants issued by the Company and having the characteristics described in
Section 11.4(d)(iii) of the Indenture, dated as of January 18, 2002, between the
Company and Wilmington Trust Company, as Trustee (the "Indenture") then upon the
occurrence of a Trigger Event (as defined in Section 11.4(d)(iii) of the
Indenture), the Company shall make such adjustments to the Exercise Price as as
necessary to preserve, without dilution, the purchase rights represented by this
Warrant, such adjustments to be substantially consistent with the adjustments
that would have been made to the Conversion Price (as defined in the Indenture)
upon such Trigger Event pursuant to Section 11.4(d) of the Indenture.

            5.2. ADJUSTMENT OF SHARES OF EXERCISE SHARES PURCHASABLE UPON
EXERCISE OF WARRANTS. Upon each adjustment of the Exercise Price pursuant to
Section 5.1 or 5.4 hereof the number of Exercise Shares purchasable upon
exercise of this Warrant shall be adjusted to the number of Exercise Shares,
calculated to the nearest one-hundredth of a share, obtained by (i) multiplying
the number of Exercise Shares purchasable immediately prior to such adjustment
by

                                      13.
<PAGE>
the Exercise Price in effect prior to such adjustment, and (ii) dividing the
product so obtained by the Exercise Price in effect after such adjustment of the
Exercise Price.

            5.3.  RIGHTS UPON CONSOLIDATION, MERGER, SALE, TRANSFER,
RECLASSIFICATION OR RECAPITALIZATION.

                  (a) In case of any consolidation or merger of the Company with
another Person (other than a merger or consolidation in which the Company is the
continuing Person and the Class B Common is not exchanged for securities,
property or assets issued, delivered or paid by another Person), or in case of
any lease, sale or conveyance to another Person of all or substantially all of
the property or assets of the Company, this Warrant shall thereafter (until the
end of the Exercise Period) evidence the right to receive, upon its exercise, in
lieu of the shares of Class B Common deliverable upon such exercise immediately
prior to such consolidation, merger, lease, sale or conveyance the kind and
amount of shares and/or other securities and/or property and assets and/or cash
that the Holder would have been entitled to receive upon such consolidation,
merger, lease, sale or conveyance had the Holder exercised this Warrant
immediately prior to such consolidation, merger, lease, sale or conveyance.

                  (b) In case of any reclassification or change of, or
recapitalization involving, the Class B Common issuable upon exercise of this
Warrant (other than a change in par value, or from par value to no par value, or
as a result of a subdivision or combination), including any such
reclassification, change or recapitalization effected in connection with a
consolidation or merger of the Company with another Person in which the Company
is the continuing Person and the holders of Class B Common receive shares and/or
other securities and/or property or assets and/or cash issued, delivered or paid
by the Company in exchange for such shares of Class B Common (including for this
purpose shares reflecting a change in par value or from par value to no par
value or as a result of a subdivision or combination of the shares of Class B
Common), this Warrant shall thereafter (until the end of the Exercise Period)
evidence the right to receive, upon its exercise, in lieu of the shares of Class
B Common deliverable upon such exercise immediately prior to such
reclassification, change or recapitalization, the kind and amount of shares
and/or other securities and/or property and assets and/or cash that the Holder
would have been entitled to receive upon such reclassification, change,
consolidation or merger had the Holder exercised this Warrant immediately prior
to such reclassification, change, consolidation or merger.

                  (c) The Company shall not consummate any transaction that
effects or permits any such event or occurrence unless each Person whose shares
of stock, securities or assets will be issued, delivered or paid to the holders
of the Class B Common (including the Company with respect to clause (ii) below),
prior to or simultaneously with the consummation of the transaction, (i) is a
corporation organized and existing under the laws of the United States of
America or any State or the District of Columbia, and (ii) expressly assumes, or
in the case of the Company, acknowledges, by a Warrant Supplement or other
document in a form substantially similar hereto, executed and delivered to the
Holder hereof, the obligation to deliver to such Holder such shares of stock,
securities or assets as, in accordance with the foregoing provisions of this
Section 5.3, such 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.

                                      14.
<PAGE>
                  (d) The above provisions of this Section 5.3 shall similarly
apply to successive reclassifications and changes of Exercise Shares and to
successive consolidations, mergers, leases, sales or conveyances, mutatis
mutandis.

            5.4.  SALE OF SHARES BELOW APPLICABLE PRICE.

(a) If at any time or from time to time after the date hereof, the Company
issues or sells, or is deemed by the express provisions of this Section 5.4 to
have issued or sold, Additional Shares of Common Stock (as defined below), other
than as provided in Section 5.1, 5.2 or 5.3 above, for an Effective Price (as
defined below) less than the Applicable Price (such issue, a "QUALIFYING
DILUTIVE ISSUANCE"), then and in each such case, the then effective Exercise
Price shall be reduced, effective as of the opening of business on the date of
such issue or sale (or if earlier, the date on which a binding agreement
providing for such issue or sale was entered into), to a price determined by
multiplying the Exercise Price in effect immediately prior to such issuance or
sale by a fraction:

                        (i)   the numerator of which shall be (A) the number
of shares of Common Stock outstanding immediately prior to such issue or sale,
plus (B) the number of shares of the class of Common Stock being issued or sold
or deemed to be issued or sold which the aggregate consideration received by the
Company for the total number of Additional Shares of Common Stock so issued or
deemed to be so issued would purchase at the Applicable Price, and

                        (ii)  the denominator of which shall be the number of
shares of Common Stock outstanding immediately prior to such issue or sale plus
the total number of Additional Shares of Common Stock so issued or deemed to be
so issued.

                  (b) For the purpose of the adjustment required under this
Section 5.4, if the Company issues or sells (x) stock or other securities
convertible into, shares of Common Stock (such convertible stock or securities
being herein referred to as "CONVERTIBLE SECURITIES") or (y) rights, options or
warrants for the purchase of shares of Common Stock or Convertible Securities
and if the Effective Price of such shares of Common Stock is less than the
Applicable Price, in each case the Company shall be deemed to have issued at the
time of the issuance of such rights, options or warrants or Convertible
Securities the maximum number of Additional Shares of Common Stock issuable upon
exercise or conversion thereof and to have received as consideration for the
issuance of such shares an amount equal to the total amount of the
consideration, if any, received by the Company for the issuance or sale of such
rights, options or warrants or Convertible Securities plus the minimum amounts
of consideration, if any, payable to the Company upon the exercise or conversion
of such rights, options or warrants or Convertible Securities (other than by
cancellation of liabilities or obligations evidenced by such Convertible
Securities); provided that

                              (i)   subject to paragraph (d) below, if the
minimum amounts of such consideration cannot be ascertained, but are a function
of antidilution or similar protective clauses, the Company shall be deemed to
have received the minimum amounts of consideration without reference to such
clauses; and

                                      15.
<PAGE>
                              (ii)  if the minimum amount of consideration
payable to the Company upon the exercise or conversion of such rights, options,
warrants or Convertible Securities is reduced over time or on the occurrence or
non-occurrence of specified events other than by reason of antidilution
adjustments, the Effective Price shall be recalculated using the figure to which
such minimum amount of consideration is reduced; provided further, that if the
minimum amount of consideration payable to the Company upon the exercise or
conversion of such rights, options, warrants or Convertible Securities is
subsequently increased, the Effective Price shall be again recalculated using
the increased minimum amount of consideration payable to the Company upon the
exercise or conversion of such rights, options, warrants or Convertible
Securities.

      No further adjustment of the Exercise Price, as adjusted upon the issuance
of such rights, options, warrants or Convertible Securities, shall be made as a
result of the actual issuance of Additional Shares of Common Stock upon the
exercise of any such rights, options or warrants or the conversion of any such
Convertible Securities. If any such rights, options or warrants or the
conversion privilege represented by any such Convertible Securities shall expire
without having been exercised, the Exercise Price as adjusted upon the issuance
of such rights, options, or warrants or Convertible Securities shall be
readjusted to the Exercise Price which would have been in effect had an
adjustment been made on the basis of only the Additional Shares of Common Stock,
if any, actually issued or sold on the exercise or conversion of such rights,
options, warrants or Convertible Securities, and on the basis that such
Additional Shares of Common Stock, if any, were issued or sold for the
consideration actually received by the Company upon such exercise or conversion
(other than by cancellation of liabilities or obligations evidenced by such
Convertible Securities), plus the consideration, if any, actually received by
the Company for the issue or sale of all such rights, options, warrants and
Convertible Securities, whether or not exercised, provided that such
readjustment shall not apply to prior exercises of this Warrant.

                  (c) For the purpose of making any adjustment to the Exercise
Price of the Exercise Shares required under this Section 5.4, "ADDITIONAL SHARES
OF COMMON STOCK" shall mean all shares of Common Stock issued by the Company or
deemed to be issued pursuant to this Section 5.4 (including shares of Common
Stock subsequently reacquired or retired by the Company), other than any
Excluded Issuance.

      References to Common Stock in the preceding sentence shall mean all shares
of Common Stock issued by the Company or deemed to be issued pursuant to this
Section 5.4. The "EFFECTIVE PRICE" of Additional Shares of Common Stock shall
mean the quotient determined by dividing the total number of Additional Shares
of Common Stock issued or sold, or deemed to have been issued or sold by the
Company under this Section 5.4, into the aggregate consideration received, or
deemed to have been received by the Company for such issue under this Section
5.4, for such Additional Shares of Common Stock.

                  (d) In the event that the Company issues or sells, or is
deemed to have issued or sold, Additional Shares of Common Stock in a Qualifying
Dilutive Issuance (the "FIRST DILUTIVE ISSUANCE"), then in the event that the
Company issues or sells, or is deemed to have issued or sold, Additional Shares
of Common Stock in a Qualifying Dilutive Issuance other than the First Dilutive
Issuance (a "SUBSEQUENT DILUTIVE ISSUANCE") pursuant to the same instruments

                                      16.
<PAGE>
as the First Dilutive Issuance, then and in each such case upon a Subsequent
Dilutive Issuance the Exercise Price shall be reduced to the Exercise Price that
would have been in effect had the First Dilutive Issuance and each Subsequent
Dilutive Issuance all occurred on the closing date of the First Dilutive
Issuance.

            5.5. ADDITIONAL ADJUSTMENTS TO EXERCISE PRICE. Notwithstanding
anything to the contrary contained in this Section 5, but subject to Section
5.7, the Company shall be entitled, but not required, to make such reductions in
the Exercise Price, in addition to those required by Section 5.1, 5.3 or 5.4, as
it, in its sole discretion, shall determine to be advisable, including, without
limitation, in order that any dividend in or distribution of shares of Class B
Common or shares of capital stock of any class other than Class B Common,
subdivision, reclassification or combination of shares of Class B Common,
issuance of rights, options, or warrants, or any other transaction having a
similar effect, shall not be treated as a distribution of property by the
Company to its stockholders under Section 305 of the Internal Revenue Code of
1986, as amended, or any successor provision and shall not be taxable to them.

            5.6. DE MINIMUS ADJUSTMENTS. No adjustment pursuant to Section 5.1,
5.3 or 5.4 hereof shall be required unless such adjustment would require an
increase or decrease of at least $0.03 in the Exercise Price then subject to
adjustment; provided, however, that any adjustments that are not made by reason
of this Section 5.6 shall be carried forward and taken into account in any
subsequent adjustment. In case the Company shall at any time issue Class B
Common by way of dividend on any stock of the Company or split or otherwise
subdivide or combine the outstanding shares of Class B Common, said amount of
$0.03 specified in the preceding sentence (as theretofore increased or
decreased, if said amount shall have been adjusted in accordance with the
provisions of this Section 5.6) shall forthwith be proportionately increased in
the case of such a combination or decreased in the case of such a subdivision or
stock dividend so as appropriately to reflect the same. All calculations under
this Section 5 shall be made to the nearest hundredth of a cent.

            5.7. CONDITION PRECEDENT TO REDUCTION OF EXERCISE PRICE BELOW PAR
VALUE OF SHARES OF CLASS B COMMON OR INCREASE IN PAR VALUE TO ABOVE EXERCISE
PRICE.

                  (a) Before taking any action that would cause an adjustment
reducing the Exercise Price to below the then par value of any of the shares of
Class B Common issuable upon exercise of this Warrant, 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 Class B Common at such adjusted Exercise Price.

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

            5.8. CERTIFICATE OF ADJUSTMENT. In each case of an adjustment or
readjustment of the Exercise Price, the Company, at its sole expense, shall
compute such adjustment or readjustment in accordance with the provisions hereof
and prepare a certificate showing such adjustment or readjustment, and shall
mail such certificate, by first class mail, postage prepaid, to

                                      17.
<PAGE>
the Holder at the Holder's address as shown in the Company's books no later than
five (5) Business Days following the effective date of such adjustment or
readjustment. The certificate shall set forth such adjustment or readjustment,
showing in detail the facts upon which such adjustment or readjustment is based,
including a statement of (i) the number of Additional Shares of Class B Common
issued or sold or deemed to have been issued or sold; (ii) the consideration
received or deemed to be received by the Company for any Additional Shares of
Class B Common issued or sold or deemed to have been issued or sold, (iii) the
Exercise Price at the time in effect, and (iv) the type and amount, if any, of
other property which would be received upon exercise of this Warrant.

            5.9. OTHER DILUTIVE EVENTS. If any event or occurrence shall occur
as to which the provisions of this Section 5 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 assets or property 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 5, including
any issuance of Participating Securities, then, in each such case, the Company
shall determine the adjustment, if any, on a basis consistent with the essential
intent and principles established in this Section 5, 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 or property, such determination shall be made
in accordance with the Valuation Procedure.

            5.10. GENERAL ADJUSTMENT PROVISIONS.

                  (a) Notwithstanding anything to the contrary contained in this
Warrant, no adjustments to the Exercise Price or the number of shares of Class B
Common purchasable upon exercise of this Warrant shall be made solely as a
result of any Excluded Issuance.

                  (b) In any case in which this Section 5 shall require that an
adjustment be made retroactively immediately following a Record Date, the
Company may elect to defer (but only until five Business Days following the
mailing by the Company to the Holder of the certificate as required by Section
5.8) issuing to the Holder, in the event of any exercise of this Warrant after
such Record Date, the shares of the Class B Common issuable upon such exercise
in excess of the shares of Class B Common issuable upon such exercise prior to
such adjustment, if any.

                  (c) The provisions and adjustments provided for in this
Section 5 shall apply to successive events or occurrences of the types described
in this Section 5.

                  (d) For the purpose of making any adjustment required under
this Section 5 that requires a determination of the aggregate consideration
received by the Company for any sale, issue or distribution of securities, the
aggregate consideration received by the Company shall equal the sum of: (i) to
the extent it consists of cash, the net amount of cash received by the Company
after deduction of any underwriting or similar commissions, compensation or
concessions paid or allowed by the Company in connection with such issue or sale
but without deduction of any expenses payable by the Company, and (ii) to the
extent it consists of property or assets other than cash, the Fair Market Value
of the property or assets.

                                      18.
<PAGE>
            6. FRACTIONAL SHARES. No fractional shares shall be issued upon the
exercise of this Warrant as a consequence of any adjustment pursuant hereto. All
Exercise Shares (including fractions) issuable upon exercise of this Warrant may
be aggregated for purposes of determining whether the exercise would result in
the issuance of any fractional share. If, after aggregation, the exercise would
result in the issuance of a fractional share, the Company shall, in lieu of
issuance of any fractional share, pay the Holder otherwise entitled to such
fraction a sum in cash equal to the product resulting from multiplying such
fractional amount by the Fair Market Value of one share of Class B Common.

            7. REGISTRATION RIGHTS. The Holder shall have the registration
rights with respect to the Class B Common as set forth in that certain
Registration Rights Agreement, dated as of January 18, 2002 (the "REGISTRATION
RIGHTS AGREEMENT") between the Company and                               . To
the extent that this Warrant becomes exercisable for Exercise Shares other
than the Class B Common, the Company agrees to grant the Holder hereof the
same registration rights with respect to such Exercise Shares as are currently
granted to Holder in respect of the Class B Common pursuant to the Registration
Rights Agreement. If permissible under the Securities Act, the Company shall
provide the Holder with the same registration rights with respect to the resale
of the Warrant and the issuance of the Exercise Shares upon exercise of the
Warrant by Holders other than the initial Holder, as are currently granted to
Holder pursuant to the Registration Rights Agreement. In addition, the Company
shall use its best efforts, upon the reasonable request of the Holder, to cause
the Warrant to be listed or quoted on a national securities exchange, the
National Market System or the SmallCap Market.

            8. NO STOCKHOLDER RIGHTS OR LIABILITIES. This Warrant in and of
itself shall not entitle the Holder to any voting rights or other rights as a
stockholder of the Company (subject to the provisions of Section 5 above). No
provision of this Warrant, in the absence of affirmative action by the Holder to
exercise this Warrant in exchange for shares of Class B Common, and no mere
enumeration herein of the rights or privileges of the Holder, shall give rise to
any liability of the Holder for the Exercise Price or as a stockholder of the
Company, whether such liability is asserted by the Company or by creditors of
the Company.

            9. TRANSFER OF WARRANT. Subject to the restriction on transfers set
forth in the legend on the first page of this Warrant and in Section 4.3 and
applicable laws, this Warrant and all rights hereunder, in whole or in part, are
transferable, by the Holder in person or by duly authorized attorney, upon
delivery of this Warrant and the form of assignment attached hereto to any
transferee designated by Holder.

            10. PAYMENT OF TAXES ON STOCK CERTIFICATE ISSUES UPON EXERCISE. The
initial issuance of certificates of Class B Common upon any exercise of this
Warrant shall be made without charge to the exercising Holder for any transfer,
stamp or similar tax or for any other governmental charges that may be imposed
in respect of the issuance of such stock certificates, and such stock
certificates shall be issued in the respective names of, or in such names as may
be directed by, the Holder; provided, however, that the Company shall not be
required to pay any tax or such other charges that may be payable in respect of
any transfer involved in the issuance and delivery of any such stock
certificate, any new Warrants or other securities in a name other than that of
the Holder upon exercise of this Warrant (other than to an

                                      19.
<PAGE>
Affiliate), and the Company shall not be required to issue or deliver such
certificates or other securities unless and until the Person or Persons
requesting the issuance thereof shall have paid to the Company the amount of
such tax or shall have established to the satisfaction of the Company that such
tax has been paid.

            11. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is
lost, stolen, mutilated or destroyed, the Company may, on such terms as to
indemnity or otherwise as it may reasonably impose (which shall, in the case of
a mutilated Warrant, include the surrender thereof), issue a new Warrant of like
denomination and tenor as this Warrant so lost, stolen, mutilated or destroyed.
Any such new Warrant shall constitute an original contractual obligation of the
Company, whether or not the allegedly lost, stolen, mutilated or destroyed
Warrant shall be at any time enforceable by anyone.

            12. EXCHANGE OF WARRANT; DIVISIBILITY OF WARRANT. Subject to
compliance with Section 4.3 hereof, this Warrant is exchangeable, without charge
to any Holder, upon the surrender hereof by the Holder at the office or agency
of the Company, for one or more new Warrants of the tenor representing in the
aggregate the right to subscribe for and purchase the number of shares of Class
B Common which may be subscribed for and purchased hereunder, each of such new
Warrants to represent the right to subscribe for and purchase such number of
shares as shall be designated by said Holder at the time of such surrender.

            13. CLOSING OF BOOKS. The Company will at no time close its transfer
books against the transfer of any Warrant or of any shares of Class B Common
issued or issuable upon the exercise or conversion of any Warrant in any manner
which interferes with the timely exercise or conversion of this Warrant.

            14. NOTICES, ETC. All notices required or permitted hereunder shall
be in writing and shall be deemed effectively given: (a) upon personal delivery
to the party to be notified, (b) when sent by confirmed telex or facsimile if
sent during normal business hours of the recipient or if not, then on the next
Business Day, (c) five (5) days after having been sent by registered or
certified mail, return receipt requested, postage prepaid, or (d) one (1)
Business Day after deposit with a nationally recognized overnight courier,
specifying next Business Day delivery, with written verification of receipt. All
notices and other communications shall be sent to the Company at the address
listed on the signature page and to Holder at the address set forth below or at
such other address as the Company or Holder may designate by ten (10) days
advance written notice to the other parties hereto:

            with a copy to:

                                      20.
<PAGE>
            15.   ACCEPTANCE.  Receipt of this Warrant by the Holder shall
constitute acceptance of and agreement to all of the terms and conditions
contained herein.

            16. BINDING EFFECT ON SUCCESSORS. This Warrant shall be binding upon
any Person succeeding the Company by merger, consolidation or acquisition of all
or substantially all of the Company's assets (to the extent provided in Section
5), and all of the obligations of the Company relating to the Class B Common
issuable upon the exercise or conversion of this Warrant shall survive the
exercise, conversion and termination of this Warrant and all of the covenants
and agreements of the Company shall inure to the benefit of the successors and
assigns of the Holder.

            17.   GOVERNING LAW.  This Warrant and all rights, obligations
and liabilities hereunder shall be governed and construed in accordance with
Federal law, if and to the extent such Federal law is applicable, and
otherwise in accordance with the law of the State of New York.

                                      21.
<PAGE>
      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by
its duly authorized officer as of January 18, 2002.

                                    AMERICA WEST HOLDINGS CORPORATION

                                    By:
                                        ----------------------------------------
                                    Name:
                                          --------------------------------------
                                    Title:
                                           -------------------------------------
                                    Address: 111 West Rio Salado Parkway,
                                             Tempe, Arizona 85281
<PAGE>
                               NOTICE OF EXERCISE

TO:  AMERICA WEST HOLDINGS CORPORATION

      (1)  [ ]  The undersigned hereby elects to purchase ________ shares of the
Class B Common of America West Holdings Corporation (the "COMPANY") pursuant to
the terms of the attached Warrant, and tenders herewith or is delivering by wire
transfer to account number __________ at _____________________ (bank) payment of
the exercise price in full.

           [ ]  The undersigned hereby elects to purchase ________ shares of the
Class B Common of America West Holdings Corporation (the "COMPANY") pursuant to
the terms of the net exercise provisions set forth in Section 2.2 of the
attached Warrant.

      (2)  Please issue a certificate or certificates representing said shares
of Class B Common in the name of the undersigned or in such other name as is
specified below:

                           _________________________
                                    (Name)
                           _________________________

                           _________________________
                                   (Address)

________________________            ___________________________________
(Date)                              (Signature)

                                    ___________________________________
                                    (Print name)

                                       1.
<PAGE>
                                 ASSIGNMENT FORM

                        (To assign the foregoing Warrant, execute this form and
                        supply required information. Do not use this form to
                        purchase shares.)

      FOR VALUE RECEIVED, the right to purchase _______ shares of Class B Common
pursuant to the foregoing Warrant and all other rights evidenced thereby are
hereby assigned to
Name:
        -----------------------------------------------------------------------
                                 (Please Print)

Address:
          ---------------------------------------------------------------------
                                 (Please Print)

Dated:
       -----------------
Holder's
Signature:
           -------------------------------------
Holder's
Address:
         ---------------------------------------

NOTE: The signature to this Assignment Form must correspond with the name as it
appears on the face of this Warrant, without alteration or enlargement or any
change whatever. Officers of corporations and those acting in a fiduciary or
other representative capacity should file proper evidence of authority to assign
the foregoing Warrant.<PAGE>
                                                                    EXHIBIT 4.20

                          REGISTRATION RIGHTS AGREEMENT

                                 BY AND BETWEEN

                        AMERICA WEST HOLDINGS CORPORATION

                             AS THE ISSUER, AND THE

                        WARRANT HOLDER REFERRED TO HEREIN

                    WARRANTS TO PURCHASE CLASS B COMMON STOCK

                          DATED AS OF JANUARY 18, 2002
<PAGE>
                          REGISTRATION RIGHTS AGREEMENT

         THIS REGISTRATION RIGHTS AGREEMENT (the "Agreement") is made and
entered into as of January 18, 2002 by and between AMERICA WEST HOLDINGS
CORPORATION, a Delaware corporation (the "COMPANY"), and the Warrant Holder (as
hereinafter defined).

         WHEREAS, the Company and the Warrant Holder have entered into certain
agreements; and

         WHEREAS, in order to induce the Warrant Holder to enter into such
agreements with the Company, the Company agreed to issue to the Warrant Holder
the Warrants (as hereinafter defined) and to provide the registration rights set
forth in this Agreement to the Warrant Holder and its direct and indirect
transferees.

         The parties hereby agree as follows:

         SECTION 1.        DEFINITIONS. As used in this Agreement, the following
terms shall have the following meanings:

         AFFILIATE: An affiliate of any specified person shall mean any other
person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified person. For the purposes of this
definition, "control," when used with respect to any person, means the power to
direct the management and policies of such person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise and
the terms "affiliated," "controlling" and "controlled" have meanings correlative
to the foregoing.

         AGREEMENT: This Registration Rights Agreement, as the same may be
amended, supplemented or modified from time to time in accordance with the terms
hereof.

         BUSINESS DAY: Each Monday, Tuesday, Wednesday, Thursday and Friday that
is not a day on which banking institutions in New York, New York are authorized
or obligated by law or executive order to close.

         CLOSING DATE:  January 18, 2002.

         COMMON STOCK: The class B common stock, par value $0.01 per share, of
the Company or shares of any class or classes resulting from any
reclassification or reclassifications thereof and which have no preference in
respect of dividends or of amounts payable in the event of any voluntary or
involuntary liquidation, dissolution or winding up of the Company and which are
not subject to redemption by the Company; provided that if at any time there
shall be more than one such resulting class, the shares of each such class then
so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the
total number of shares of all such classes resulting from all such
reclassifications.

         COMPANY: America West Holdings Corporation, a Delaware corporation, and
any successor entity thereto.

                                       1.
<PAGE>
         EFFECTIVENESS TARGET DATE: The 240th day after the date of this
Agreement.

         EXCHANGE ACT: The Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated by the SEC thereunder.

         FILING DATE:  The 120th day after the date of this Agreement.

         HOLDER:  Each owner of any Registrable Securities.

         NOTICE AND QUESTIONNAIRE: The form of Notice and Questionnaire attached
hereto as EXHIBIT A, as reasonably amended, supplemented, or otherwise modified
from time to time by the Company upon reasonable notice to the Holders.

         PROSPECTUS: The prospectus included in the Registration Statement
(including, without limitation, a prospectus that discloses information
previously omitted from a prospectus filed in reliance upon Rule 430A), as
amended or supplemented by any prospectus supplement, with respect to the resale
of any of the Registrable Securities covered by such Registration Statement, and
all other amendments and supplements to any such prospectus, including
post-effective amendments, and all materials incorporated by reference or deemed
to be incorporated by reference, if any, in such prospectus.

         REGISTRABLE SECURITIES: The shares of Common Stock issued or issuable
upon exercise of the Warrants (including any shares of Common Stock issued or
issuable thereon upon any stock split, stock combination, stock dividend or the
like or as a result of any anti-dilution adjustments under the Warrants), upon
original issuance thereof and at all times subsequent thereto, and associated
related rights, if any, until the earliest of (i) the date on which the resale
thereof has been effectively registered under the Securities Act and such
securities have been disposed of in accordance with the Registration Statement
relating thereto, (ii) the date on which such securities have been distributed
to the public pursuant to Rule 144 or are saleable pursuant to paragraph (k) of
Rule 144 or (iii) the date on which such securities cease to be outstanding.

         REGISTRATION STATEMENT: Any registration statement of the Company filed
with the SEC pursuant to the Securities Act that covers the resale of the
Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus, amendments and supplements to such registration statement or
Prospectus (including pre- and post-effective amendments), all exhibits thereto,
and all material incorporated by reference or deemed to be incorporated by
reference, if any, in such registration statement.

         REQUIRED HOLDERS: Holders of more than 50% of the Registrable
Securities. For purposes of the preceding sentence, Registrable Securities
owned, directly or indirectly, by the Company or its Affiliates (other than
persons who are Affiliates solely by virtue of being holders of the Registrable
Securities) shall not be deemed outstanding.

         REQUISITE INFORMATION:  As defined in Section 2(d) hereof.

         RULE 144: Rule 144 promulgated by the SEC pursuant to the Securities
Act, as such rule may be amended from time to time, or any successor rule or
regulation.

                                       2.
<PAGE>
         RULE 144A: Rule 144A promulgated by the SEC pursuant to the Securities
Act, as such rule may be amended from time to time, or any successor rule or
regulation.

         RULE 415: Rule 415 promulgated by the SEC pursuant to the Securities
Act, as such rule may be amended from time to time, or any successor rule or
regulation.

         RULE 424: Rule 424 promulgated by the SEC pursuant to the Securities
Act, as such rule may be amended from time to time, or any successor rule or
regulation.

         RULE 430A: Rule 430A promulgated by the SEC pursuant to the Securities
Act, as such rule may be amended from time to time, or any successor rule or
regulation.

         SEC: The Securities and Exchange Commission, or any successor
governmental agency or authority thereto.

         SECURITIES ACT: The Securities Act of 1933, as amended, and the rules
and regulations promulgated by the SEC thereunder.

         TRANSFER AGENT: The registrar and transfer agent for the Company's
Common Stock.

         WARRANTS: The warrants issued to the Air Transportation Stabilization
Board to purchase 18,754,000 shares of Common Stock.

         WARRANT HOLDER: The initial holder of the Warrants set forth on
Schedule I hereto.

         SECTION 2.        REGISTRATION STATEMENT.

                  (a)      REGISTRATION UNDER THE SECURITIES ACT. The Company,
at its own expense, agrees to file with the SEC as soon as reasonably
practicable, but in no event later than the Filing Date, a Registration
Statement for an offering to be made on a continuous basis pursuant to Rule 415
covering all of the Common Stock constituting Registrable Securities. The
Registration Statement shall be on Form S-3 under the Securities Act or another
appropriate form selected by the Company permitting registration of such
Registrable Securities for resale by the Holders in the manner or manners
reasonably designated by such Holders. The Company shall use best efforts to
cause the Registration Statement to be declared effective pursuant to the
Securities Act as soon as reasonably practicable following the filing thereof,
but in no event later than the Effectiveness Target Date, and to keep such
Registration Statement continuously effective under the Securities Act until all
of the securities covered by such Registration Statement cease to be Registrable
Securities.

                  (b)      PIGGYBACK REGISTRATION RIGHTS. The Company shall
afford each Holder of Registrable Securities the opportunity to include such
Registrable Securities in any registration statement filed for purposes of a
public offering of securities of the Company made on a continuous basis pursuant
to Rule 415 (other than registration statements for which the Company has
contractually agreed not to grant such rights), including any registration
statement filed by the Company to register for resale its outstanding 7.5%
Convertible Senior Notes due 2009. Each Holder desiring to include the
Registrable Securities held by it in any such registration statement shall
notify the Company in writing within 15 days after receipt of notice

                                       3.
<PAGE>
from the Company of its intent to file such a registration statement. If a
Holder decides not to include all of the Registrable Securities held by it in
any registration statement thereafter filed by the Company, such Holder shall
nevertheless continue to have the right to include any Registrable Securities in
any subsequent registration statement or registration statements (other than
registration statements for which the Company has contractually agreed not to
grant such rights) as may be filed by the Company with respect to offerings of
its securities made on a continuous basis pursuant to Rule 415, all upon the
terms and conditions set forth herein.

                  (c)      SUPPLEMENTS AND AMENDMENTS. The Company shall use
best efforts to keep any Registration Statement continuously effective by
supplementing and amending such Registration Statement if so required by the
rules, regulations or instructions applicable to the registration form used for
such Registration Statement, if required by the Securities Act or if reasonably
requested by the Required Holders or by any underwriter of such Registrable
Securities. If the Registration Statement under Section 2(a) ceases to be
available for use by the Holders because the Company no longer qualifies to use
such form of registration statement, the Company shall be required to file, as
promptly as reasonably practicable, a new Registration Statement on an
appropriate form and its obligations hereunder shall continue to apply in all
respects.

                  (d)      SELLING SECURITYHOLDER INFORMATION. Each Holder
wishing to sell Registrable Securities pursuant to a Registration Statement and
related Prospectus agrees to deliver a Notice and Questionnaire, in a timely
manner, that confirms such Holder's agreement to be bound by the terms of this
Agreement and includes such information regarding it and the distribution of its
Registrable Securities as is required by law to be disclosed by the Holder in
the Registration Statement (the "Requisite Information") to the Company prior to
any intended distribution of Registrable Securities under the Registration
Statement. The Company shall not be required to include in the Registration
Statement and related Prospectus the Registrable Securities of any Holder that
does not provide the Company with a Notice and Questionnaire in accordance with
this Section 2(d). If such completed Notice and Questionnaire is received by the
Company before 10 days prior to the effective date of a Registration Statement,
such Holder shall be entitled to have its Registrable Securities included in
such Registration Statement at the effective date thereof. If such completed
Notice and Questionnaire is received thereafter, the Company will use best
efforts to include such Holder's Registrable Securities as promptly as
reasonably practicable thereafter, subject to the last two sentences of the next
paragraph.

Subject to the last two sentences of this paragraph, the Company shall use best
efforts to file, as soon as practicable after the receipt of a Notice and
Questionnaire from any Holder that includes the Requisite Information or any
changes in the Requisite Information with respect to such Holder (including,
without limitation, any changes in the plan of distribution), a Prospectus
supplement pursuant to Rule 424 or otherwise amend or supplement such
Registration Statement to include in the Prospectus the Requisite Information as
to such Holder (and the Registrable Securities held by such Holder), and the
Company shall provide such Holder a copy of such Prospectus as so amended or
supplemented containing the Requisite Information in order to permit such Holder
to comply with the Prospectus delivery requirements of the Securities Act in a
timely manner with respect to any proposed disposition of such Holder's
Registrable Securities and to file the same with the SEC. Each Holder requesting
registration hereunder shall promptly notify the Company of any material changes
to the Requisite Information contained in the Notice

                                       4.
<PAGE>
and Questionnaire provided to the Company by such Holder. Notwithstanding the
foregoing, following the effective date of any Registration Statement, the
Company shall not be required to file more than one such supplement or
post-effective amendment to reflect changes in the amount of Common Stock
constituting Registrable Securities held by any particular Holder at the request
of such Holder in any 30-day period. The Company may take reasonable steps to
aggregate the addition of Registrable Securities of more than one Holder for
purposes of filing amendments to any Registration Statement or supplements to
the Prospectus so as to reduce the need for multiple amendments or supplements;
provided that the Company shall not use this sentence to delay the filing of any
amendment or supplement beyond any such 30-day period.

                  (e)      MATERIAL EVENTS; SUSPENSION OF SALES. Notwithstanding
the provisions contained in this Section 2, with respect to any Registration
Statement, the Company may (for a period not to exceed 60 consecutive days, and
not in any event to exceed 90 days in the aggregate during any 12 month period)
suspend use of such Registration Statement at any time if (and for so long as)
the continued effectiveness thereof would require the Company to disclose a
material financing, acquisition, other transaction or other material non-public
information, which disclosure the Board of Directors of the Company shall have
determined in good faith is not in the best interests of the Company and the
Company's stockholders. The Company shall notify each registered Holder, the
Transfer Agent and the managing underwriters, if any, that the use of the
Prospectus is to be suspended until the Company shall deliver a written notice
that the use of the Prospectus may be resumed. During such suspension, the use
of the Prospectus shall be suspended, and the Company shall not be required to
maintain the effectiveness of, or amend or update the Registration Statement, or
amend or supplement the Prospectus.

                  (f)      ADDITIONAL AGREEMENTS OF HOLDERS. Each Holder agrees
not to dispose of Registrable Securities pursuant to any Registration Statement
without complying with the prospectus delivery requirements under the Securities
Act and the provisions of paragraph (e) above regarding use of the Prospectus.
Each Holder further agrees that it will comply fully with applicable federal and
state securities laws in connection with the distribution of any Registrable
Securities pursuant to the Registration Statement. Each Holder further
acknowledges having been advised by the Company that applicable federal
securities laws prohibit Holders from trading in securities of the Company at
any time while in possession of material non-public information about the
Company.

         SECTION 3.        REGISTRATION PROCEDURES. In connection with the
Company's registration obligations hereunder, the Company shall effect such
registrations on the appropriate form selected by the Company to permit the
resale of Registrable Securities in accordance with the Holder's intended method
or methods of disposition thereof, and pursuant thereto the Company shall as
expeditiously as reasonably possible:

                  (a)      Furnish to the Holders and the managing underwriters,
if any, copies of all such documents proposed to be filed (excluding, unless
requested, those documents incorporated or deemed to be incorporated by
reference and then only to the Holder who so requested) and use its commercially
reasonable efforts to reflect in each such document, when so filed with the SEC,
such comments as the Holders may reasonably propose. The Company shall not file
any such Registration Statement or related Prospectus or any amendments or
supplements thereto (excluding any document that would be incorporated or deemed
incorporated by reference) to

                                       5.
<PAGE>
which the Holder or the managing underwriters, if any, shall reasonably object
in writing (by hand-delivery, courier guaranteeing overnight delivery or
telecopy) within five Business Days after the receipt of such documents.
Notwithstanding the foregoing, the Company shall not be required to furnish to
the Holders or the managing underwriters, if any, any amendments or supplements
to the Registration Statement or Prospectus filed solely to reflect changes to
the amount of Common Stock constituting Registrable Securities held by any
particular Holder or immaterial revisions to the information contained therein.

                  (b)      Prepare and file with the SEC such amendments,
including post-effective amendments, to the Registration Statement as may be
necessary to keep such Registration Statement continuously effective for the
applicable time period set forth in Section 2(a) hereof; cause the related
Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in
force) under the Securities Act; and comply with the provisions of the
Securities Act with respect to the disposition of all securities covered by such
Registration Statement and Prospectus during such period in accordance with the
intended method or methods of disposition by the Holder set forth in such
Registration Statement as so amended or in such Prospectus as so supplemented
including, without limitation, the filing of any Prospectus supplement pursuant
to Rule 424 in order to add or change any selling security holder information
(including any such supplements or amendments pursuant to Section 2(d) hereof,
provided such Holder to which such change applies complies with the Requisite
Information requirements of Section 2(d) hereof in a timely manner).

                  (c)      Notify the Holders and the managing underwriters, if
any, promptly and, if requested by any such person, confirm such notice in
writing:

                  (i)      (A) when a Prospectus or any Prospectus supplement or
post-effective amendment is proposed to be filed and (B) with respect to a
Registration Statement or any post-effective amendment, when the same has become
effective;

                  (ii)     of any written comments from the SEC with respect to
any filing and of any request by the SEC or any other Federal or state
governmental authority for amendments or supplements to such Registration
Statement or related Prospectus or for additional information related thereto;

                  (iii)    of the issuance by the SEC, any state securities
commission, any other governmental agency or any court of any stop order, order
or injunction suspending or enjoining the use or effectiveness of the
Registration Statement or the initiation of any proceedings for that purpose;

                  (iv)     of the receipt by the Company of any notification
with respect to the suspension of qualification or exemption from qualification
of any of the Registrable Securities for sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose;

                  (v)      of the existence of any fact or the happening of any
event that makes any statement of material fact made in such Registration
Statement or related Prospectus

                                       6.
<PAGE>
untrue in any material respect, or that requires the making of any changes in
such Registration Statement or Prospectus so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading and that, in the case of
the Prospectus, such Prospectus will not contain any untrue statement of a
material fact or omit to state any 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; and

                  (vi)     of the determination by the Company that a post
effective amendment to the Registration Statement will be filed with the SEC.

         (d)      Use commercially reasonable efforts to obtain the withdrawal
of any stop order or order enjoining or suspending the use or effectiveness of a
Registration Statement or the lifting of any suspension of the qualification (or
exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction, at the earliest practicable moment.

         (e)      If reasonably requested by the Required Holders, or managing
underwriters, if any, to:

                  (i)      promptly include in a Prospectus supplement or
post-effective amendment such information as the Required Holders or managing
underwriters, if any, may reasonably request to be included therein; and

                  (ii)     make all required filings of such Prospectus
supplement or such post-effective amendment as soon as reasonably practicable
after the Company has received notification of the matters to be included in
such Prospectus supplement or post-effective amendment.

         (f)      Furnish to each Holder who so requests, and each managing
underwriter, if any, without charge, at least one copy of the Registration
Statement and each amendment thereto (but excluding schedules, all documents
incorporated or deemed to be incorporated therein by reference and all exhibits,
unless requested in writing by such Holder or any managing underwriter and then
only to the person who so requested).

         (g)      Deliver to each Holder and the underwriters, if any, without
charge, as many copies of the Prospectus or Prospectuses (including each form of
Prospectus) and each amendment or supplement thereto as such persons may
reasonably request; and, unless the Company shall have given notice to such
Holder or underwriter pursuant to Section 2(e), the Company hereby consents to
the use of such Prospectus, and each amendment or supplement thereto, by each of
the selling Holders of Registrable Securities and the underwriters, if any, in
connection with the offering and sale of the Registrable Securities covered by
such Prospectus and any amendment or supplement thereto.

         (h)      Prior to any public offering of Registrable Securities, use
all reasonable efforts to register or qualify, or cooperate with the Holders of
Registrable Securities to be sold or tendered or the underwriters, if any, and
their respective counsel in connection with the registration or qualification
(or exemption from such registration or qualification) of such Registrable
Securities for offer and sale under the securities or Blue Sky laws of such

                                       7.
<PAGE>
jurisdictions within the United States as any Holder or underwriter reasonably
requests in writing, keep each such registration or qualification (or exemption
therefrom) effective during the period the Registration Statement is required to
be kept effective and do any and all other acts or things legally necessary to
enable the disposition in such jurisdictions of the Registrable Securities
covered by the Registration Statement; provided, however, that the Company shall
not be required to qualify generally to do business in any jurisdiction where it
is not then so qualified, take any action that would subject it to general
service of process in any such jurisdiction where it is not then so subject or
subject the Company to any tax in any such jurisdiction where it is not then so
subject.

         (i)      In connection with any sale or transfer of Registrable
Securities that will result in such securities no longer being Registrable
Securities, cooperate with the Holders and the managing underwriters, if any, to
(i) facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold, which certificates shall not bear any
restrictive legends, unless required by applicable securities laws and (ii)
enable such Registrable Securities to be in such denominations and registered in
such names as the managing underwriters, if any, or Holders may reasonably
request at least two Business Days prior to any sale of Registrable Securities.

         (j)      Use best efforts to cause the offering of the Registrable
Securities covered by the Registration Statement to be registered with or
approved by such other governmental agencies or authorities within the United
States as may be necessary to enable the Holder or managing underwriter, if any,
to consummate the disposition of such Registrable Securities; provided, however,
that the Company shall not be required to register the Registrable Securities in
any jurisdiction that would require the Company to qualify to do business in any
jurisdiction where it is not then so qualified, subject it to general service of
process in any such jurisdiction where it is not then so subject or subject the
Company to any tax in any such jurisdiction where it is not then so subject.

         (k)      Upon the occurrence of any event contemplated by Section
3(c)(v) hereof, as promptly as reasonably practicable (subject to any suspension
of sales pursuant to Section 2(e) hereof), prepare a supplement or amendment,
including, if appropriate, a post-effective amendment, to the Registration
Statement or a supplement to the related Prospectus or any document incorporated
or deemed to be incorporated therein by reference, and file any other required
document so that, as thereafter delivered, such Prospectus will not contain an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading (except, upon
occurrence of an event contemplated by paragraph (v) of Section 3(c) above, to
the extent that the Company determines in good faith that the disclosure of such
event at such time would not be in the best interests of the Company and the
Company's stockholders provided that any such delay in disclosure pursuant to
this Section 3(k) shall be considered a suspension of the Registration Statement
subject to the limitation in Section 2(e)).

         (l)      Subject to the provisions of Section 7, enter into such
agreements (including any underwriting agreements in form, scope and substance
as may be reasonably requested and as are customary in underwritten offerings)
and take all such other appropriate actions in connection therewith (including
those reasonably requested by the managing

                                       8.
<PAGE>
underwriters, if any, or the Holders of a majority in interest of the
Registrable Securities being sold) in order to expedite or facilitate the sale
of such Registrable Securities. In connection with any underwritten offering,
the Company will:

                  (i)      make such representations and warranties to the
Holders of such Registrable Securities and the underwriters, if any, with
respect to the business of the Company and its subsidiaries (including with
respect to businesses or assets acquired or to be acquired by any of them), and
the Registration Statement, Prospectus and documents, if any, incorporated or
deemed to be incorporated by reference therein, in each case, in form, substance
and scope as are customarily made by issuers to underwriters in underwritten
offerings, and confirm the same if and when requested;

                  (ii)     obtain, as may reasonably be required, opinions of
counsel to the Company (which may include in-house counsel) and updates thereof
(which counsel and opinions (in form, scope and substance) shall be reasonably
satisfactory to the managing underwriters, if any, addressed to each selling
Holder of Registrable Securities and each of the underwriters, if any, covering
the matters customarily covered in opinions requested in underwritten offerings
(including any such matters as may be reasonably requested by such
underwriters));

                  (iii)    obtain, as may reasonably be required, customary
"cold comfort" letters and updates thereof from the independent certified public
accountants of the Company (and, if necessary, any other independent certified
public accountants of any subsidiary of the Company or of any business acquired
by the Company for which financial statements and financial data are, or are
required to be, included in the Registration Statement), addressed (where
reasonably possible) to each selling Holder of Registrable Securities and each
of the underwriters, if any, such letters to be in customary form and covering
matters of the type customarily covered in "cold comfort" letters in connection
with underwritten offerings; and

                  (iv)     deliver such documents and certificates as may be
reasonably requested by the Holders of majority in interest of the Registrable
Securities being sold or the managing underwriters, if any, to evidence the
continued validity of the representations and warranties made pursuant to clause
(i) of this Section 3(l) and to evidence compliance with any customary
conditions contained in the underwriting agreement or other agreement entered
into by the Company;

         (m)      Make available for inspection by a representative of the
Holders of Registrable Securities being sold, any underwriter participating in
any such disposition of Registrable Securities, if any, and any attorney,
consultant or accountant retained by such selling Holders or underwriter, at the
offices where normally kept, during reasonable business hours, all financial and
other records, pertinent corporate documents and properties of the Company and
its subsidiaries (other than records and documents that the Company and its
subsidiaries agreed contractually not to disclose and the disclosure of which
would violate such contractual arrangement) as they may reasonably request, and
cause the officers, directors, agents and employees of the Company and its
subsidiaries to supply all information (other than information that the Company
and its subsidiaries agreed contractually not to disclose and the disclosure of
which would violate such contractual arrangement) in each case reasonably
requested by any

                                       9.
<PAGE>
such representative, underwriter, attorney, consultant or accountant in
connection with such Registration Statement and as shall be reasonably necessary
to enable such persons to conduct a reasonable investigation within the meaning
of Section 11 of the Securities Act; provided, however, that the foregoing
inspection and information gathering shall be coordinated on behalf of the
Holders and the other parties thereto by one counsel designated by and on behalf
of such Holders and other parties and provided further, that such persons shall
first agree in writing with the Company that any information that is reasonably
and in good faith designated by the Company as confidential at the time of
delivery or inspection (as the case may be) of such information shall be kept
confidential by such persons, unless (i) disclosure of such information is
required by court or administrative order or is necessary to respond to
inquiries of regulatory authorities; (ii) disclosure of such information is
required by law (including any disclosure requirements pursuant to Federal
securities laws in connection with the filing of any Registration Statement or
the use of any Prospectus); (iii) such information becomes generally available
to the public other than as a result of a disclosure or failure to safeguard by
any such person; or (iv) such information becomes available to any such person
from a source other than the Company and such source is not known to be bound by
a confidentiality agreement.

         (n)      (i) list all shares of Common Stock covered by any
Registration Statements on any securities exchange on which the Common Stock is
then listed; or (ii) authorize for quotation on the National Market of the
National Association of Securities Dealers Automated Quotation System ("Nasdaq")
all Common Stock covered by all such Registration Statements if the Common Stock
is then so authorized for quotation.

         (o)      Make all reasonable efforts to provide such information as is
required for any filings required to be made with the National Association of
Securities Dealers, Inc. ("NASD").

         SECTION 4.        REGISTRATION EXPENSES. All fees and expenses incident
to the performance of or compliance with this Agreement by the Company shall be
borne by it whether or not any Registration Statement is filed or becomes
effective. The fees and expenses referred to in the foregoing sentence shall
include:

         (a)      all registration, filing, securities exchange listing, rating
agency and New York Stock Exchange fees and expenses;

         (b)      printing expenses (including, without limitation, printing
Prospectuses if the printing of Prospectuses is required by the managing
underwriters, if any, or by the Holders of a majority in interest of the
Registrable Securities);

         (c)      messenger, copying, telephone and delivery expenses;

         (d)      reasonable fees and disbursements of counsel for the Company;

         (e)      fees and disbursements of all independent certified public
accountants referred to in Section 3(l)(iii) including, without limitation, the
expenses of any special audits or "cold comfort" letters required by Section
3(l)(iii);

         (f)      fees and expenses of all other persons retained by the
Company;

                                      10.
<PAGE>
         (g)      all registration, filing, qualification and other fees and
expenses of complying with securities or blue sky laws of all jurisdictions in
which the Registrable Securities are to be registered and any legal fees and
expenses incurred in connection with the blue sky qualifications of the
Registrable Securities and the determination of their eligibility for investment
under the laws of all such jurisdictions; and

         (h)      the reasonable fees and disbursements incurred by the Holders
of the Registrable Securities being registered (including, without limitation,
the reasonable fees and disbursements for one counsel or firm of counsel
selected by the Holders of a majority in interest of the Registrable Securities
being registered).

Notwithstanding anything in this Agreement to the contrary, the Holders shall be
responsible for all expenses customarily borne by selling securityholders
(including underwriting discounts, commissions and fees and expenses of counsel
to the selling Holders to the extent not required to be paid pursuant to clause
(h) above).

         SECTION 5.        INDEMNIFICATION.

                  (a)      The Company agrees to indemnify and hold harmless
each Holder of Registrable Securities, such Holder's affiliates, and their
respective officers, directors, employees, representatives and agents, and each
person, if any, who controls any Holder of Registrable Securities within the
meaning of either Section 15 of the Securities Act or Section 20 of the Exchange
Act, or is under common control with, or is controlled by, any Holder, against
any and all loss, liability, claim or damage arising out of any untrue statement
or alleged untrue statement of a material fact contained in the Registration
Statement or the Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission to state therein any material fact required to be
stated therein or necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however,
that this indemnity agreement shall not apply to any loss, liability, claim or
damage arising out of any untrue statement or omission or alleged untrue
statement or omission made in reliance upon and in conformity with written
information furnished to the Company by or on behalf of such Holder of
Registrable Securities (which also acknowledges the indemnity provisions herein)
or any person, if any, who controls any such Holder of Registrable Securities
expressly for use in the Registration Statement (or any amendment thereto), or
any preliminary prospectus or the Prospectus (or any amendment or supplement
thereto); provided, further, that this indemnity agreement shall not apply to
any loss, liability, claim or damage (i) arising from an offer or sale of
Registrable Securities occurring during any suspension of sales pursuant to
Section 2(e) (provided that the Company has given to the Holder notice of such
suspension prior to such offer or sale), or (ii) if the Holder fails to deliver
at or prior to the written confirmation of sale, the most recent Prospectus, as
amended or supplemented, and such Prospectus, as amended or supplemented, would
have corrected such untrue statement or omission or alleged untrue statement or
omission of a material fact (provided that the Company has delivered to such
Holder, or otherwise given notice to such Holder of the existence of, such most
recent Prospectus, as supplemented or amended). Any amounts advanced by the
Company to an indemnified party pursuant to this Agreement shall be returned to
the Company if it shall be finally determined in a judgment by a court of
competent jurisdiction not subject to appeal, that such indemnified party was
not entitled to indemnification.

                                      11.
<PAGE>
                  (b)      In connection with the preparation of the
Registration Statement in which a Holder of Registrable Securities is
participating in furnishing information relating to such Holder of Registrable
Securities to the Company for use in such Registration Statement, any
preliminary prospectus, the Prospectus or any amendments or supplements thereto,
each such Holder agrees, severally and not jointly, to indemnify and hold
harmless any other Holders of Registrable Securities, the Company, its
affiliates and their respective officers, directors, employees, representatives
and agents, and each person, if any, who controls such other Holders or the
Company within the meaning of either such Section, against any and all loss,
liability, claim or damage described in the indemnity contained in subsection
(a) of this Section, as incurred, but only with respect to untrue statements or
omissions, or alleged untrue statements or omissions, made in the Registration
Statement (or any amendment thereto), or any preliminary prospectus or the
Prospectus (or any amendment or supplement thereto) in reliance upon and in
conformity with written information furnished to the Company by or on behalf of
such Holder of Registrable Securities (which also acknowledges the indemnity
provisions herein) or any person, if any, who controls any such Holder of
Registrable Securities expressly for use in the Registration Statement (or any
amendment thereto) or such preliminary prospectus or the Prospectus (or any
amendment or supplement thereto).

                  (c)      Each indemnified party shall give notice as promptly
as reasonably practicable to each indemnifying party of any action commenced
against it in respect of which indemnity may be sought hereunder, but failure to
so notify an indemnifying party shall not relieve such indemnifying party from
any liability hereunder to the extent it is not materially prejudiced as a
result thereof and in any event shall not relieve it from any liability which it
may have otherwise than on account of this indemnity agreement. The indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably
satisfactory to the indemnified party to represent the indemnified party and any
others the indemnifying party may designate in such proceeding and shall pay the
reasonable fees and disbursements of such counsel related to such proceeding. In
any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such indemnified party unless (i) the indemnifying party and the indemnified
party shall have mutually agreed to the retention of such counsel or (ii) the
named parties to any such proceeding (including any impleaded parties) include
both the indemnifying party and the indemnified party and representation of both
parties by the same counsel would be inappropriate due to actual or potential
differing interests between them. It is understood that the indemnifying party
shall not, in respect of the legal expenses of any indemnified party in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for (a) the fees and expenses of more than one separate firm (in
addition to any local counsel), for the Holders of Registrable Securities, and
all persons, if any, who control the Holders of Registrable Securities within
the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act, collectively (unless representation of all Holders and such
parties by the same counsel would be inappropriate due to actual or potential
differing interests between or among them), and (b) the fees and expenses of
more than one separate firm (in addition to any local counsel), for the Company
and each person, if any, who controls the Company within the meaning of either
such Section, and that all fees and expenses payable under (a) and (b) above
shall be reimbursed as they are incurred. In the case of any such separate firm
for the Holders of Registrable Securities, and control persons of the Holders of
Registrable Securities, such firm shall be designated by the Holders of a
majority in interest of the Registrable Securities and shall be reasonably
acceptable to the Company. In

                                      12.
<PAGE>
the case of any such separate firm for the Company and control persons of the
Company, such firm shall be reasonably acceptable to the Holders of a majority
in interest of the Registrable Securities. The indemnifying party shall not be
liable for any settlement of any proceeding effected without its written consent
(which consent shall not be unreasonably withheld or delayed), but if settled
with such consent or if there be a final non-appealable judgment for the
plaintiff, the indemnifying party agrees to indemnify the indemnified party from
and against any loss or liability by reason of such settlement or judgment. No
indemnifying party shall, without the prior written consent of the indemnified
parties (which consent shall not be unreasonably withheld or delayed), settle or
compromise or consent to the entry of any judgment with respect to any
litigation, or any investigation or proceeding by any governmental agency or
body, commenced or threatened, or any claim whatsoever in respect of which
indemnification or contribution could be sought under this Section 5 (whether or
not the indemnified parties are actual or potential parties thereto), unless
such settlement, compromise or consent (i) includes an unconditional release of
each indemnified party from all liability arising out of such litigation,
investigation, proceeding or claim and (ii) does not include a statement as to
or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party. No indemnified party shall, without the prior written consent
of the indemnifying party, settle or compromise or consent to the entry of any
judgment with respect to any litigation, or any investigation or proceeding by
any governmental agency or body, commenced or threatened, or any claim
whatsoever in respect of which indemnification or contribution could be sought
under this Section 5 (whether or not the indemnified parties are actual or
potential parties thereto).

                  (d)      If the indemnification to which an indemnified party
is entitled under this Section 5 is for any reason unavailable to or
insufficient although applicable in accordance with its terms to hold harmless
an indemnified party in respect of any losses, liabilities, claims, damages or
expenses referred to therein, then each indemnifying party shall contribute to
the aggregate amount of such losses, liabilities, claims, damages and expenses
incurred by such indemnified party, as incurred, in such proportion as is
appropriate to reflect the relative fault of the indemnifying party or parties
on the one hand and of the indemnified party on the other hand in connection
with the statements or omissions which resulted in such losses, liabilities,
claims, damages or expenses, as well as any other relevant equitable
considerations.

         The relative fault of the Company on the one hand and the Holders of
the Registrable Securities on the other hand shall be determined by reference
to, among other things, whether any such 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 Holder of the Registrable
Securities and the parties' relative intent, knowledge, access to information
and opportunity to correct or prevent such statement or omission.

         The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata
allocation or by any other method of allocation which does not take account of
the equitable considerations referred to above in this Section 5(d). The
aggregate amount of losses, liabilities, claims, damages, and expenses incurred
by an indemnified party and referred to above in this Section 5(d) shall be
deemed to include any out-of-pocket legal or other expenses reasonably incurred
by such indemnified party in investigating, preparing or defending against any
litigation, or any investigation or proceeding by any

                                      13.
<PAGE>
governmental agency or body, commenced or threatened, or any claim whatsoever
based upon any such untrue or alleged untrue statement or omission or alleged
omission.

         Notwithstanding the provisions of this Section 5, no Holder shall be
required to indemnify or contribute any amount in excess of the amount by which
the total price at which Registrable Securities were sold by such Holder exceeds
the amount of any damages that such Holder has otherwise been required to pay by
reason of such untrue or alleged untrue statement or omission to alleged
omission.

         No person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation.

         The remedies provided in this Section 5 are not exclusive and shall not
limit any rights or remedies which may otherwise be available to any indemnified
party at law or in equity.

         For purposes of this Section 5(d), each person, if any, who controls
any Holder of Registrable Securities within the meaning of Section 15 of the
Securities Act or Section 20 of the Exchange Act shall have the same rights to
contribution as such Holder, and each person, if any, who controls the Company
within the meaning of Section 15 of the Securities Act or Section 20 of the
Exchange Act shall have the same rights to contribution as the Company. No party
shall be liable for contribution with respect to any action, suit, proceeding or
claim settled, compromised, or with respect to which the party requesting
contribution consented to the entry of a judgment, without such party's written
consent, which consent shall not be unreasonably withheld or delayed.

                  (e)      The Company may require as a condition to including
the Registrable Securities in the Registration Statement, and to entering into
any underwriting agreement with respect thereto, that the Company shall have
received an undertaking from the Holder and such underwriter to comply with the
provisions of this Section 5.

                  (f)      The agreements contained in this Section 5 shall
survive the transfer or sale of the Registrable Securities and shall remain in
full force and effect, regardless of any termination or cancellation of this
Agreement or any investigation made by or on behalf of any indemnified party.

         SECTION 6.        INFORMATION REQUIREMENTS.

                  (a)      The Company agrees that, if at any time until the
Registrable Securities cease to be Registrable Securities the Company is not
subject to the reporting requirements of the Exchange Act, it will cooperate
with any Holder of Registrable Securities and use reasonable efforts to take
such further reasonable action as any Holder of Registrable Securities may
reasonably request in writing to enable such Holder to sell Registrable
Securities without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 and Rule 144A under the Securities Act
(or any similar rule or regulation hereafter adopted by the SEC) and customarily
taken in connection with sales pursuant to such exemptions, including, without
limitation, making available adequate current public information within the
meaning of paragraph (c)(2) of Rule 144 and delivering the information required
by paragraph

                                      14.
<PAGE>
(d) of Rule 144A. Notwithstanding the foregoing, nothing in this Section 6 shall
be deemed to require the Company to register any of its securities under any
section of the Exchange Act.

                  (b)      The Company shall file reports required to be filed
by it under the Exchange Act and the New York Stock Exchange or any other
securities exchanges on which the Common Stock is listed.

         SECTION 7.        UNDERWRITTEN REGISTRATION. The Required Holders may
elect to sell any Registrable Securities in an underwritten offering; provided
that (a) the investment banker or investment bankers and manager or managers
that will administer the offering will be investment bankers of recognized
national standing selected by the Required Holders, subject to the consent of
the Company (which will not be unreasonably withheld or delayed); and (b) the
Company shall not be required to agree to more than one (1) underwritten
offering per year and five (5) underwritten offerings in the aggregate (it being
understood that any underwritten offering commenced but not completed due to a
suspension of sales by the Company pursuant to Section 2(e) hereof shall not be
counted towards such limits on underwritten offerings). No person may
participate in any underwritten registration hereunder unless such person (i)
agrees to sell such person's Registrable Securities on the basis reasonably
provided in any underwriting arrangements approved by the Required Holders; and
(ii) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements, lock-up agreements and other documents reasonably
required under the terms of such underwriting arrangements. Notwithstanding any
other provision of this Agreement, if the underwriter determines in good faith
that marketing factors require a limitation of the number of shares to be
underwritten, the number of shares that may be included in the underwriting
shall be allocated on a pro rata basis.

         SECTION 8.        MISCELLANEOUS.

                  (a)      OTHER REGISTRATION RIGHTS. The Company may in the
future grant registration rights that would permit any person that is a third
party the right to piggy-back on the Registration Statement; provided, however,
that if the managing underwriter, if any, of such offering notifies the Holders
that the total amount of Registrable Securities which they and the holders of
such piggy-back rights intend to include in the Registration Statement is so
large as to materially adversely affect the success of such offering (including
the price at which such securities can be sold), then only the amount, the
number or kind of securities offered for the account of holders of such
piggy-back rights will be reduced to the extent necessary to reduce the total
amount of securities to be included in such offering to the amount, number or
kind recommended by the managing underwriter and the amount of Registrable
Securities to be included shall not be reduced.

                  (b)      NO INCONSISTENT AGREEMENTS. The Company has not
entered and shall not enter into any agreement that is inconsistent with the
rights granted to the Holders in this Agreement or otherwise conflicts with the
provisions hereof. The rights granted to the Holders hereunder do not in any way
conflict with and are not inconsistent with the rights granted to the holders of
the Company's other issued and outstanding securities under any such agreements.

                  (c)      NO ADVERSE ACTION AFFECTING THE REGISTRABLE
SECURITIES. The Company will not take any action with respect to the Registrable
Securities which would adversely affect

                                      15.
<PAGE>
the ability of any of the Holders to include such Registrable Securities in a
registration undertaken pursuant to this Agreement.

                  (d)      AMENDMENTS AND WAIVERS. The provisions of this
Agreement, including the provisions of this sentence, may not be amended,
modified or supplemented, and waivers or consents to departures from the
provisions hereof, may not be given, without the written consent of the Company
and the Required Holders; provided, further, that any amendment, modification,
supplement, waiver or consent that would disproportionately affect the rights of
any Holder (as compared to the other Holders) shall not be effective against
such Holder without such Holder's written consent. Notwithstanding the
foregoing, a waiver or consent to depart from the provisions hereof with respect
to a matter that relates exclusively to the rights of Holders whose Registrable
Securities are being sold pursuant to the Registration Statement and that does
not directly or indirectly affect the rights of other Holders may be given by
Holders of a majority in interest of the Registrable Securities being sold by
such Holders pursuant to such Registration Statement, provided, however, that
the provisions of this sentence may not be amended, modified, or supplemented
except in accordance with the provisions of the immediately preceding sentence.
Each Holder of Registrable Securities outstanding at the time of any such
amendment, modification, supplement, waiver or consent or thereafter shall be
bound by any such amendment, modification, supplement, waiver or consent
effected pursuant to this Section 8(d), whether or not any notice, writing or
marking indicating such amendment, modification, supplement, waiver or consent
appears on the Registrable Securities or is delivered to such Holder.

                  (e)      NOTICES. All notices and other communications
provided for herein or permitted hereunder shall be made in writing by
hand-delivery, courier guaranteeing overnight delivery, certified first-class
mail, return receipt requested, or telecopy and shall be deemed given (i) when
made, if made by hand delivery, (ii) upon confirmation, if made by telecopier,
(iii) one Business Day after being deposited with such courier, if made by
overnight courier or (iv) on the date indicated on the notice of receipt, if
made by first-class mail, to the parties as follows:

                           (i)      if to a Holder, to the address of such
Holder as it appears in the Notice and Questionnaire, or, if not so specified,
in the Common Stock or Warrants register of the Company, as applicable. Failure
to mail a notice or communication to a Holder or any defect in such notice or
communication shall not affect its sufficiency with respect to other Holders.

                           (ii)     if to the Company to:

                                    AMERICA WEST HOLDINGS CORPORATION

                                    111 West Rio Salado Parkway
                                    Tempe, AZ 85281
                                    Telephone No.  (480) 693-0800
                                    Facsimile No.  (480) 693-5932
                                    Attention:  Executive Vice President -
                                                Corporate With a copy to:

                                    COOLEY GODWARD LLP
                                    One Maritime Plaza, 20th Floor

                                      16.
<PAGE>
                                    San Francisco, CA 94111
                                    Telephone No. (415) 693-2000
                                    Facsimile No. (415) 951-3699
                                    Attention:  Samuel M. Livermore

                           (iii)    If to a Warrant Holder, to the address of
such Warrant Holder set forth on Schedule I.

                  (f)      SUCCESSORS AND ASSIGNS. This Agreement shall inure to
the benefit of and be binding upon the successors and permitted assigns of each
of the parties and shall inure to the benefit of each existing and future
Holder. The Company may not assign its rights or obligations hereunder without
the prior written consent of the Holders of a majority in interest of the
Registrable Securities, other than by operation of law pursuant to a merger or
consolidation to which the Company is a party.

                  (g)      COUNTERPARTS. This Agreement may be executed in any
number of counterparts by the parties hereto, each of which when so executed
shall be deemed to be an original and all of which taken together shall
constitute one and the same instrument.

                  (h)      GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH FEDERAL LAW, IF AND TO THE EXTENT SUCH FEDERAL
LAW IS APPLICABLE, AND OTHERWISE THE LAW OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

                  (i)      SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent
permitted by law.

                  (j)      HEADINGS. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof. All references made in this Agreement to "Section" and
"paragraph" refer to such Section or paragraph of this Agreement, unless
expressly stated otherwise.

                  (k)      ENTIRE AGREEMENT. This Agreement is intended by the
parties as a final expression of their agreement and is intended to be a
complete and exclusive statement of the agreement and understanding of the
parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable
Securities. There are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein, with respect to the
registration rights granted by the Company with respect to the Registrable
Securities. This Agreement supersedes all prior agreements and undertakings
among the parties solely with respect to such registration rights.

                                      17.
<PAGE>
                  (l)      TERMINATION. This Agreement and the obligations of
the parties hereunder shall terminate when all of the securities issued or
issuable upon exercise of the Warrants cease to be Registrable Securities,
except for any liabilities or obligations under Sections 4 or 5 hereof.

                  (m)      SPECIFIC PERFORMANCE. The parties agree that, to the
extent permitted by law, (i) the obligations imposed on them in this Agreement
are special, unique and of an extraordinary character, and that in the event of
a breach by any such party damages would not be an adequate remedy; and (ii)
each of the other parties shall be entitled to specific performance and
injunctive and other equitable relief in addition to any other remedy to which
it may be entitled at law or in equity.

                                      18.
<PAGE>
         IN WITNESS WHEREOF, the parties have caused this Registration Rights
Agreement to be duly executed as of the date first written above.

                                               AMERICA WEST HOLDINGS CORPORATION

                                               By: /s/ Douglas Parker
                                                  ------------------------------
                                                   Name: W. Douglas Parker
                                                   Title: President and Chief
                                                          Executive Officer

                                      19.
<PAGE>
WARRANT HOLDER:

The Air Transportation Stabilization Board

By: /s/ Joseph P. Adams
   --------------------------------------------------
   Name: Joseph P. Adams
   Title: Executive Director

                                      20.
<PAGE>
                                   SCHEDULE I

                           Schedule of Warrant Holder

AIR TRANSPORTATION STABILIZATION
BOARD
1120 Vermont Avenue, Suite 970
Washington, DC  20005
Attention: Executive Director

WITH A COPY TO

United States Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, D.C.  20220
     Attn:  Deputy Assistant Secretary
     (Government Financial Policy

<PAGE>
                                    EXHIBIT A

                        AMERICA WEST HOLDINGS CORPORATION

             FORM OF SELLING SECURITYHOLDER NOTICE AND QUESTIONNAIRE

         The undersigned beneficial holder of a warrant (the "Warrant") to
purchase Class B Common Stock of America West Holdings Corporation ("Holdings")
or shares of Class B Common Stock, par value $0.01, of Holdings issuable upon
exercise of the Warrant (the "Registrable Securities"), understands that
Holdings has filed or intends to file with the Securities and Exchange
Commission (the "Commission") a registration statement on Form S-3 (the "Shelf
Registration Statement") for the registration and resale under Rule 415 of the
Securities Act of 1933, as amended (the "Securities Act"), of the Registrable
Securities in accordance with the terms of the Registration Rights Agreement
(the "Registration Rights Agreement") among Holdings and certain holders of
warrants to purchase Class B Common Stock of Holdings named therein.

         A copy of the Registration Rights Agreement is available from Holdings
upon request at the address set forth below. All capitalized terms not otherwise
defined herein shall have the meaning ascribed thereto in the Registration
Rights Agreement. Each beneficial owner of Registrable Securities is entitled to
the benefits of the Registration Rights Agreement. In order to sell or otherwise
dispose of any Registrable Securities pursuant to the Shelf Registration
Statement, a beneficial owner of Registrable Securities generally will be
required to be named as a selling securityholder in the related prospectus,
deliver a prospectus to purchasers of Registrable Securities and be bound by
those provisions of the Registration Rights Agreement applicable to such
beneficial owner (including certain indemnification provisions, as described
below).

         Beneficial owners are encouraged to complete and deliver this Notice
and Questionnaire prior to the effectiveness of the Shelf Registration Statement
so that such beneficial owners may be named as selling securityholders in the
related prospectus at the time of effectiveness. Upon receipt of a completed
Notice and Questionnaire from a beneficial owner following the effectiveness of
the Shelf Registration Statement, Holdings will, as promptly as practicable,
file such amendments to the Shelf Registration Statement or supplements to the
related prospectus as are necessary to permit such holder to deliver such
prospectus to purchasers of Registrable Securities.

         Certain legal consequences arise from being named as a selling
securityholder in the Shelf Registration Statement and the related prospectus.
Accordingly, holders and beneficial owners of Registrable Securities are advised
to consult their own securities law counsel regarding the consequences of being
named or not being named as a selling securityholder in the Shelf Registration
Statement and the related prospectus.

                                       1.
<PAGE>
                                     NOTICE

         The undersigned beneficial owner (the "Selling Securityholder") of
Registrable Securities hereby gives notice to Holdings of its intention to sell
or otherwise dispose of Registrable Securities beneficially owned by it and
listed below in Item 3 (unless otherwise specified under Item 3) pursuant to the
Shelf Registration Statement. The undersigned, by signing and returning this
Notice and Questionnaire, understands that it will be bound by the terms and
conditions of this Notice and Questionnaire and the Registration Rights
Agreement.

         The undersigned hereby provides the following information to Holdings
and represents and warrants that such information is accurate and complete:

                                  QUESTIONNAIRE

1.       (a)      Full Legal Name of Selling Securityholder:

                  ______________________________________________________________

         (b)      Full Legal Name of Registered Holder (if not the same as (a)
                  above) through which Registrable Securities listed in (3)
                  below are held:

                  ______________________________________________________________

         (c)      Full Legal Name of DTC Participant (if applicable and if not
                  the same as (b) above) through which Registrable Securities
                  listed in (3) below are held:

                  ______________________________________________________________

2.       Address for Notices to Selling Securityholder:

________________________________________________________________________________

________________________________________________________________________________

Telephone:______________________________________________________________________

Fax:____________________________________________________________________________

Contact Person:_________________________________________________________________

3.       Beneficial Ownership of Registrable Securities:

         (a)      Type and Principal Amount of Registrable Securities
                  beneficially owned:

                  ______________________________________________________________

                                       2.
<PAGE>
         (b)      CUSIP No(s). of such Registrable Securities beneficially
                  owned:

                  ______________________________________________________________

4.       Beneficial Ownership of Holdings' securities owned by the Selling
         Securityholder:

Except as set forth below in this Item (4), the undersigned is not the
beneficial or registered owner of any securities of Holdings other than the
Registrable Securities listed above in Item (3).

         (a)      Type and Amount of Other Securities beneficially owned by the
                  Selling Securityholder:

                  ______________________________________________________________

         (b)      CUSIP No(s). of such Other Securities beneficially owned:

                  ______________________________________________________________

5.       Relationship with Holdings:

Except as set forth below, neither the undersigned nor any of its affiliates,
directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with Holdings (or their
predecessors or affiliates) during the past three years.

State any exceptions here:

________________________________________________________________________________

________________________________________________________________________________

6. Plan of Distribution:

Except as set forth below, the undersigned (including its donees or pledgees)
intends to distribute the Registrable Securities listed above in Item (3)
pursuant to the Shelf Registration Statement only as follows (if at all): Such
Registrable Securities may be sold from time to time directly by the undersigned
or alternatively, through underwriters, broker-dealers or agents. If the
Registrable Securities are sold through underwriters or broker-dealers, the
Selling Securityholder will be responsible for underwriting discounts or
commissions or agent's commissions. Such Registrable Securities may be sold in
one or more transactions at fixed prices, at prevailing market prices at the
time of sale, at varying prices determined at the time of sale, or at negotiated
prices. Such sales may be effected in transactions (which may involve block
transactions) (i) on any national securities exchange or quotation service on
which the Registrable Securities may be listed or quoted at the time of sale,
(ii) in the over-the-counter market, (iii) in transactions otherwise than on
such exchanges or services or in the over-the-counter market, or (iv) through
the writing of options. In connection with sales of the Registrable Securities
or otherwise, the undersigned may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the Registrable
Securities, short and deliver

                                       3.
<PAGE>
Registrable Securities to close out such short positions, or loan or pledge
Registrable Securities to broker-dealers that in turn may sell such securities.

State any exceptions here:

________________________________________________________________________________

________________________________________________________________________________

         The undersigned acknowledges that it understands its obligation to
comply with the provisions of the Securities Exchange Act of 1934, as amended
and the rules thereunder relating to stock manipulation, particularly Regulation
M thereunder (or any successor rules or regulations), in connection with any
offering of Registrable Securities pursuant to the Shelf Registration Statement.
The undersigned agrees that neither it nor any person acting on its behalf will
engage in any transaction in violation of such provisions.

         The Selling Securityholder hereby acknowledges its obligations under
the Registration Rights Agreement to indemnify and hold harmless certain persons
as set forth therein.

         Pursuant to the Registration Rights Agreement, Holdings has agreed
under certain circumstances to indemnify and hold harmless the Selling
Securityholders as set forth therein.

         The undersigned hereby agrees that, in connection with any sale of
Registrable Securities pursuant to the Shelf Registration Statement, it will
comply with the prospectus delivery requirements, if any, of the Securities Act
of 1933, as amended (the "Securities Act"), and, at the time of any such sale,
represents, warrants and agrees that the information regarding the undersigned
included in this Notice and Questionnaire, as it may be supplemented shall be
accurate and complete in all material respects.

         In accordance with the undersigned's obligation under the Registration
Rights Agreement to provide such information as may be required by law for
inclusion in the Shelf Registration Statement regarding the undersigned, the
undersigned agrees to promptly notify Holdings of any inaccuracies or changes in
the information provided herein that may occur subsequent to the date hereof at
any time while the Shelf Registration Statement remains effective. All notices
hereunder and pursuant to the Registration Rights Agreement shall be made in
writing at the address set forth below.

         By signing below, the undersigned consents to the disclosure of the
information contained herein in its answers to items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and the
related prospectus. The undersigned understands that such information will be
relied upon by Holdings in connection with the preparation or amendment of the
Shelf Registration Statement and the related prospectus.

         By signing below, the undersigned agrees that the terms of this Notice
and Questionnaire, and the representations and warranties contained herein,
shall be binding on, shall inure to the benefit of and shall be enforceable by
Holdings' respective successors and assigns. This Agreement shall be governed in
all respects by the laws of the State of New York.

                                       4.
<PAGE>
         IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Notice and Questionnaire to be executed and delivered either in
person or by its duly authorized agent.

                                                 Dated:

                                                 Beneficial Owner

                                                 By:____________________________
                                                 Name:
                                                 Title:

PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE TO HOLDINGS AS
SET FORTH BELOW:

America West Holdings Corporation
111 West Rio Salado Parkway
Tempe, AZ 85281
Attn: ______________
Tel: (480) 693-0800
Fax: (480) 693-5932

with a copy to:

Cooley Godward LLP
One Maritime Plaza
San Francisco, CA 94111
Attn: Samuel M. Livermore
Tel: (415) 693-2113
Fax: (415) 951-3699

                                       5.

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