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<SEC-DOCUMENT>0000950153-05-001368.txt : 20050607
<SEC-HEADER>0000950153-05-001368.hdr.sgml : 20050607
<ACCEPTANCE-DATETIME>20050607172932
ACCESSION NUMBER:		0000950153-05-001368
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20050607
DATE AS OF CHANGE:		20050607
EFFECTIVENESS DATE:		20050607

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:	333-125604
		FILM NUMBER:		05883603

	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>p70751sv8.htm
<DESCRIPTION>S-8
<TEXT>
<HTML>
<HEAD>
<TITLE>sv8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt">As filed with the Securities
and Exchange Commission on June 7, 2005<BR>
Registration No.&nbsp;333-________



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>


<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, D.C. 20549</B>
</DIV>
<P>
<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="40%" align="center" color="#000000"></DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT UNDER<br>
THE SECURITIES ACT OF 1933</B></DIV>

<P>
<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="40%" align="center" color="#000000"></DIV>

<P align="center" style="font-size: 24pt"><B>MESA AIR GROUP, INC.</B>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">85-0302351</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade width="100%" align="center" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">410 North 44<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Suite&nbsp;700, Phoenix, Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">85008</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade width="100%" align="center" color="#000000"></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">2005 Employee Stock Incentive Plan


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 10pt">(Full title of the plan)</DIV>



<P align="center" style="font-size: 10pt">Brian S. Gillman<BR>
Vice President and General Counsel<BR>
Mesa Air Group, Inc.<BR>
410 North 44<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street, Suite&nbsp;700<BR>
Phoenix, Arizona 85008


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 10pt">(Name and address of agent for service)</DIV>



<P align="center" style="font-size: 10pt">(602)&nbsp;685-4000


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%" align="center" color="#000000"></DIV>


<DIV align="center" style="font-size: 10pt">(Telephone number, including area code, of agent for service)</DIV>



<P align="center" style="font-size: 10pt">With copy to:



<P align="center" style="font-size: 10pt">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







<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">

    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Title of </B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Securities</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Per Share</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Price</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fee</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left"><DIV style="margin-left:15px; text-indent:-15px">Common Stock,
no par value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1,500,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$6.48</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$9,720,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1,142.86</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<HR size="1" width="18%" align="left" noshade color="#000000">

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">This Registration Statement also covers (i)&nbsp;the number of shares equal to the number
of shares subject to awards granted under the Company&#146;s 1996 Stock Option Plan but ultimately
which are not issued under such plan as a result of the cancellation, expiration or forfeiture
of such awards and (ii)&nbsp;an indeterminate number of additional shares of Common Stock as may be
issuable pursuant to adjustments deemed necessary or equitable by the Compensation Committee
of the Board of Directors of the Registrant upon stock splits, stock dividends, or other
similar changes in capitalization, as provided in the 2005 Employee Stock Incentive Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of calculating the amount of the registration fee
in accordance with Rules 457(c) and 457(h) of the Securities Act of 1933, as amended. The
price per share and aggregate offering price are based on the average of the high and low
sales prices for shares of Common Stock of Mesa Air Group, Inc., on June&nbsp;2, 2005, as reported
on the Nasdaq National Market.</TD>
</TR>

</TABLE>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">

    <TD width="3%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">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.





<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>







<P align="center" style="font-size: 10pt">1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Certain Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="p70751exv4.htm">Exhibit 4</A></TD></TR>
<TR><TD colspan="9"><A HREF="p70751exv5.htm">Exhibit 5</A></TD></TR>
<TR><TD colspan="9"><A HREF="p70751exv23w1.htm">Exhibit 23.1</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE SECTION 10(A) PROSPECTUS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the instructions to Form S-8, Part&nbsp;I (Information Required in the Section 10(a)
Prospectus) is not filed as part of this Registration Statement.

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>



<P align="center" style="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>


<!-- link2 "Item&nbsp;3. Incorporation of Certain Documents by Reference" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Certain Documents by Reference.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are hereby incorporated by reference into this Registration Statement
and shall be deemed a part hereof:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Annual Report of Mesa Air Group, Inc. (&#147;<U>Mesa</U>&#148;) on Form 10-K for the fiscal
year ended September&nbsp;30, 2004;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Mesa&#146;s Proxy Statement dated January&nbsp;10, 2005, filed with the Securities and Exchange
Commission;


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange
Act of 1934, as amended, after the date of this Registration Statement and prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all securities offered
hereby 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any document, and 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 such document or statement so modified or superseded shall not be deemed, except as
so modified or superseded, to constitute a part of this Registration Statement. Subject to the
foregoing, all information appearing in this Registration Statement is qualified in its entirety by
the information appearing in the documents incorporated by reference.


<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities.</B>


<P align="left" style="font-size: 10pt">Not applicable.


<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>


<P align="left" style="font-size: 10pt">Not applicable.


<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mesa 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.

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed.</B>


<P align="left" style="font-size: 10pt">Not applicable.



<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits.</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">4
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005 Employee Stock Incentive Plan</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">5
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of opinion rendered by Squire, Sanders &#038; Dempsey L.L.P
(including consent)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23.1
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23.2
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Counsel (see Exhibit&nbsp;5)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">24
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings.</B>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The undersigned Registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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:



<P align="left" style="margin-left:7%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act of 1933;



<P align="left" style="margin-left:7%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 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 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;



<P align="left" style="margin-left:7%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) 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;


<P align="left" style="font-size: 10pt"><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



<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">pursuant to Section&nbsp;13 or Section&nbsp;15(d) of the Securities Exchange Act of 1934 that are
incorporated by reference in the registration statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 13(a) or Section 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 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.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.




<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form 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 7th
day of June, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">MESA AIR GROUP, INC.,<BR>
a Nevada corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ George Murnane III</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;George Murnane III, Executive Vice<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration
Statement has been signed below by the following persons in the capacities and on the dates
indicated.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jonathan G. Ornstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, Chief
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jonathan G. Ornstein
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Officer and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Daniel J. Altobello
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Daniel J. Altobello</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ronald R. Fogleman
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ronald R. Fogleman</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Maurice A. Parker
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maurice A. Parker</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Peter F. Nostrand
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Peter F. Nostrand</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Signature</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Beleson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert Beleson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Joseph L. Manson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June 7, 2005</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Joseph L. Manson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Page or</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Method of Filing</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2005 Employee Stock Incentive Plan
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of opinion rendered by Squire,
Sanders &#038; Dempsey L.L.P (including
consent)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">*</TD>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Counsel
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">See Exhibit&nbsp;5</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
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    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">See Signature Page</TD>
</TR>
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<DIV align="left" style="font-size: 10pt">* Filed herewith.
</DIV>


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<DESCRIPTION>EXHIBIT 4
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 4</B>



<P align="center" style="font-size: 10pt"><B>2005 EMPLOYEE STOCK INCENTIVE PLAN<BR>
OF<BR>
MESA AIR GROUP, INC.</B>



<P align="left" style="font-size: 10pt"><B>Section&nbsp;1. Purpose of Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this 2005 Employee Stock Incentive Plan (this &#147;<U>Plan</U>&#148;) of Mesa Air
Group, Inc., a Nevada corporation (the &#147;<U>Company</U>&#148;), is to enable the Company and any
subsidiary corporation (as the term is defined in Code Section&nbsp;424(f), hereinafter each a
&#147;Subsidiary&#148; or the plural &#147;<U>Subsidiaries</U>&#148;) to attract, retain and motivate their officers
and other key employees, and to further align the interests of such persons with those of the
stockholders of the Company by providing for or increasing the proprietary interest of such persons
in the Company.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;2. Administration of Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <I>Composition of Committee. </I>This Plan shall be administered by the Compensation Committee
of the Board of Directors (the &#147;<U>Committee</U>&#148;), as appointed from time to time by the Board of
Directors. The Board of Directors shall fill vacancies on, and from time to time may remove or add
members to, the Committee. The Committee shall act pursuant to a majority vote or unanimous written
consent. The Board of Directors, in its sole discretion, may exercise any authority of the
Committee under this Plan in lieu of the Committee&#146;s exercise thereof. Notwithstanding the
foregoing, with respect to any Award that is not intended to satisfy the conditions of Rule&nbsp;16b-3
under the Securities Exchange Act of 1934, as amended (the &#147;<U>Exchange Act</U>&#148;) or Section
162(m)(4)(C) of the Internal Revenue Code of 1986, as amended (the &#147;<U>Code</U>&#148;), the Committee
may appoint one or more separate committees (any such committee, a &#147;Subcommittee&#148;) composed of one
or more directors of the Company (who may but need not be members of the Committee) and may
delegate to any such Subcommittee(s) the authority to grant Awards, as defined in Section&nbsp;5.1
hereof, under the Plan to Eligible Persons, to determine all terms of such Awards, and/or to
administer the Plan or any aspect of it. Any action by any such Subcommittee within the scope of
such delegation shall be deemed for all purposes to have been taken by the Committee. The
Committee may designate the Secretary of the Company or other Company employees to assist the
Committee in the administration of the Plan, and may grant authority to such persons to execute
agreements or other documents evidencing Awards made under this Plan or other documents entered
into under this Plan on behalf of the Committee or the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <I>Powers of the Committee. </I>Subject to the express provisions of this Plan, the Committee
shall be authorized and empowered to do all things necessary or desirable, in its sole discretion,
in connection with the administration of this Plan, including, without limitation, the following:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to prescribe, amend and rescind rules and regulations relating to this Plan and to
define terms not otherwise defined herein; provided that, unless the Committee shall specify
otherwise, for purposes of this Plan (i)&nbsp;the term &#147;fair market value&#148; shall mean, as


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="margin-left:3%; font-size: 10pt">of any date, the closing price for a Share (as defined in Section&nbsp;3.1) reported for the
last trading day prior to such date by the Nasdaq Stock Market (or such other stock exchange
or quotation system on which Shares are then listed or quoted) or, if no Shares are traded
on the Nasdaq Stock Market (or such other stock exchange or quotation system) on the date in
question, then for the next preceding date for which Shares traded on the Nasdaq Stock
Market (or such other stock exchange or quotation system); and (ii)&nbsp;the term &#147;Company&#148; shall
mean the Company and its Subsidiaries, unless the context otherwise requires;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to determine which persons are Eligible Persons (as defined in Section&nbsp;4), to which
of such Eligible Persons, if any, Awards shall be granted hereunder and the timing of any
such Awards, and to grant Awards;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to grant Awards to Eligible Persons and determine the terms and conditions thereof,
including the number of Shares subject to Awards and the exercise or purchase price of such
Shares and the circumstances under which Awards become exercisable or vested or are
forfeited or expire, which terms may but need not be conditioned upon the passage of time,
continued employment, the satisfaction of performance criteria, the occurrence of certain
events (including events which the Board or the Committee determine constitute a change of
control), whether such Award complies with Code Section&nbsp;409A and Notice 2005-1 or other
factors;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to establish, verify the extent of satisfaction of, adjust, reduce or waive any
performance goals or other conditions applicable to the grant, issuance, exercisability,
vesting and/or ability to retain any Award;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to prescribe and amend the terms of the agreements or other documents evidencing
Awards made under this Plan (which need not be identical);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to determine whether, and the extent to which, adjustments are required pursuant to
Section&nbsp;10;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) to interpret and construe this Plan, any rules and regulations under this Plan and
the terms and conditions of any Award granted hereunder, and to make exceptions to any such
provisions in good faith and for the benefit of the Company; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) to make all other determinations deemed necessary or advisable for the
administration of this Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <I>Determinations of the Committee. </I>All decisions, determinations and interpretations by the
Committee regarding this Plan shall be final and binding on all Eligible Persons and Participants.
The Committee shall consider such factors as it deems relevant to making such decisions,
determinations and interpretations including, without limitation, the recommendations or advice of
any director, officer or employee of the Company and such attorneys, consultants and accountants as
it may select.


<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt"><B>Section&nbsp;3. Stock Subject to Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <I>Aggregate Limits. </I>The aggregate number of shares of the Company&#146;s Common Stock, no par
value (&#147;<U>Shares</U>&#148;), issued pursuant to all Awards granted under this Plan shall not exceed
1,500,000; plus, the number of shares equal to the number of shares subject to awards granted under
the Company&#146;s 1996 Stock Option Plan but ultimately which are not issued under such plan as a
result of the cancellation, expiration or forfeiture of such awards (such Shares being known as the
&#147;<U>1996 Plan Shares</U>&#148;). The aggregate number of Shares available for issuance under this Plan
and the number of Shares subject to outstanding Options or other Awards shall be subject to
adjustment as provided in Section&nbsp;10. The Shares issued pursuant to this Plan may be Shares that
either were reacquired by the Company, including Shares purchased in the open market, or authorized
but unissued Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <I>Additional Limits. </I>The aggregate number of Shares subject to Options granted under this
Plan during any calendar year to any one Eligible Person shall not exceed 150,000 (taking into
account the number of shares associated with an Option granted and then cancelled during such
calendar year). The aggregate number of Shares issued or issuable under all Awards granted under
this Plan, other than Options, during any calendar year to any one Eligible Person shall not exceed
50,000 (taking into account the number of shares associated with the Awards other than Options
granted and then cancelled during such calendar year). The foregoing limitations of this Section
3.2 shall not apply to the extent that they are no longer required in order for compensation in
connection with grants of Awards under this Plan to be treated as &#147;performance-based compensation&#148;
under Code Section 162(m) and, if no longer required, a change in such limitation shall not be
subject to stockholder approval as required under Section&nbsp;13 hereof. The aggregate number of
Shares that may be issued pursuant to the exercise of ISOs granted under this Plan shall not exceed
1,500,000 (provided that such Shares shall not include the 1996 Plan Shares), which number shall be
calculated and adjusted pursuant to Section&nbsp;3.3 and Section&nbsp;10 only to the extent that such
calculation or adjustment will not affect the status of any Option intended to qualify as an ISO
under Code Section&nbsp;422, or whether this Plan meets the requirements under Code Section&nbsp;422(b)(1).
For the avoidance of all doubt, the 1996 Plan Shares may not be issued pursuant to the exercise of
ISOs granted under the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <I>Issuance of Shares. </I>For purposes of Section&nbsp;3.1, the aggregate number of Shares issued
under this Plan at any time shall equal only the number of Shares actually issued upon exercise or
settlement of an Award and shall not include Shares subject to Awards that have been canceled,
expired or forfeited or Shares subject to Awards that have been delivered (either actually or
constructively by attestation) to or retained by the Company in payment or satisfaction of the
purchase price or exercise price of an Award.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;4. Persons Eligible Under Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any person who is an employee or prospective employee of the Company or any of its
Subsidiaries shall be eligible to be considered for the grant of Awards hereunder; provided that
the Award to such prospective employee is conditioned on the prospective employee&#146;s commencement of
employment (an &#147;<U>Eligible Person</U>&#148;). The status of the chairman of the Board of Directors as
an &#147;employee&#148; shall be determined by the Committee.


<P align="center" style="font-size: 10pt">3
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<P align="left" style="font-size: 10pt"><B>Section&nbsp;5. Plan Awards</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <I>Award Types. </I>The Committee, on behalf of the Company, is authorized under this Plan to
enter into certain types of arrangements with Eligible Persons and to confer certain benefits on
them. The following arrangements or benefits are authorized under this Plan if their terms and
conditions are not inconsistent with the provisions of this Plan: Options, Performance Shares and
Restricted Stock. Such arrangements and benefits are sometimes referred to herein as &#147;Awards.&#148; The
authorized types of arrangements and benefits for which Awards may be granted are defined as
follows:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Options: An Option is a right granted under Section&nbsp;6 to purchase a number of
Shares at such exercise price, at such times, and on such other terms and conditions as are
specified in the agreement or terms and conditions or other document evidencing the Award
(the &#147;<U>Option Document</U>&#148;). Options intended to qualify as Incentive Stock Options
(&#147;<U>ISOs</U>&#148;) pursuant to Code Section&nbsp;422 and Options not intended to qualify as ISOs
(&#147;<U>Nonqualified Options</U>&#148;) may be granted under Section&nbsp;6.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Performance Shares. Performance Shares is an award made under Section&nbsp;8, to
receive a number of Shares, the payment of which is contingent upon achieving certain
Committee established performance standards derived from the Qualifying Performance Criteria
described in Section&nbsp;9.2 hereof. Once the conditions for the Performance Shares are met,
the Performance Shares shall be payable either in cash or Shares (or both) by reference to
the fair market value of the Shares enumerated in the Performance Shares at such time as
determined by the Committee in the Award.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Restricted Stock: A Restricted Stock is an award or issuance of Shares under
Section&nbsp;7, subject to certain restrictions and the risk of forfeiture and terms as are
expressed in the agreement or other document evidencing the Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <I>Grants of Awards. </I>An Award may consist of one such arrangement or benefit or two or more
of them in tandem, and the terms as established by the Committee for all Awards granted hereunder
may include performance standards derived from the Qualifying Performance Criteria, and the receipt
of any Award may be contingent on performance standards derived from the Qualifying Performance
Criteria.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;6. Options</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee may grant an Option or provide for the grant of an Option, either from time to
time in the discretion of the Committee or automatically upon the occurrence of specified events,
including, without limitation, the achievement of performance goals, the satisfaction of an event
or condition within the control of the recipient of the Award or within the control of others.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <I>Option Document. </I>Each Option Document shall contain provisions regarding (a)&nbsp;the number
of Shares that may be issued upon exercise of the Option, (b)&nbsp;the purchase price of the Shares and
the means of payment for the Shares, (c)&nbsp;the term of the Option, (d)&nbsp;such terms and conditions on
the vesting and/or exercisability of an Option as may be determined from time to time by the
Committee, (e)&nbsp;restrictions on the transfer of the Option and forfeiture provisions and (f)&nbsp;such
further terms and conditions, in each case not inconsistent with this Plan as may be


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<P align="left" style="font-size: 10pt">determined from time to time by the Committee. Option Documents evidencing ISOs shall contain
such terms and conditions as may be necessary to qualify, to the extent determined desirable by the
Committee, with the applicable provisions of Section&nbsp;422 of the Code.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <I>Option Price. </I>The purchase price per share of the Shares subject to each Option granted
under this Plan shall equal or exceed 100% of the fair market value of a Share on the date the
Option is granted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <I>Option Term. </I>The &#147;Term&#148; of each Option granted under this Plan, including any ISOs, shall
be 10&nbsp;years from the date of its grant, unless the Committee provides for a lesser term.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <I>Option Vesting. </I>Options granted under this Plan shall be exercisable at such time and in
such installments during the period prior to the expiration of the Option&#146;s Term as determined by
the Committee. The Committee shall have the right to make the timing of the ability to exercise
any Option granted under this Plan subject to continued employment, the passage of time and/or such
performance requirements as deemed appropriate by the Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <I>Termination of Employment other than as a Result of Death or Disability. </I>An ISO of any
Participant who shall cease to be an Employee other than as a result of his death or disability
shall be exercisable only to the extent exercisable on the date of termination of employment (i.e.,
to the extent vested) and must be exercised on or before the option expiration date specified in
the Option Agreement but is no event later than the date that is three (3)&nbsp;months following the
date of termination of employment. To the extent any ISO is not exercisable on the date of
termination of employment (i.e., to the extent not vested) such ISO shall terminate on the date of
termination of employment. To the extent any ISO is not exercised within the time period provided,
such ISO shall terminate as of the date of expiration of such time period. Nothing in the Plan
shall be construed as imposing any obligation on the Company to continue the employment of any
Participant or shall interfere or restrict in any way the rights of the Company to discharge any
Employee at any time for any reason whatsoever, with or without cause.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <I>Payment of Exercise Price. </I>The exercise price of an Option shall be paid in the form of
one of more of the following, as the Committee shall specify, either through the terms of the
Option Document or at the time of exercise of an Option: (a)&nbsp;cash or certified or cashiers&#146; check,
(b)&nbsp;shares of capital stock of the Company that have been held by the Participant for such period
of time as the Committee may specify, (c)&nbsp;other property deemed acceptable by the Committee, (d)&nbsp;a
reduction in the number of Shares or other property otherwise issuable pursuant to such Option, (e)
payment under an arrangement with a broker selected or approved by the Company where payment is
made pursuant to an irrevocable commitment by the broker to deliver to the Company proceeds from
the sale of the Shares issuable upon exercise of the Option, or (f)&nbsp;any combination of (a)&nbsp;through
(d).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <I>No Option Repricing. </I>Without the approval of stockholders, the Company shall not reprice
any Options. For purposes of this Plan, the term &#147;reprice&#148; shall mean lowering the exercise price
of previously awarded Options within the meaning of Item 402(i) under Securities and Exchange
Commission Regulation&nbsp;S-K (including canceling previously awarded Options and regranting them with
a lower exercise price).


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<P align="left" style="font-size: 10pt"><B>Section&nbsp;7. Restricted Stock Awards</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to make Awards of Restricted Stock to Participants in such amounts
and subject to such terms and conditions as may be determined by the Committee. All Awards of
Restricted Stock shall be evidenced by a Restricted Stock Award Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <I>Issuance and Restrictions. </I>Restricted Stock shall be subject to such restrictions on
transferability and other restrictions as the Committee may impose (including, without limitation,
limitations on the right to vote Restricted Stock or the right to receive dividends on the
Restricted Stock). These restrictions may lapse separately or in combination of such times, under
such circumstances, in such installments, upon the satisfaction of continued employment, standards
derived from the Qualifying Performance Criteria, lapse of time, certain acceleration events like
death or disability or otherwise, as the Committee determines at the time of the grant of the Award
or thereafter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <I>Forfeiture. </I>Except as otherwise determined by the Committee at the time of the grant of
the Award or thereafter, upon termination of employment during the applicable restriction period or
upon failure to satisfy a standard derived from the Qualifying Performance Criteria during the
applicable restriction period, Restricted Stock that is at that time subject to restrictions shall
be forfeited and re-acquired by the Company; provided, however, that the Committee may provide in
any Award Agreement that restrictions or forfeiture conditions relating to Restricted Stock will be
waived in whole or in part in the event of terminations resulting from specified causes, and the
Committee may in other cases waive in whole or in part restrictions or forfeiture conditions
relating to Restricted Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <I>Certificates for Restricted Stock. </I>Restricted Stock granted under the Plan may be
evidenced in such manner as the Committee shall determine. If certificates representing shares of
Restricted Stock are registered in the name of the Participant, certificates must bear an
appropriate legend referring to the terms, conditions, and restrictions applicable to such
Restricted Stock.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;8. Performance Shares</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee is authorized to grant Performance Shares to Participants on such terms and
conditions as may be determined by the Committee. The Committee shall have the complete discretion
to determine the number of Performance Shares granted to each Participant. All Awards of
Performance Shares shall be evidenced by an Award Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <I>Right to Payment. </I>A grant of Performance Shares gives the Participant the right to a
number of Shares, contingent upon certain performance standards established by the Committee and
derived from the Qualifying Performance Criteria, and certain other terms and conditions as may be
established by the Committee. Once the conditions and terms for the performance Shares have been
met, the Performance Shares shall be payable by the Company either in cash or Shares (or both) by
reference to the fair market value of the Shares enumerated in the Performance Shares and the
timing of such payment of cash or Shares shall be set forth in the Award for the Performance Shares
by the Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <I>Other Terms. </I>The time period for the measurement of any performance standard or criteria
shall be any time period established by the Committee, but under no circumstance


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<P align="left" style="font-size: 10pt">shall a Performance Shares be granted after the expiration of the Plan, and the applicable
performance associated with such Performance Share must begin before the expiration of this Plan.
The cash or Shares paid with respect to Performance Shares may be paid in a lump sum or in
installments following the close of the performance period or, in accordance with procedures
established by the Committee, on a deferred basis.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;9. Other Provisions Applicable to Awards</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <I>Transferability. </I>Unless the agreement or other document evidencing an Award (or an
amendment thereto authorized by the Committee) expressly states that the Award is transferable as
provided hereunder, no Award granted under this Plan, nor any interest in such Award, may be sold,
assigned, conveyed, gifted, pledged, hypothecated or otherwise transferred in any manner prior to
the vesting or lapse of any and all restrictions applicable thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <I>Qualifying Performance Criteria. </I>For purposes of this Plan, the term &#147;Qualifying
Performance Criteria&#148; shall mean any one or more of the following performance criteria, either
individually, alternatively or in any combination, applied to either the Company as a whole, to a
business unit or subsidiary, or based on comparisons of any of the performance measures relative to
other companies, either individually, alternatively or in any combination, and measured either
annually or cumulatively over a period of years, on an absolute basis or relative to a
pre-established target, to previous years&#146; results or to a designated comparison group, in each
case as specified by the Committee in the Award: (a)&nbsp;cash flow, (b)&nbsp;earnings per share or
increases of same, (c)&nbsp;earnings before interest, taxes and amortization, (d)&nbsp;return on equity, (e)
total stockholder return, (f)&nbsp;share price performance, (g)&nbsp;return on capital or investment, (h)
return on assets or net assets, (i)&nbsp;revenue, (j)&nbsp;income or net income, (k)&nbsp;operating income or net
operating income, (l)&nbsp;operating profit or net operating profit, (m)&nbsp;operating margin or profit
margin, (n)&nbsp;return on operating revenue, (o)&nbsp;pre-tax or after-tax profit levels expressed in either
absolute dollars, (p)&nbsp;revenues or revenue growth, (q)&nbsp;economic or cash value added, (r)&nbsp;results of
customer satisfaction surveys, (s)&nbsp;other measures of performance, quality, safety, productivity or
process improvement, (t)&nbsp;market share, (u)&nbsp;overhead or other expense reduction, (v)&nbsp;departure or
on-time arrival performance, and (w)&nbsp;baggage handling. These factors may have a minimum
performance standard, a target performance standard and a maximum performance standard. The
Committee shall appropriately adjust any evaluation of performance under a Qualifying Performance
Criteria to exclude any of the following events that occurs during a performance period: (i)&nbsp;asset
write-downs, (ii)&nbsp;litigation or claim judgments or settlements, (iii)&nbsp;the effect of changes in tax
law, accounting principles or other such laws or provisions affecting reported results, (iv)
accruals for reorganization and restructuring programs and (v)&nbsp;any extraordinary non-recurring
items as described in Accounting Principles Board Opinion No.&nbsp;30 and/or in management&#146;s discussion
and analysis of financial condition and results of operations appearing in the Company&#146;s annual
report to stockholders for the applicable year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <I>Dividends. </I>Unless otherwise provided by the Committee, no adjustment shall be made in
Shares issuable under Awards on account of cash dividends that may be paid or other rights that may
be issued to the holders of Shares prior to their issuance under any Award. The Committee shall
specify whether dividends or dividend equivalent amounts shall be paid to any Participant with
respect to the Shares subject to any Award that have not vested or been issued or that are subject
to any restrictions or conditions on the record date for dividends.


<P align="center" style="font-size: 10pt">7
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <I>Documents Evidencing Awards. </I>Except for ISOs prior to the effective date of the Plan as
set forth in Section&nbsp;17, the Committee shall, subject to applicable law, determine the date an
Award is deemed to be granted, which for purposes of this Plan shall not be affected by the fact
that an Award is contingent on subsequent stockholder approval of this Plan. The Committee or,
except to the extent prohibited under applicable law, its delegate(s) may establish the terms of
agreements or other documents evidencing Awards under this Plan and may, but need not, require as a
condition to any such agreement&#146;s or document&#146;s effectiveness that such agreement or document be
executed by the Participant and that such Participant agree to such further terms and conditions as
specified in such agreement or document. The grant of an Award under this Plan shall not confer
any rights upon the Participant holding such Award other than such terms, and subject to such
conditions, as are specified in this Plan as being applicable to such type of Award (or to all
Awards) or as are expressly set forth in the agreement or other document evidencing such Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <I>Tandem Stock or Cash Rights. </I>At the time an Award is granted or by subsequent action, the
Committee may, but need not, provide that an Award shall contain as a term thereof, a right, either
in tandem with the other rights under the Award or as an alternative thereto, of the Participant to
receive, without payment to the Company, a number of Shares, cash or a combination thereof, the
amount of which is determined by reference to the value of the Award.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <I>Financing. </I>The Committee may in its discretion provide financing to a Participant in a
principal amount sufficient to pay the purchase price of any Award and/or to pay the amount of
taxes required by law to be withheld with respect to any Award. Any such loan shall be subject to
all applicable legal requirements and restrictions pertinent thereto, including Regulation&nbsp;U
promulgated by the Federal Reserve Board. The grant of an Award shall in no way obligate the
Company or the Committee to provide any financing whatsoever in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <I>Compliance with Code Section&nbsp;409A. </I>Notwithstanding any language to the contrary in this
Plan, the Committee will ensure that the terms and conditions of any Awards issued will comply with
the applicable provision of Code Section&nbsp;409A or the regulations or other pronouncements
thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 <I>Additional Restrictions on Awards. </I>Either at the time an Award is granted or by
subsequent action, the Committee may, but need not, impose such restrictions, conditions or
limitations as it determines appropriate as to the timing and manner of any resales by a
Participant or other subsequent transfers by a Participant of any Shares issued under an Award,
including without limitation (a)&nbsp;restrictions under an insider trading policy, (b)&nbsp;restrictions
designed to delay and/or coordinate the timing and manner of sales by Participants, and (c)
restrictions as to the use of a specified brokerage firm for such resales or other transfers.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;10. Changes in Capital Structure</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <I>Corporate Actions Unimpaired. </I>The existence of outstanding Awards (including any
Options) shall not affect in any way the right or power of the Company or its stockholders to make
or authorize any or all adjustments, recapitalizations, reorganizations, exchanges, or other
changes in the Company&#146;s capital structure or its business, or any merger or consolidation of the
Company, or any issuance of Shares or other securities or subscription rights thereto, or any


<P align="center" style="font-size: 10pt">8
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<P align="left" style="font-size: 10pt">issuance of bonds, debentures, preferred or prior preference stock ahead of or affecting the
Shares or other securities of the Company or the rights thereof, or the dissolution or liquidation
of the Company, or any sale or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise. Further, except as
expressly provided herein or by the Committee, (a)&nbsp;the issuance by the Company of shares of stock
of any class of securities convertible into shares of stock of any class, for cash, property, labor
or services, upon direct sale, upon the exercise of rights or warrants to subscribe therefor, or
upon conversion of shares or obligations of the Company convertible into such shares or other
securities, (b)&nbsp;the payment of a dividend in property other than Shares, or (c)&nbsp;the occurrence of
any similar transaction, and in any case whether or not for fair value, shall not affect, and no
adjustment by reason thereof shall be made with respect to, the number of Shares subject to Options
or other Awards theretofore granted or the purchase price per Share, unless the Committee shall
determine in its sole discretion that an adjustment is necessary to provide equitable treatment to
a Participant.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <I>Adjustments Upon Certain Events. </I>If the outstanding Shares or other securities of the
Company, or both, for which the Award is then exercisable or as to which the Award is to be settled
shall at any time be changed or exchanged by declaration of a stock dividend, stock split,
combination of shares, recapitalization, or reorganization, the Committee may appropriately and
equitably adjust the number and kind of Shares or other securities which are subject to the Plan or
subject to any Awards theretofore granted, and the exercise or settlement prices of such Awards, so
as to maintain the proportionate number of Shares or other securities without changing the
aggregate exercise or settlement price, provided, however, that such adjustment shall be made so as
to not affect the status of any Award intended to qualify as an ISO or as &#147;performance based
compensation&#148; under Section 162(m) of the Code.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;11. Mergers and Liquidation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as limited by the provisions of Code Section&nbsp;422 of the Code and the terms of any
individual Award, if the company is the surviving corporation in any merger or consolidation, all
Awards shall remain in force, and any: (1)&nbsp;Option granted under the Plan shall remain outstanding
pursuant to the terms of the Plan and the Award; and (2)&nbsp;Restricted Stock granted under the Plan
shall continue to be outstanding pursuant to the terms of the Award and this Plan. Except to the
extent otherwise provided in an Award document, by the Board, or as limited by Code Section&nbsp;422,
dissolution or liquidation of the Company shall cause every unvested Option, Restricted Stock or
other Award for which there remains contingencies, conditions and unmet performance standards to
terminate. Except as limited by Code Section&nbsp;422, a merger or consolidation in which the Company
is not the surviving corporation shall also cause every unvested Option, Restricted Stock or other
Award for which there remains contingencies, conditions and unmet performance standards to
terminate unless specifically provided otherwise in an Award document or by the Board.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;12. Taxes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <I>Withholding Requirements. </I>The Committee may make such provisions or impose such
conditions as it may deem appropriate for the withholding or payment by a Participant of any taxes
that the Committee determines are required in connection with any Award granted


<P align="center" style="font-size: 10pt">9
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<P align="left" style="font-size: 10pt">under this Plan, and a Participant&#146;s rights in any Award are subject to satisfaction of such
conditions.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <I>Payment of Withholding Taxes. </I>Notwithstanding the terms of Section&nbsp;12.1, the Committee
may provide in the agreement or other document evidencing an Award or otherwise that all or any
portion of the taxes required to be withheld by the Company or, if permitted by the Committee,
desired to be paid by the Participant, in connection with the exercise, vesting, settlement or
transfer of any other Award shall be paid or, at the election of the Participant, may be paid by
the Company by withholding shares of the Company&#146;s capital stock otherwise issuable or subject to
such Award, or by the Participant delivering previously owned shares of the Company&#146;s capital
stock, in each case having a fair market value equal to the amount required or elected to be
withheld or paid, or by a broker selected or approved by the Company paying such amount pursuant to
an irrevocable commitment by the broker to deliver to the Company proceeds from the sale of the
Shares issuable under the Award. Any such election is subject to such conditions or procedures as
may be established by the Committee and may be subject to approval by the Committee.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;13. Amendments or Termination</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend, alter or discontinue this Plan or any agreement or other document
evidencing an Award made under this Plan but, except as provided pursuant to the anti-dilution
adjustment provisions of Section&nbsp;10.2, no such amendment shall, without the approval of the
stockholders of the Company:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the maximum number of shares of Common Stock for which Awards may be granted
under this Plan;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reduce the price at which Options may be granted below the price provided for in
Section&nbsp;6.2;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the exercise price of outstanding Options;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) extend the term of this Plan;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change the class of persons eligible to be Eligible Persons or Participants; or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) increase the number of shares that are eligible for non-Option Awards.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board may amend, alter or discontinue the Plan or any agreement evidencing an Award made
under the Plan, but no amendment or alteration shall be made which would impair the rights of any
Award holder, without such holder&#146;s consent, under any Award theretofore granted; provided that no
such consent shall be required if the Committee determines in its sole discretion and prior to the
date of any change in control, recapitalization, stock dividend, stock split, reorganization,
merger, consolidation or similar type transaction that such amendment or alteration either is
required or advisable in order for the Company, the Plan, or any Award granted, to satisfy any law
or regulation or to meet the requirements of any accounting standard.


<P align="center" style="font-size: 10pt">10
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<P align="left" style="font-size: 10pt"><B>Section&nbsp;14. Compliance with Other Laws and Regulations</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan, the grant and exercise of Awards thereunder, and the obligation of the Company to
sell, issue or deliver Shares under such Awards, shall be subject to all applicable federal, state
and foreign laws, rules and regulations and to such approvals by any governmental or regulatory
agency as may be required. The Company shall not be required to register in a Participant&#146;s name
or deliver any Shares prior to the completion of any registration or qualification of such Shares
under any federal, state or foreign law or any ruling or regulation of any government body which
the Committee shall determine to be necessary or advisable. This Plan is intended to constitute an
unfunded arrangement for the Eligible Persons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Option shall be exercisable unless a registration statement with respect to the Option is
effective or the Company has determined that such registration is unnecessary. Unless the Awards
and Shares covered by this Plan have been registered under the Securities Act of 1933, as amended,
or the Company has determined that such registration is unnecessary, each person receiving an Award
and/or Shares pursuant to any Award may be required by the Company to give a representation in
writing that such person is acquiring such Shares for his or her own account for investment and not
with a view to, or for sale in connection with, the distribution of any part thereof.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;15. No Right to Company Employment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Plan or as a result of any Award granted pursuant to this Plan shall confer on
any individual any right to continue in the employ of the Company or interfere in any way with the
right of the Company to terminate an individual&#146;s employment at any time. The agreements or other
documents evidencing Awards may contain such provisions as the Committee may approve with reference
to the effect of approved leaves of absence.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;16. Liability of Company</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company and any Affiliate which is in existence or hereafter comes into existence shall
not be liable to a Participant, an Eligible Person or other persons as to:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Non-Issuance of Shares. The non-issuance or sale of shares as to which the
Company has been unable to obtain from any regulatory body having jurisdiction the authority
deemed by the Company&#146;s counsel to be necessary to the lawful issuance and sale of any
shares hereunder; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Tax Consequences. Any tax consequence expected, but not realized, by any
Participant, Eligible Person or other person due to the receipt, exercise or settlement of
any Option or other Award granted hereunder.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;17. Effectiveness and Expiration of Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan shall be effective on the date the Company&#146;s stockholders adopt this Plan, and no
ISOs shall be granted prior to the Company&#146;s stockholders adoption of this Plan. All Awards
granted under this Plan are subject to, and may not be exercised before the approval of this Plan
by the stockholders. Stockholder approval of the Plan shall be by the affirmative vote of the
holders of a majority of the outstanding shares of the Company present, or represented by proxy,


<P align="center" style="font-size: 10pt">11
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<P align="left" style="font-size: 10pt">and entitled to vote, at a meeting of the Company&#146;s stockholders or by written consent in
accordance with the laws of the State of Delaware; provided that if such approval by the
stockholders of the Company is not forthcoming, all Awards previously granted under this Plan shall
be void. No Awards shall be granted pursuant to this Plan more than 10&nbsp;years after the effective
date of this Plan.



<P align="left" style="font-size: 10pt"><B>Section&nbsp;18. Incentive Stock Options</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding anything in the Plan to the contrary, it is the intention of the Company and
the Committee that all terms and provisions relating to Incentive Stock Options of this Plan shall
be consistent with the requirements of Code Section&nbsp;422 and the applicable regulations thereunder,
as of the effective date of this plan, and to the extent any term or provision of this Plan
relating to Incentive Stock Options is inconsistent with Code Section&nbsp;422 and the applicable
regulations thereunder at that date, the term or provision shall be read, interpreted or
substituted so as to be consistent with the applicable provision of Code Section&nbsp;422 or the
regulations thereunder.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;19. Non-Exclusivity of Plan</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Neither the adoption of this Plan by the Board nor the submission of this Plan to the
stockholders of the Company for approval shall be construed as creating any limitations on the
power of the Board or the Committee to adopt such other incentive arrangements as either may deem
desirable, including without limitation, the granting of restricted stock or stock options
otherwise than under this Plan, and such arrangements may be either generally applicable or
applicable only in specific cases.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;20. Governing Law</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan and any agreements or other documents hereunder shall be interpreted and construed
in accordance with the laws of the State of Nevada and applicable federal law. The Committee may
provide that any dispute as to any Award shall be presented and determined in such forum as the
Committee may specify, including through binding arbitration. Any reference in this Plan or in the
agreement or other document evidencing any Award to a provision of law or to a rule or regulation
shall be deemed to include any successor law, rule or regulation of similar effect or
applicability.


<P align="left" style="font-size: 10pt"><B>Section&nbsp;21. Miscellaneous Matters</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.1 <I>Annulment of Awards. </I>The grant of any Award under the Plan payable in cash is
provisional until cash is paid in settlement thereof. The grant of any Award payable in Shares is
provisional until the Participant becomes entitled to the certificates in settlement thereof. In
the event the employment of a Participant is terminated for cause (as defined below), any Award
which is provisional shall be annulled as of the date of such termination for cause. For the
purpose of this Section&nbsp;21.1, the term &#147;terminated for cause&#148; means any discharge for violation of
the policies and procedures of the Company or any Subsidiary or for other job performance or
conduct which is detrimental to the best interests of the Company or a Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.2 <I>Securities Law Restrictions. </I>No Shares shall be issued under the Plan unless counsel for
the Company shall be satisfied that such issuance will be in compliance with


<P align="center" style="font-size: 10pt">12
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<P align="left" style="font-size: 10pt">applicable Federal and state securities laws. Certificates for Shares delivered under the
Plan may be subject to such stock-transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations, and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Shares is then listed, and any applicable Federal or
state securities law. The Committee may cause a legend or legends to be put on any such
certificates to refer to those restrictions. Further, without limiting the foregoing, each person
exercising an Option or Performance Shares or receiving Restricted Stock may be required by the
Company to give a representation in writing that he or she is acquiring Shares for his or her own
account for investment and not with a view to, or for sale in connection with, the distribution of
any part thereof (regardless of whether such option and Shares covered by the Plan are registered
under the Securities Act of 1933, as amended). As a condition of transfer of the certificate
evidencing Shares, the Committee may obtain such other agreements or undertakings, if any, that it
may deem necessary or appropriate to assume compliance with any provisions of the Plan or any law
or regulation. Certificates for Shares delivered under the Plan may be subject to such stock
transfer orders and other restrictions as the Board may deem advisable under the rules,
regulations, and other requirements of the Securities and Exchange Commission, any stock exchange
upon which the Shares are then listed, and any applicable Federal or state securities laws. The
Board may cause a legend or legends to be put on any such certificate to refer to those
restrictions.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.3 <I>Award Agreement. </I>Each Participant receiving an Award under the Plan shall enter into an,
Award Agreement with the Company in a form specified by the Committee agreeing to the terms and
conditions of the Award and such related matters as the Committee, in its sole discretion, shall
determine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4 <I>Costs of Plan. </I>The costs and expenses of administering the Plan shall be borne by the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.5 <I>Tax Reimbursement Payments to Participants. </I>The Committee, pursuant to the terms of the
agreements or other documents pursuant to which specific Awards are made under the 2005 Plan, may
agree to reimburse Participants for some or all of the federal, state and local income taxes
associated with the grant or exercise of an Award or the receipt of the cash or Shares from an
Award (including any additional tax imposed due to Code Section&nbsp;409A), or the 20% excise tax on any
&#147;excess parachute payments&#148; under Code Sections&nbsp;280G and Code Section&nbsp;4999, and may agree to
reimburse such Participants for some or all the additional federal, state and local income tax
associated with the payments made under this Section&nbsp;21.5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.6 <I>Government Regulations. </I>The Plan and the granting and exercise of Options and
Performance Shares hereunder, and the obligations of the Company to sell and deliver Shares under
such Options and Performance Shares, shall be subject to all applicable laws, rules and
regulations, and to such approvals by any governmental agencies or national securities exchanges as
may be required.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.7 <I>Interpretation. </I>If any provision of the Plan is held invalid for any reason, such
holding shall not affect the remaining provisions of the Plan, but instead the Plan shall be
construed and enforced as if such provisions had never been included in the Plan. Headings
contained in the Plan are for convenience only and shall in no manner be construed as part of this


<P align="center" style="font-size: 10pt">13
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<P align="left" style="font-size: 10pt">Plan. Any reference to the masculine, feminine or neuter gender shall be a reference to such
other gender as is appropriate.



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<DESCRIPTION>EXHIBIT 5
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 5</B>



<P align="center" style="font-size: 10pt"><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>



<P align="right" style="font-size: 10pt">June 7, 2005



<P align="left" style="font-size: 10pt">Securities and Exchange Commission<BR>
450 Fifth Street, N.W.<BR>
Washington, D.C. 20549


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    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mesa Air Group, Inc.<BR>
2005 Employee Stock Incentive Plan</TD>
</TR>
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</DIV>


<P align="left" style="font-size: 10pt">Ladies and Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Mesa Air Group, Inc., a Nevada corporation (the
&#147;<U>Company</U>&#148;), in connection with its Registration Statement on Form S-8 (the
&#147;<U>Registration Statement</U>&#148;) filed under the Securities Act of 1933, as amended, relating to
the registration of 1,500,000 shares of its Common Stock, no par value (the &#147;<U>Shares</U>&#148;),
issuable pursuant to the Company&#146;s 2005 Employee Stock Incentive Plan (the &#147;<U>Plan</U>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In that connection, we have examined minutes of a meeting of the Company&#146;s Board of Directors
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.


<P align="left" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the use of this opinion as an exhibit to the Registration Statement.

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    <TD align="left" valign="top">Very truly yours,</TD>
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    <TD align="left" valign="top">SQUIRE, SANDERS &#038; DEMPSEY L.L.P.</TD>
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    <TD align="left" valign="top">/s/ Squire, Sanders &#038; Dempsey L.L.P.</TD>
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<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>p70751exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 23.1</B>



<P align="center" style="font-size: 10pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM



<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in this Registration Statement on Form&nbsp;S-8 of our
report dated December&nbsp;13, 2004 (which report expresses an unqualified opinion and includes an
explanatory paragraph relating to the Company&#146;s significant code-share agreements), appearing in
the Annual Report on Form&nbsp;10-K of Mesa Air Group, Inc. for the year ended September&nbsp;30, 2004.



<P align="left" style="font-size: 10pt">DELOITTE &#038; TOUCHE LLP<BR>
Phoenix, Arizona<BR>
June&nbsp;2, 2005




<P align="center" style="font-size: 10pt">&nbsp;
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