0001000578-02-000002 Sample Contracts

AIRCRAFT LEASE AGREEMENT [49222] dated as of February 1, 2001 between PEGASUS AVIATION II, INC., as Lessor, and VANGUARD AIRLINES, INC., as Lessee One (1) McDonnell Douglas model DC-9-82 aircraft, MSN 49222, U.S. Registration Mark N16802, along with...
Aircraft Lease Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled

Counterpart No. ___ of 6 serially numbered, manually executed counterparts. To the extent that this Aircraft Lease Agreement constitutes chattel paper under the Uniform Commercial Code in the U.S. or any corresponding law in any foreign JURISDICTION, no security interest in this Aircraft Lease Agreement may be created through the transfer or possession of any counterpart hereto other than Counterpart No. 1.

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PURCHASE AGREEMENT
Purchase Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled • Missouri

This Purchase Agreement (the "Agreement") is made and entered into as of March 9, 2001 by and among Vanguard Airlines, Inc., a Delaware corporation (the "Company"), and those parties listed on the signature page hereof as "Investors" (who are referred to individually as an "Investor" and collectively as the "Investors").

SECURITY AGREEMENT
Security Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled • California

This Security Agreement dated as of February 13, 2001, is made by and between Vanguard Airlines, Inc., a Delaware Corporation having its principal place of business at 533 Mexico City Avenue, Kansas City, Missouri, 64153 ("Grantor"), in favor of J. F. Shea Co., Inc., a Nevada Corporation ("Shea") and The Hambrecht 1980 Revocable Trust (the "Hambrecht Trust") (individually, a "Lender" and, collectively, the "Lenders").

EMPLOYMENT AGREEMENT (REVISED)
Employment Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled

THIS REVISED EMPLOYMENT AGREEMENT (the "Revised Agreement"), which supersedes in its entirety that certain employment agreement dated June 15, 1999, which agreement, the parties hereby acknowledge, has expired by its own terms, is made and entered into effective as of the 16th day of June, 2001 (the "Effective Date") by and between Vanguard Airlines, Inc., a Delaware corporation (the "Company") and Robert J. Spane, an individual ("Employee").

FORM OF SEVERANCE AGREEMENT] EMPLOYMENT CONTRACT
Form of Severance Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled • Missouri

This Employment Contract dated as of November 14, 2001, is entered into by and between Vanguard Airlines, Inc., a Delaware corporation ("Vanguard") and ____________________________ ("Officer").

REIMBURSEMENT AGREEMENT
Reimbursement Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled • California

This Reimbursement Agreement dated as of February 13, 2001, is made by and between Vanguard Airlines, Inc., a Delaware corporation having its principal place of business at 533 Mexico City Avenue, Kansas City International Airport, Kansas City, MO 64153 ("Corporation"), in favor of J. F. Shea Co., Inc., a Nevada Corporation ("Shea") and The Hambrecht 1980 Revocable Trust, William Hambrecht as trustee (the "Hambrecht Trust") (individually, a "Lender" and, collectively, the "Lenders").

PURCHASE AGREEMENT
Purchase Agreement • March 29th, 2002 • Vanguard Airlines Inc \De\ • Air transportation, scheduled • California

Whereas, Vanguard Airlines, Inc., a Delaware corporation (the "Company"), and Vanguard Acquisition Company, a Delaware corporation, ("VAC"), have executed a term sheet dated April 30, 2001, regarding an $8,000,000 Delayed Disbursement Equity Facility (the "Term Sheet"), which was acknowledged and agreed to by The Hambrecht 1980 Revocable Trust, Inc. ("HRT") and the J. F. Shea Co., Inc., as nominee 1998-19 ("SheaCo");

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