UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue.
1. Name and Address of Reporting Person(s)
Gorthy Jr., Alan R.
533 Mexico City Avenue
Kansas City, MO 64153
2. Issuer Name and Ticker or Trading Symbol
Vanguard Airlines, Inc. (VNGD)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year 10/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
[ ] Director [ ] 10% Owner
[X] Officer (give title below) [ ] Other (specify below)
Vice President - Maintenance
7. Individual or Joint/Group Filing (Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
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<S> <C> <C> <C> <C><C> <C> <C><C>
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
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<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right $2.500000 (2) 11/03/07
to buy) (1)
Incentive Stock Option (right $2.812500 02/27/98 02/27/08
to buy) (3)
Incentive Stock Option (right $4.250000 10/19/99 A 24,255 (4) 10/19/09
to buy)
Incentive Stock Option (right $4.840000 (6) 05/15/08
to buy) (5)
Incentive Stock Option (right $5.780000 (8) 08/31/08
to buy) (7)
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
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<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right Common Stock 2,000 2,000 D Direct
to buy) (1)
Incentive Stock Option (right Common Stock 372 372 D Direct
to buy) (3)
Incentive Stock Option (right 10/19/99 Common Stock 24,255 24,255 D Direct
to buy)
Incentive Stock Option (right Common Stock 7,000 7,000 D Direct
to buy) (5)
Incentive Stock Option (right Common Stock 58,800 58,800 D Direct
to buy) (7)
<FN>
Explanation of Responses:
(1) On May 20, 1999, Vanguard Airlines, Inc. completed a one-for-five reverse stock split. This option was previously
reported as covering 10,000 options at an exercise price of $0.50, but was adjusted to reflect a reverse stock split on
May 20, 1999.
(2) This Option vests at the rate of 1/16 of the Shares subject to the Option. Only the vested portion of this Option is
currently exercisable. This Option was exercisable within 60 days after the date hereof into 1,000 Shares of Common Stock.
(3) On May 20, 1999, Vanguard Airlines, Inc. completed a one-for-five reverse stock split. This option was previously
reported as covering 1,862 options at an exercise price of $0.5625, but was adjusted to reflect a reverse stock split
on May 20, 1999.
(4) This Option vests at the rate of 1/16 of the shares subject to the option commencing on January 19, 2000 and thereafter
at the end of each three-month period. There are no options that are currently exercisable.
(5) On May 20, 1999, Vanguard Airlines, Inc. completed a one-for-five reverse stock split. This option was previously
reported as covering 35,000 options at an exercise price of $0.968, but was adjusted to reflect a reverse stock split
on May 20, 1999.
(6) This Option vests at the rate of 1/16 of the Shares subject to the Option. Only the vested portion of this Option is
currently exercisable. This Option was exercisable within 60 days after the date hereof into 2,625 Shares of Common Stock.
(7) On May 20, 1999, Vanguard Airlines, Inc. completed a one-for-five reverse stock split. This option was previously
reported as covering 294,000 options at an exercise price of $1.15625, but was adjusted to reflect a reverse stock split
on May 20, 1999.
(8) This Option vests at the rate of 1/16 of the Shares subject to the Option. Only the vested portion of this Option is
currently exercisable. This Option was exercisable within 60 days after the date hereof into 18,375 shares of Common Stock.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Gorthy Jr., Alan R.
DATE
