AIRCRAFT SUBLEASE AGREEMENT





          THIS AIRCRAFT SUBLEASE AGREEMENT (the "Sublease") is made and

entered into as of the 11th day of December 1998, by and between American

Trans Air ExecuJet, Inc., an Indiana corporation with its office at 7337 West

Washington Street, Indianapolis, Indiana 46231 (hereinafter referred to as

"Sublessor") and American Trans Air, Inc., an Indiana corporation with its

office at 7337 West Washington Street, Indianapolis, Indiana 46231

(hereinafter referred to as "Sublessee").



                                  Witnesseth:



          WHEREAS, Sublessor desires to lease to Sublessee a certain 1992

Beech A36 Bonanza, Serial No. E-2728, Registration No. 8072D, including the

engine and other appliances, communications equipment, accessories,

instruments, parts and other items of equipment installed therein and all logs

and records pertaining thereto (the "Aircraft"); and



          WHEREAS, Sublessee desires to lease the Aircraft from Sublessor on a

non-exclusive, when and as-available basis.



                                   Agreement



          NOW, THEREFORE, in consideration of the mutual covenants and

agreements herein contained, the parties hereto do hereby agree as follows:



          1. Lease. Sublessor hereby subleases the Aircraft to Sublessee, on a

non-exclusive, when and as-available basis. Sublessor agrees to make the

Aircraft available to Sublessee when the Aircraft is not being utilized by

Sublessor.



          2. Term. The term of the Lease of the Aircraft shall commence on the

11th day of December 1998, and shall continue through and including December

10, 2000.



          3. Rental and Other Charges. The Sublessee agrees to pay rent for

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