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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000950153-06-001217.txt : 20060508
<SEC-HEADER>0000950153-06-001217.hdr.sgml : 20060508
<ACCEPTANCE-DATETIME>20060505180203
ACCESSION NUMBER:		0000950153-06-001217
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060504
ITEM INFORMATION:		Entry into a Material Definitive Agreement
FILED AS OF DATE:		20060508
DATE AS OF CHANGE:		20060505

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15495
		FILM NUMBER:		06814341

	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>8-K
<SEQUENCE>1
<FILENAME>p72273e8vk.htm
<DESCRIPTION>8-K
<TEXT>
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<TITLE>e8vk</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">




<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>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the<BR>
Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Date of Report (Date of earliest event reported): May&nbsp;4, 2006</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>MESA AIR GROUP, INC.</B>
</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%">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
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    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Nevada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>000-15495</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>85-0302351</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>410 North 44th Street, Suite&nbsp;700<BR>
Phoenix, Arizona, 85008</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(Address of Principal Executive Offices)<BR>
(Zip Code)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Registrant&#146;s telephone number, including area code: <B>(602)&nbsp;685-4000</B>
</DIV>

<DIV align=";left" style="font-size: 10pt; margin-top: 12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):</DIV>



<DIV style="margin-top: 6pt">
<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="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</TD>
</TR>

</TABLE>
</DIV>

<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">&nbsp;
</DIV>

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

<!-- link2 "Item&nbsp;1.01 Entry into a Material Definitive Agreement." -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1.01 Entry into a Material Definitive Agreement.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;4, 2006, Mesa Air Group, Inc. (the &#147;Company&#148;) entered into a new employment agreement
with its Chief Financial Officer, George Murnane III, effective as of December&nbsp;31, 2005. Under the
terms of the employment agreement Mr.&nbsp;Murnane agreed to serve as Executive Vice President and Chief
Financial Officer of the Company for a term of five (5)&nbsp;years ending December&nbsp;30, 2010. Under the
agreement, Mr.&nbsp;Murnane receives a base salary of $250,000. The base salary is subject to annual
discretionary increases upon review by the Board. Mr.&nbsp;Murnane is also entitled to an annual bonus
paid quarterly based on annual performance criteria as set forth in the agreement, which may range
from $40,000 to $180,000. Upon execution of the agreement and on December&nbsp;31st each year thereafter
during the term of the agreement, the Company is obligated to contribute $50,000, as deferred
compensation, to an account for the benefit of Mr.&nbsp;Murnane. The Company also is obligated to
provide Mr.&nbsp;Murnane with $2,000,000 of term life insurance and other customary fringe benefits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Murnane&#146;s employment agreement also provides for annual stock option grants of not fewer
than 60,000 shares throughout the term of the agreement. Under the Company&#146;s 2005 Employee Stock
Option Plan, the option exercise price for each option is determined by the fair market value of
the Common Stock on the date the option is granted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The agreement provides that upon Mr.&nbsp;Murnane&#146;s disability, as defined in the agreement, Mr.
Murnane will receive on a monthly basis, his base salary, plus an annualized amount equal to the
greater of either $80,000 or his two-year average historical bonuses. The Company will make such
disability payments for as long as the disability lasts, up to 48&nbsp;months, and payments will
continue to be made even if they extend beyond the term of the agreement. The Company is required
to fund a portion of the payments with disability insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.&nbsp;Murnane may terminate the agreement following the occurrence of an event constituting
&#147;Good Reason.&#148; &#147;Good Reason&#148; is defined as the occurrence of any of the following circumstances:
(i)&nbsp;any change by the Company in Mr.&nbsp;Murnane&#146;s title, or any significant diminishment in his
function, duties or responsibilities, (ii)&nbsp;any material uncured breach by the Company, (iii)
relocation of Mr.&nbsp;Murnane further than 50 miles from Phoenix, Arizona without prior written consent
or (iv)&nbsp;any reduction in Mr.&nbsp;Murnane&#146;s salary, bonus opportunity or benefits (other than across the
board reductions).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Mr.&nbsp;Murnane&#146;s employment is terminated by the Company without Cause (as defined in the
agreement) or there is a Change of Control (as defined in the agreement), the Company is required
to pay Mr.&nbsp;Murnane an amount equal to six times his combined annual salary and an amount equal to
the greater of either $80,000 or his two-year average historical bonuses. Additionally, all of his
non-vested stock would immediately vest and be exercisable. If Mr.&nbsp;Murnane&#146;s employment is
terminated by Mr.&nbsp;Murnane for Good Reason, the Company is required to pay Mr.&nbsp;Murnane an amount
equal to three times his combined annual salary and an amount equal to the greater of either
$80,000 or his two-year average historical bonuses and all of his non-vested stock would
immediately vest and be exercisable. If Mr.&nbsp;Murnane&#146;s employment is terminated by him voluntarily
for no Good Reason or by the Company for Cause, he will not be entitled to any additional severance
payments beyond salary, bonus and deferred compensation amounts earned through the last effective
date of his employment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payments received by Mr.&nbsp;Murnane under the agreement are treated as &#147;golden parachute&#148;
payments and are subjected to the excise tax imposed by Section&nbsp;4999 of the Internal Revenue
Code, Mr.&nbsp;Murnane is entitled to receive &#147;gross up&#148; payments sufficient to cover the excise tax.
</DIV>

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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>MESA AIR GROUP, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">Date: May 5, 2006&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ JONATHAN G. ORNSTEIN
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">JONATHAN G. ORNSTEIN&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chairman of the Board and Chief Executive<BR>Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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