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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950153-03-001427.txt : 20030728
<SEC-HEADER>0000950153-03-001427.hdr.sgml : 20030728
<ACCEPTANCE-DATETIME>20030728150840
ACCESSION NUMBER:		0000950153-03-001427
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20030728
EFFECTIVENESS DATE:		20030728

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA AIR GROUP INC
		CENTRAL INDEX KEY:			0000810332
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				850302351
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-107404
		FILM NUMBER:		03805961

	BUSINESS ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008
		BUSINESS PHONE:		6026854000

	MAIL ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESA AIRLINES INC
		DATE OF NAME CHANGE:	19950426
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>p68074sv8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="right"><FONT size="2">As filed with the Securities and Exchange Commission on July&nbsp;25, 2003<BR>
Registration No.&nbsp;333-________
</FONT>
<br><br>
<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<DIV align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION
</B></FONT></DIV>


<DIV align="center"><FONT size="3"><B>WASHINGTON, D.C. 20549</B>
</FONT></DIV>


<P>
<HR width="26%" align="center" size="1" noshade>
<P>



<P align="center"><FONT size="5"><B>FORM S-8
</B></FONT>


<DIV align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</FONT></DIV>


<P>
<HR width="26%" align="center" size="1" noshade>
<P>



<P align="center"><FONT size="6"><B>MESA AIR GROUP, INC.
</B></FONT>

<HR size="1" noshade>







<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT></DIV>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
85-0302351</FONT></TD>
</TR>
<TR>
    <TD colspan="3" align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(State or other jurisdiction of</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
(I.R.S. Employer</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
Identification No.)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">410 North 44th Street, Suite&nbsp;700, Phoenix, Arizona</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="CENTER" valign="top"><FONT size="2">
85008</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD colspan="4" align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Address of Principal Executive offices)</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" nowrap valign="top"><FONT size="2">(Zip Code)</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">2001 Key Officer Stock Option Plan</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Full title of the plan)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Brian S. Gillman, Esq</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Mesa Air Group, Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">410 North 44th Street, Suite&nbsp;700</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">Phoenix, Arizona 85008</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Name and address of agent for service)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(602) 685-4000</FONT></TD>
</TR>
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">(Telephone number, including area code, of agent for service)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">With copy to:
</FONT>


<P align="center"><FONT size="2">Gregory R. Hall, Esq.<BR>
Squire, Sanders &#038; Dempsey L.L.P.<BR>
Two Renaissance Square<BR>
Suite&nbsp;2700<BR>
40 North Central Avenue<BR>
Phoenix, Arizona 85004<BR>
(602)&nbsp;528-4000
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
</FONT>
<br><br>
<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">






<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Title of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>To Be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>To Be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share<sup>(1)</sup></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price<sup>(1)</sup></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fee</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock,
no par value</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,000,000</FONT></TD>
    <TD nowrap><FONT size="2"><sup>(1)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">9.88</FONT></TD>
    <TD nowrap><FONT size="2"><sup>(2)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">19,760,000</FONT></TD>
    <TD nowrap><FONT size="2"><sup>(1)</sup></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,598.58</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P>
<HR size="1" width="18%" align="left" noshade>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><sup>(1)</sup></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">This Registration Statement also covers an indeterminate number of
additional shares of Common Stock as may be issuable pursuant to
adjustments deemed necessary or equitable by the Board of Directors of the
Registrant upon stock splits, stock dividends, or other similar changes in
capitalization, as provided in the 2001 Key Officer Stock Option Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2"><sup>(2)</sup></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Estimated solely for the purpose of determining the registration fee in
accordance with Rules&nbsp;457(c) and 457(h) of the Securities Act of 1933, as
amended, on the basis of the average of the high and low prices for shares
of Common Stock on July&nbsp;21, 2003.</FONT></TD>
</TR>
</TABLE>

<P>
<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">






<P align="left"><FONT size="2">This Registration Statement shall become effective automatically upon the date
of filing in accordance with Section&nbsp;8(a) of the Securities Act of 1933, as
amended.
</FONT>

<P align="center"><FONT size="2">2</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "PART I INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS" -->

<P align="center"><FONT size="2"><B>PART I</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The documents containing the information specified in Part I, Items 1 and
2, will be delivered to the Key Officers in accordance with Form&nbsp;S-8 and
Securities Act Rule&nbsp;428.
</FONT>

<!-- link1 "PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->

<P align="center"><FONT size="2"><B>PART II</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Certain Documents by Reference." -->

<P align="left"><FONT size="2">Item&nbsp;3. &nbsp;&nbsp;&nbsp;<B>Incorporation of Certain Documents by Reference</B>.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are hereby incorporated by reference into this
Registration Statement and shall be deemed a part hereof:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; &nbsp;&nbsp;&nbsp;the Annual Report of Mesa Air Group, Inc. (&#147;Mesa&#148;) on Form&nbsp;10-K for
the fiscal year ended September&nbsp;30, 2002;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; &nbsp;&nbsp;&nbsp;Mesa&#146;s Proxy Statement dated January&nbsp;10, 2003, filed with the
Securities and Exchange Commission;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; &nbsp;&nbsp;&nbsp;all reports filed by Mesa with the Securities and Exchange Commission
pursuant to Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934 (the
&#147;Exchange Act&#148;) since the end of the fiscal year covered by the Annual Report
on Form&nbsp;10-K referred to in paragraph (a)&nbsp;above; and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; &nbsp;&nbsp;&nbsp;the description of Mesa&#146;s common stock contained in Mesa&#146;s
registration statement filed pursuant to Section&nbsp;12 of the Exchange Act.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by Mesa pursuant to Sections&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, after the date hereof and prior to the
filing of a post-effective amendment to this Registration Statement which
indicates that all securities offered have been sold or which deregisters all
securities then remaining unsold, shall be deemed to be incorporated by
reference in this Registration Statement and to be a part hereof from the date
of filing such documents. Any statement in a document incorporated or deemed
to be incorporated by reference herein shall be deemed to be modified or
superseded for the purposes of this registration statement to the extent that a
statement contained herein or in any other subsequently filed document which
also is or deemed to be incorporated by reference herein modifies or supersedes
such statement. Any statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this registration
statement.
</FONT>

<!-- link2 "Item&nbsp;4. Description of Securities. Not applicable." -->

<P align="left"><FONT size="2">Item&nbsp;4.&nbsp;&nbsp;&nbsp; <B>Description of Securities</B>.&nbsp; Not applicable.
</FONT>

<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel. Not applicable." -->

<P align="left"><FONT size="2">Item&nbsp;5. &nbsp;&nbsp;&nbsp;<B>Interests of Named Experts and Counsel</B>.&nbsp; Not applicable.
</FONT>

<P align="center"><FONT size="2">3</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->

<P align="left"><FONT size="2">Item&nbsp;6. &nbsp;&nbsp;&nbsp;<B>Indemnification of Directors and Officers</B>.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Mesa&#146;s Articles of Incorporation, Mesa may, to the fullest
extent permitted by Nevada law, indemnify all persons whom it shall have power
to indemnify under Nevada law from and against any and all of the expenses,
liabilities or other matters referred to or covered by Nevada law. The
indemnification provided for shall not be deemed exclusive of any other rights
to which those indemnified may be entitled under any Bylaw, agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in an
official capacity and as to action in another capacity while holding such
office. The indemnification shall continue as to a person who has ceased to be
a director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person. Mesa may pay or otherwise
advance all expenses of officers and directors incurred in defending a civil or
criminal action, suit or proceeding as such expenses are incurred and in
advance of the final disposition of the action, suit or proceeding, provided
that the indemnified officer or director undertakes to repay the amounts so
advanced if a court of competent jurisdiction ultimately determines that such
officer or director is not entitled to be indemnified by Mesa.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa&#146;s Bylaws further provide that no person shall be indemnified against,
or be reimbursed for, any expense or payments incurred in connection with any
claim or liability established to have arisen out of such person&#146;s own willful
misconduct or gross negligence.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The above discussion of Mesa&#146;s Articles of Incorporation and Bylaws is
only a summary and is qualified in its entirety by the full text of each of
the foregoing.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has entered into indemnification agreements with each of its
directors and executive officers providing for indemnification to the fullest
extent permitted by Nevada law. These agreements provide for specific
procedures to better assure the directors&#146; and executive officers&#146; rights to
indemnification, including procedures for directors and executive officers to
submit claims, for determination of persons entitled to indemnification
(including the allocation of the burden of proof and selection of reviewing
party) and for enforcement of indemnification rights.
</FONT>

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed. Not applicable." -->

<P align="left"><FONT size="2">Item&nbsp;7.&nbsp;&nbsp;&nbsp; <B>Exemption from Registration Claimed</B>. &nbsp;Not applicable.
</FONT>

<!-- link2 "Item&nbsp;8. Exhibits." -->

<P align="left"><FONT size="2">Item&nbsp;8. <B>Exhibits</B>.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2001 Key Officer Stock Option Plan</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of opinion rendered by Squire, Sanders &#038; Dempsey L.L.P
(including consent)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Counsel (see Exhibit&nbsp;5)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">4</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Item&nbsp;9. Undertakings." -->

<P align="left"><FONT size="2">Item&nbsp;9.&nbsp;&nbsp;&nbsp; <B>Undertakings</B>.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The undersigned Registrant hereby undertakes:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:
</FONT>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any prospectus required by Section&nbsp;10(a)(3)
of the Securities Act of 1933;</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement
Notwithstanding the foregoing, any increase or decrease in
volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered)
and any deviation from the low or high end of the estimated
maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule&nbsp;424(b) if,
in the aggregate, the changes in volume and price represent no
more than 20&nbsp;percent change in the maximum aggregate offering
price set forth in the &#147;Calculation of Registration Fee&#148; table
in the effective registration statement;</FONT></TD>
</TR>
</TABLE>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;To include any material information with respect to
the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement;</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2"><I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the
registration statement is on Form&nbsp;S-3 or Form&nbsp;S-8, and the information required
to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed by the Registrant pursuant to Section&nbsp;13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference
in the registration statement.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the initial
<I>bona fide </I>offering thereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp; The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or Section&nbsp;15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section
</FONT>
<P align="center"><FONT size="2">5</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="left"><FONT size="2">15(d) of the Securities Exchange Act of 1934) that is incorporated by reference
in the registration statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial <I>bona fide </I>offering
thereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
Registrant of expenses incurred or paid by a director, officer or controlling
person of the Registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the Registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question of
whether such indemnification by it is against public policy as expressed in the
Act and will be governed by the final adjudication of such issue.
</FONT>

<P align="center"><FONT size="2">6</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<!-- link1 "SIGNATURES" -->

<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form&nbsp;S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Phoenix, State of Arizona, on this 25th day of July,
2003.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
MESA AIR GROUP, INC.,</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top"><FONT size="2">
a Nevada corporation</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">By</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ George Murnane III</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">George Murnane III, Executive Vice</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">President and Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOWN ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Jonathan G. Ornstein and George Murnane III, and
each or any of them, his or her attorney-in-fact, for him or her in any and all
capacities, to sign any amendments to this registration statement, and to file
the same, with exhibits thereto, and other documents in connection therewith,
with the Securities and Exchange Commission, hereby ratifying and confirming
all that said attorney-in-fact, or his substitute, may do or cause to be done
by virtue hereof.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed below by the following persons in the
capacities and on the dates indicated.
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Jonathan G. Ornstein</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board, Chief</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Executive Officer and Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jonathan G. Ornstein</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ James E. Swigard</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">James E. Swigard</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Daniel J. Altobello</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Daniel J. Altobello</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Herbert A. Denton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Herbert A. Denton</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Ronald R. Fogleman</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Ronald R. Fogleman</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Maurice A. Parker</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Maurice A. Parker</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">7</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Title</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ George Murnane III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">George Murnane III</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Julie Silcock</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
<TR>
    <TD valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Julie Silcock</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">/s/ Joseph L. Manson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Director
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">July&nbsp;25, 2003</FONT></TD>
</TR>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">Joseph L. Manson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<P align="center"><FONT size="2">8</FONT>

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<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B>
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    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
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    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Page or</B></FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Description</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Method of Filing</B></FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
2001 Key Officer Stock Option Plan
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">*</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Form of opinion rendered by Squire,
Sanders &#038; Dempsey L.L.P (including
consent)
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">*</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">*</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Counsel
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">See Exhibit&nbsp;5</FONT></TD>
</TR>

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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">See Signature Page</FONT></TD>
</TR>
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    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Filed herewith.</FONT></TD>
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<P align="center"><FONT size="2">9</FONT>



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<TYPE>EX-4
<SEQUENCE>3
<FILENAME>p68074exv4.htm
<DESCRIPTION>EXHIBIT 4
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<P align="center"><FONT size="2"><B>EXHIBIT 4</B>
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<br><br><br>
<P align="center"><FONT size="2"><B>MESA AIR GROUP, INC.</B>
</FONT>


<P align="center"><FONT size="2"><B>2001 KEY OFFICER STOCK OPTION PLAN</B>
</FONT>


<P align="left"><FONT size="2">1.&nbsp;&nbsp;&nbsp; PURPOSE OF THE PLAN; TYPE OF PLAN
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; Establishment and General Purpose. Mesa Air Group, Inc. (the &#147;Company&#148;)
hereby establishes the 2001 Key Officer Stock Option Plan (the &#147;Plan&#148;). The
purpose of the Plan is to compensate the chief executive officer of the Company
(&#147;CEO&#148;) and the president and chief operating officer of the Company (&#147;COO,&#148;
together with the CEO, the &#147;Key Officers&#148;) with stock options (&#147;Options&#148;) to
induce their entry into employment agreements (as to each, their &#147;Employment
Agreement&#148;) or otherwise to induce them to remain as employees of the Company,
and in either event to provide an incentive for them to improve the Company&#146;s
performance. Without the Plan, the Board does not believe it can attract and
retain the caliber of officers necessary to operate the Company in today&#146;s
competitive environment. An extremely competitive market currently exists for
senior executive officers and valuable stock options owned by senior management
of competitors of the Company make a generous stock option plan necessary to
attract and retain officers.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Designation of Stock Options as Non-Qualified Stock Options. Options
granted under the Plan shall not be treated as incentive stock options under
Section&nbsp;422 of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;).
</FONT>


<P align="left"><FONT size="2">2. &nbsp;&nbsp;&nbsp;ADMINISTRATION OF THE PLAN
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; Creation of the Committee. This Plan will be administered by a committee
of persons (hereinafter, the &#147;Committee&#148;) as chosen by the Board of Directors
of the Company (the &#147;Board&#148;). The Committee will generally consist of one or
more members of the Board. If a Committee does not exist, or for any other
reason determined by the board, the Board may take any action under the Plan
that otherwise would be the responsibility of the Committee.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp;Composition of Committee. With respect to Options granted to a person
subject to Rule&nbsp;16b-3 of the Securities Exchange Act of 1934 or any successor
rule (&#147;Rule&nbsp;16b-3&#148;), unless otherwise determined by the Board, the Committee
granting such Options shall be the entire Board or shall be comprised solely of
two or more &#147;non-employee directors&#148; as defined by Rule&nbsp;16b-3. With respect to
Options granted to a &#147;covered employee&#148; under Section&nbsp;162(m) of the Code
(&#147;Section&nbsp;162(m)&#148;), unless otherwise determined by the Board, the Committee
granting such Options shall be comprised solely of two or more &#147;outside
directors&#148; as defined by Section&nbsp;162(m). With respect to Options granted to a
person subject to both Rule&nbsp;16b-3 and Section&nbsp;162(m), unless otherwise
determined by the Board, all grants will be made in a manner that complies with
both Rule&nbsp;16b-3 and Section&nbsp;162(m). The Committee shall be so constituted at
all times as to permit the Plan to comply with Rule&nbsp;16b-3 or any successor
rule.
</FONT>

<P align="center"><FONT size="2">&nbsp;</FONT>

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<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp; Power and Authority of Committee. The Committee will have authority and
discretion to interpret the Plan, to establish, amend, and rescind any rules
and regulations relating to the Plan, to decide all questions and settle all
controversies and disputes which may arise in connection with the Plan, and to
make all other determinations that may be necessary or advisable for the
administration of the Plan.
</FONT>


<P align="left"><FONT size="2">3. &nbsp;&nbsp;&nbsp;STOCK AND MAXIMUM NUMBER OF SHARES SUBJECT TO PLAN
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; Description of Stock and Maximum Shares Allocated. The stock subject to
the provisions of this Plan and issuable upon exercise of the Options are
shares of the Company&#146;s common stock (&#147;Common Stock&#148;), no par value, which may
be either unissued or treasury shares, as the Board may from time to time
determine. Subject to adjustment as provided in Section&nbsp;7, the aggregate number
of shares of Common Stock covered by the Plan issuable upon exercise of all
Options shall be 2,000,000 shares, which shares shall be reserved for issuance
upon the exercise of the Options. The maximum number of shares that will be
subject to Options granted under the Plan to any Key Officer during any
calendar year will be as set forth in Section&nbsp;4(b)(i) and (ii), subject to
adjustment as described in Section&nbsp;7. (The shares available for Options under
this Plan and all other shares of Common Stock of the Company shall be referred
to herein as the &#147;Shares.&#148;) If the exercise price of any Option is satisfied by
tendering Shares to the Company, only that number of Shares issued net of the
Shares tendered shall be considered issued and delivered for purposes of
determining the maximum number of Shares available for issuance under this
Section.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Restoration of Unpurchased Shares. If an Option expires or terminates for
any reason prior to its exercise in full before the term of the Plan expires,
the Shares subject to, but not issued under, such Option shall again be
available for other Options hereafter granted.
</FONT>


<P align="left"><FONT size="2">4. &nbsp;&nbsp;&nbsp;OPERATION OF THE PLAN
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; Plan Participants. Options shall be granted to the Key Officers.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Date of Grants and Allotment.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp; CEO. One hundred and fifty thousand (150,000) Options shall be
granted to the CEO on April&nbsp;1, 2002, and on April 1 of each successive calendar
year in which the CEO&#146;s Employment Agreement remains in effect. The grant of
any Options to the CEO in excess of such number of Options will require the
approval of the Committee.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp; COO. One hundred thousand (100,000) Options shall be granted to the
COO on January&nbsp;1, 2002, and on January 1 of each successive calendar year in
which the COO&#146;s Employment Agreement remains in effect. The grant of any
Options to the COO in excess of such number of Options will require the
approval of the Committee.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;If a scheduled Grant Date in any given year fall on a day on which
trading in the Shares is closed, the action which would have taken place on
such Grant Date shall be delayed until the first day after the scheduled Grant
Date that trading in the Shares commences.
</FONT>

<P align="center"><FONT size="2">2</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp; Each of the dates on which Options are granted under this Section
4(b) shall be referred to herein as a &#147;Grant Date.&#148;
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp; Price. The Option price per Share shall be equal to the fair market value
of the underlying Shares on the Grant Date, as determined under Section&nbsp;4(d)
below.
</FONT>

<P align="left"><FONT size="2">(d)&nbsp;&nbsp;&nbsp; Fair Market Value. The fair market value of Shares underlying Options
granted on any particular Grant Date shall be determined as follows:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp; If the Shares are listed or admitted to trading on any securities
exchange, the fair market value shall be the average sales price on such day on
the New York Stock Exchange, or if the Shares have not been listed or admitted
to trading on the New York Stock Exchange, on such other securities exchange on
which such stock is then listed or admitted to trading, or if no sale takes
place on such day on any such exchange, the average of the closing bid and
asked price on such day as officially quoted on any such exchange;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp; If the Shares are not then listed or admitted to trading on any
securities exchange, the fair market value shall be the average sales price on
such day or, if no sale takes place on such day, the average of the reported
closing bid and asked price on such date, in the over-the-counter market as
furnished by the National A-2 39 Association of Securities Dealers Automated
Quotation (&#147;NASDAQ&#148;), or if NASDAQ at the time is not engaged in the business
of reporting such prices, as furnished by any similar firm then engaged in such
business and selected by the Committee; or
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp; If the Shares are not then listed or admitted to trading in the
over-the-counter market, the fair market value shall be the amount determined
by the Committee in a manner consistent with Treasury Regulation&nbsp;Section&nbsp;20.203
l-2 promulgated under the Code or in such other manner prescribed by the
Secretary of the Treasury or the Internal Revenue Service.
</FONT>

<P align="left"><FONT size="2">(e)&nbsp;&nbsp;&nbsp; Duration of Plan; Term of Options. The term of the Plan, unless
previously terminated by the Board, is five years. The Board may suspend or
terminate the Plan at any time. No Option shall be granted under the Plan
unless granted within five years after the adoption of the Plan by the Board,
but Options outstanding on the date the Plan terminates shall not be terminated
or otherwise affected by virtue of the Plan&#146;s expiration. Except as otherwise
Indicated in Section&nbsp;6, all Options automatically expire ten years from the
Grant Date.
</FONT>

<P align="left"><FONT size="2">(f)&nbsp;&nbsp;&nbsp; Vesting of the Options. Subject to Section&nbsp;6, one-third of the Options
granted on a Grant Date shall vest on the first anniversary after the Grant
Date; one-third of the Options granted on a Grant Date shall vest on the second
anniversary after the Grant
Date; and the remaining one-third of Options granted on a Grant Date shall vest
on the third anniversary after the Grant Date.
</FONT>


<P align="left"><FONT size="2">5. &nbsp;&nbsp;&nbsp;TERMS AND CONDITIONS OF OPTIONS
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp;Individual Agreements. Options granted under the Plan shall be evidenced
by agreements in such form as the Board or the Committee from time to time
approves, which agreements shall substantially comply with and be subject to
the terms of the Plan.
</FONT>

<P align="center"><FONT size="2">3</FONT>

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<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Required Provisions. Each agreement shall state:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp; the total number of Shares to which it pertains;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp; the exercise price for the Shares covered by the Option;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp; the time at which the Option becomes exercisable;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp; the scheduled expiration date of the Option; and
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp; the timing and conditions of issuance of any Option exercise.
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp; No Fractional Shares. Options shall be granted and shall be exercisable
only for whole Shares; no Fractional Shares will be issuable upon exercise of
any Option granted under the Plan. Fractional Options shall be rounded down to
the nearest whole Share number.
</FONT>

<P align="left"><FONT size="2">(d)&nbsp;&nbsp;&nbsp; Method of Exercising Options. Options shall be exercised by written
notice to the Company, addressed to the Company at its principal place of
business. Such notice shall state the election to exercise the Option and the
number of Shares with respect to which it is being exercised, and shall be
signed by the person exercising the Option. Such notice shall be accompanied by
payment in full of the exercise price for the number of Shares being purchased.
Payment may be by any of the following methods or any combination of the
following methods:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp; in cash;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp; by bank cashier&#146;s check;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp; pursuant to a loan from the Company if the Board so determines or if
the Key Officer&#146;s Employment Agreement so provides;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp; by delivery to the Company of certificates representing the number
of Shares then owned by the Key Officer, the fair market value of which (as
determined under Section&nbsp;4(d)) equals the purchase price of the Shares
purchased pursuant to the Option, properly endorsed for transfer to the
Company, but Shares used for this purpose must have been held by the Key
Officer for at least six months, or for such other minimum period as may be
established from time to time by the Committee; or
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp; with the surrender of vested Options which have a &#147;spread&#148; equal to
the amount of payment (with the spread to be determined by the difference
between the fair market value of the common stock that is subject to the Option
that is being surrendered, as determined in Section&nbsp;3(d) of the Plan, and the
exercise price of the Option being surrendered).
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall deliver a certificate or certificates representing the
Option Shares to the purchaser as soon as practicable after payment for those
Shares has been received. If an Option is exercised by any person other than
the Option holder, such notice shall be accompanied by appropriate proof of the
right of such person to exercise the Option. All Shares
</FONT>
<P align="center"><FONT size="2">4</FONT>

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<P align="left"><FONT size="2">that are purchased and paid for in full upon the exercise of an Option shall be
fully paid and non-assessable.
</FONT>

<P align="left"><FONT size="2">(e)&nbsp;&nbsp;&nbsp; No Rights of a Shareholder. A Key Officer shall have no rights as a
shareholder with respect to Shares covered by an Option until such Option is
exercised and a certificate for the underlying Shares is issued. Upon such
exercise of an Option and issuance of a stock certificate, the holder of the
Shares of Common Stock so received shall have all the rights of a shareholder
of the Company. No adjustment will be made for cash dividends for which the
record date is prior to the date a stock certificate is issued upon exercise of
an Option.
</FONT>

<P align="left"><FONT size="2">(f)&nbsp;&nbsp;&nbsp; Registration Rights. Each grant of Options pursuant to this Plan shall be
subject to the requirement that, if at any time counsel to the Company shall
determine that the listing, registration or qualification of the Shares subject
to such Option upon any securities exchange or under any state or federal law,
or the consent or approval of any governmental or regulatory body, is necessary
as a condition of, or in connection with, the issuance or purchase of Shares
thereunder, such Option may not be exercised in whole or in part unless such
listing, registration, qualification, consent or approval have been effected or
obtained on conditions acceptable to the Committee. Notwithstanding the
foregoing, the Company agrees: (i)&nbsp;to keep in effect a registration statement
under the Securities Act of 1933, as amended (or any successor statute) (the
&#147;1933 Act&#148;) with respect to the Shares underlying the Options for as long as
any of the Options remain unexercised; (ii)&nbsp;to keep in effect a registration
statement under the 1933 Act with respect to the resale of any such Shares, to
the extent necessary to permit the Key Officer or any transferee of the Key
Officer&#146;s Shares (acquired pursuant to an Option) to resell such Shares without
any restrictions on the resale of such Shares under the 1933 Act; (iii)&nbsp;to
comply with any registration or similar requirements under the laws of any
state to the extent necessary to permit the Key Officer or any transferee of
the Key Officer with respect to such Shares to resell such Shares without any
restrictions on the resale of such Shares under such laws and regulations; (iv)
to comply with all state and federal laws and regulations regarding disclosure,
so as to permit the Key Officer and any transferee of the Key Officer to resell
the Shares underlying the Options without liability under such laws and
regulations; and (v)&nbsp;to cause all Shares underlying any Option to be listed or
admitted to trading on any securities exchange on which the Shares have been
listed or admitted to trading, at the time any Option is exercised.
</FONT>


<P align="left"><FONT size="2">6. &nbsp;&nbsp;&nbsp;TERMINATION OF EMPLOYMENT; ASSIGNABILITY; DEATH
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp;Termination of Employment. Except as more specifically provided in
Section&nbsp;6(b), (c), (d)&nbsp;or (e), below, if any Key Officer ceases to be an
employee of the Company prior to March&nbsp;14, 2004 (in the case of Ornstein) or
January&nbsp;1, 2004 (in the case of Lotz), such Key Officer may, within three
months after the date of such Key Officer&#146;s termination of employment (but not
after the stated expiration date of an Option), exercise any Option that has
become vested prior to the date of such termination. If any Key Officer is
employed by the Company for the period beginning with the date this Plan is
approved by the Board and ending on March&nbsp;13, 2004 (in the case of Ornstein) or
December&nbsp;31, 2003 (in the case of Lotz), and thereafter ceases to be an
employee of the Company, the expiration date for exercise of the Options held
by such Key Employee shall not be earlier than ten years from the Grant Date.
</FONT>

<P align="center"><FONT size="2">5</FONT>

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<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Disability. If the Key Officer is removed as an employee of the Company
due to Disability (as defined in such Key Officer&#146;s Employment Agreement), any
unvested Option shall become fully vested and the Key Officer (or his
representative) may exercise the Options, in whole or in part, at any time
prior to the stated expiration date of the Options, and if such removal occurs
prior to March&nbsp;14, 2004 (in the case of Ornstein) or January&nbsp;1, 2004 (in the
case of Lotz), the expiration date for exercise of the Options shall not be
earlier than ten years from the Grant Date.
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp; Discharge for Cause. If a Key Officer is removed as an employee of the
Company for Cause (as such term is defined in such Key Officer&#146;s Employment
Agreement), the Options shall terminate upon the effective date of the removal.
Notwithstanding the foregoing, if such Key Officer is employed by the Company
for the period beginning with the date this Plan is approved by the Board and
ending on March&nbsp;13, 2004 (in the case of Ornstein) or December&nbsp;31, 2003 (in the
case of Lotz), such Key Officer may exercise the Options, in whole or in part,
to the extent they were exercisable on the date when the Key Officer&#146;s removal
was effective, at any time prior to the tenth anniversary of the Grant Date of
the Options.
</FONT>

<P align="left"><FONT size="2">(d)&nbsp;&nbsp;&nbsp; Termination Without Cause or For Good Reason. If a Key Officer is
terminated by the Company without Cause (as such term is defined in such Key
Officer&#146;s Employment Agreement) or if the Key Officer terminates employment for
Good Reason (as such term is defined in such Key Officer&#146;s Employment
Agreement), any unvested Option held by such Key Officer shall vest
immediately, and such Key Officer shall have until the stated expiration date
of any Options to exercise them, but if such termination occurs prior to March
14, 2004 (in the case of Ornstein) or January&nbsp;1, 2004 (in the case of Lotz),
the expiration date for exercise of the Options shall not be earlier than ten
years from the Grant Date.
</FONT>

<P align="left"><FONT size="2">(e)&nbsp;&nbsp;&nbsp; Death of Option Holder. If a Key Officer dies while serving as an
employee of the Company, any unvested Option held by such Key Officer shall
become fully vested and shall be exercisable until the stated expiration date
thereof by the person or persons (&#147;successors&#148;) to whom such Key Officer&#146;s
rights pass under will or by the laws of descent and distribution, but if the
Key Officer&#146;s death occurs prior to March&nbsp;14, 2004 (in the case of Ornstein) or
January&nbsp;1, 2004 (in the case of Lotz), the expiration date for exercise of the
Options shall not be earlier than ten years from the Grant Date. An Option may
be exercised (and payment of the Option price made in full) by the successors
only after written notice to the Company, specifying the number of shares to be
purchased. Such notice shall comply with the provisions of Section&nbsp;5(f).
</FONT>

<P align="left"><FONT size="2">(f)&nbsp;&nbsp;&nbsp; Assignability. No Option or the privileges conferred thereby shall
be assignable or transferable by a holder except:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp; by will or the laws of descent and distribution;
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp; to an immediate family member (which for this purpose is defined as
a spouse, a child by blood or adoption, a grandchild by blood or adoption, and
any trust, partnership, limited liability company, or other entity whose
primary beneficiaries include one or more of any such immediate family members)
of the Key Officer holding such Option; or
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;to an organization exempt from Federal income tax under Section
501(c)(3) or Section&nbsp;501(c)(4) of the Code.
</FONT>

<P align="center"><FONT size="2">6</FONT>

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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp; The provisions of this Section&nbsp;6 shall be subject to call rights
with respect to the Options, if any, that are set forth in the Key Officer&#146;s
Employment Agreement or in any other agreement between the Key Officer and the
Company.
</FONT>


<P align="left"><FONT size="2">7. &nbsp;&nbsp;&nbsp;CERTAIN ADJUSTMENTS
</FONT>

<P align="left"><FONT size="2">The aggregate number of Shares subject to the Plan, the number of Shares
covered by outstanding Options, and the price per share stated in such Options
shall be proportionately adjusted for any increase or decrease in the number of
outstanding Shares of Common Stock of the Company resulting from a subdivision
or consolidation of Shares or any other capital adjustment or from the payment
of a stock dividend or from any other increase or decrease in the number of
such Shares effected without receipt by the Company of consideration therefor
in money, services or property.
</FONT>


<P align="left"><FONT size="2">8. &nbsp;&nbsp;&nbsp;COMPLIANCE WITH LEGAL REQUIREMENTS
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; Registration Statement Preparation. The Key Officer hereby agrees to
supply the Company with such information and to cooperate with the Company, as
the Company may reasonably request, in connection with the preparation and
filing of the registration statements and amendments thereto under the 1933 Act
and applicable state statutes and regulations applicable to the Option Shares.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Additional Restrictions on Option Exercise. Notwithstanding any provision
to the contrary contained herein, a Key Officer may exercise Options only so
long as such exercise does not violate the law or any rule or regulation
adopted by any applicable governmental authority.
</FONT>


<P align="left"><FONT size="2">9. &nbsp;&nbsp;&nbsp;MISCELLANEOUS
</FONT>

<P align="left"><FONT size="2">(a)&nbsp;&nbsp;&nbsp; No Funding. This Plan shall be unfunded. The Company shall not be
required to establish any special or separate fund or to make any other
segregation of assets to assure any payment under the Plan.
</FONT>

<P align="left"><FONT size="2">(b)&nbsp;&nbsp;&nbsp; Nevada Law. The Plan and the Options granted thereunder shall be governed
by the laws of the State of Nevada.
</FONT>

<P align="left"><FONT size="2">(c)&nbsp;&nbsp;&nbsp;Withholding of Taxes. The Company&#146;s obligation to issue Shares upon the
exercise of an Option shall be subject to the Key Officer&#146;s satisfaction of all
applicable federal, state, and local income and other tax withholding
requirements. For these purposes, the Company shall have the right to deduct
from any other compensation of the Key Officer any such taxes (including FICA
taxes) required by law to be withheld with respect to the granting or exercise
of any Options. At the time an Option is exercised by a Key Officer, the
Committee, in its sole discretion, may permit the Key Officer to satisfy such
withholding obligations by transferring previously-owned Shares to the Company,
or by directing the Company to withhold from Shares otherwise issuable to such
Key Officer upon the exercise of the Option. For these purposes, the value of
Shares would be determined under Section&nbsp;3(d) on the date that the amount of
tax to be withheld is to be determined.
</FONT>

<P align="center"><FONT size="2">7</FONT>

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<P align="left"><FONT size="2">(d)&nbsp;&nbsp;&nbsp; Other Employee Benefits. The amount of any compensation deemed to be
received by a Key Officer as a result of the exercise or grant of any Options
shall not constitute &#147;earnings&#148; with respect to which any other employee
benefits of such Key Officer are determined, including without limitation
benefits under any pension, profit sharing, life insurance or salary
continuation plan.
</FONT>



<P align="center"><FONT size="2">8</FONT>



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<TYPE>EX-5
<SEQUENCE>4
<FILENAME>p68074exv5.htm
<DESCRIPTION>EXHIBIT 5
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<P align="center"><FONT size="2"><B>EXHIBIT 5</B>
</FONT>


<P align="center"><FONT size="2"><B>Squire, Sanders &#038; Dempsey L.L.P.<BR>
Two Renaissance Square<BR>
Suite&nbsp;2700<BR>
40 North Central Avenue<BR>
Phoenix, Arizona 85004</B>
</FONT>


<P align="right"><FONT size="2">July&nbsp;25, 2003
</FONT>


<P align="left"><FONT size="2">Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549
</FONT>

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Re:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Mesa Air Group, Inc.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">2001 Key Officer Stock Option Plan</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="left"><FONT size="2">Ladies and Gentlemen:
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Mesa Air Group, Inc., a Nevada corporation
(the &#147;Company&#148;), in connection with its Registration Statement on Form&nbsp;S-8 (the
&#147;Registration Statement&#148;) filed under the Securities Act of 1933, as amended,
relating to the registration of 2,000,000 shares of its Common Stock, no par
value (the &#147;Shares&#148;), issuable pursuant to the Company&#146;s 2001 Key Officer Stock
Option Plan (the &#147;Plan&#148;).
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that connection, we have examined minutes of a meeting of the Company&#146;s
Board of Directors held on July&nbsp;31, 2001, at which the Shares were authorized
for issuance under the Plan. We have further examined such documents,
corporate records and other instruments as we have deemed necessary or
appropriate for purposes of this opinion, including the Articles of
Incorporation and the Bylaws of the Company, including all amendments thereto.
For purposes of our opinion, we have assumed the availability of a sufficient
number of authorized and unissued shares at the time of such issuance.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, we are of the opinion that the Shares, when
issued and sold in accordance with the terms of the Plan, will be validly
issued, fully paid and nonassessable.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the use of this opinion as an exhibit to the
Registration Statement.
</FONT>

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Very truly yours,</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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SQUIRE, SANDERS &#038; DEMPSEY L.L.P.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Squire, Sanders &#038; Dempsey L.L.P.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
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<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>p68074exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
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<P align="center"><FONT size="2"><B>EXHIBIT 23.1</B>
</FONT>


<P align="center"><FONT size="2"><B>CONSENT OF DELOITTE &#038; TOUCHE LLP</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consent to the incorporation by reference in this Registration
Statement of Mesa Air Group, Inc. on Form&nbsp;S-8 of our report dated November&nbsp;22,
2002 (June&nbsp;10, 2003 as to Note 22)(which expresses an unqualified opinion and
includes explanatory paragraphs relating to 1) the company&#146;s significant
code-share agreements, 2) the company&#146;s change in its method of accounting for
maintenance costs and 3) the restatement described in Note 22 for business
segment reporting), appearing in the Current Report on Form&nbsp;8-K of Mesa Air
Group, Inc. dated June&nbsp;10, 2003.<br>
</FONT>

<P align="left"><FONT size="2">/s/Deloitte &amp; Touche LLP</FONT>

<P align="left"><FONT size="2">Phoenix, Arizona<BR>
July&nbsp;25, 2003
</FONT>



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