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)
Gillman, Brian S.
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
08/99
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 and
General Counsel
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
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C><C> <C> <C><C>
Common Stock 08/03/99 M 125 A $2.500000 D Direct
Common Stock 08/03/99 M 375 A $2.500000 D Direct
Common Stock 08/03/99 S 500 D $7.125000 D Direct
Common Stock 08/30/99 M 500 A $2.500000 D Direct
Common Stock 08/30/99 S 500 D $6.000000 60 D Direct
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right $2.500000 08/03/99 M 125 (1) 07/16/06
to buy)
Incentive Stock Option (right $2.500000 08/03/99 M 375 (1) 07/16/06
to buy)
Incentive Stock Option (right $2.500000 08/30/99 M 500 (2) 02/06/07
to buy)
Incentive Stock Option (right $2.500000 (3) 11/03/07
to buy)
Incentive Stock Option (right $2.813000 02/27/08
to buy)
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
- ------------------------------------------------------------------------------------------------------------------------------------
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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option (right 08/03/99 Common Stock 125 D Direct
to buy)
Incentive Stock Option (right 08/03/99 Common Stock 375 1,000 D Direct
to buy)
Incentive Stock Option (right 08/30/99 Common Stock 500 16,500 D Direct
to buy)
Incentive Stock Option (right Common Stock 92,899 92,899 D Direct
to buy)
Incentive Stock Option (right Common Stock 1,015 1,015 D Direct
to buy)
<FN>
Explanation of Responses:
(1) 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 188 Shares of Common Stock.
(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 9,438 Shares of Common Stock.
(3) 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 40,644 shares of Common Stock.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Gillman, Brian S.
DATE
