EX-10.3



 Exhibit 10.3 

EXECUTION VERSION 
 WARRANT TO
PURCHASE COMMON STOCK 
 THE SECURITIES REPRESENTED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER
SUCH ACT OR SUCH LAWS. 
 THIS INSTRUMENT IS ISSUED PURSUANT TO AND SUBJECT TO THE RESTRICTIONS ON TRANSFER AND OTHER PROVISIONS OF (1) AN
INVESTMENT AGREEMENT, DATED AS OF MAY 4, 2016, BY AND BETWEEN THE ISSUER OF THESE SECURITIES AND AMAZON.COM, INC., A DELAWARE CORPORATION, A COPY OF WHICH IS ON FILE WITH THE ISSUER AND (2) A STOCKHOLDERS AGREEMENT, DATED AS OF MAY 4,
2016, BY AND BETWEEN THE ISSUER OF THESE SECURITIES AND AMAZON.COM, INC. THE SECURITIES REPRESENTED BY THIS INSTRUMENT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH SAID AGREEMENTS. ANY SALE OR OTHER TRANSFER NOT IN COMPLIANCE
WITH SAID AGREEMENTS WILL BE VOID. 
 WARRANT 

to purchase 
 7,500,000

 Shares of Common Stock of 

Atlas Air Worldwide Holdings, Inc. 

a Delaware Corporation 

Issue Date: May 4, 2016 
 1.
Definitions. Unless the context otherwise requires, when used herein the following terms shall have the meanings indicated. 

“Affiliate” has the meaning ascribed to it in the Investment Agreement. 

“Aggregate Consideration” has the meaning ascribed to it in Section 12(ii). 

“Aircraft Lease Agreement” means an Aircraft Lease Agreement by and between Amazon or one of its Affiliates and the
Corporation or one of its Affiliates in the form attached to the ATSA. 







 “Amazon” means Amazon.com, Inc., a Delaware corporation. 

“Antitrust Clearance”, as of any time with respect to any number of Warrant Shares, means (a) prior to such time,
the expiration or termination of the waiting period under the HSR Act and the receipt of all exemptions, authorizations, consents or approvals, the making of all filings and the giving of all notices, and the expiration of all waiting periods,
pursuant to any other Antitrust Laws, in each case to the extent required with respect to the exercise of this Warrant with respect to such number of Warrant Shares at such time, and (b) the absence at such time of any applicable law or
temporary restraining order, preliminary or permanent injunction or other judgment, order, writ, injunction, legally binding agreement with a Governmental Entity, stipulation, decision or decree issued by any court of competent jurisdiction or other
legal restraint or prohibition under any Antitrust Law, in each case that has the effect of preventing the exercise of this Warrant with respect to such number of Warrant Shares at such time. 

“Antitrust Law” has the meaning ascribed to it in the Investment Agreement. 

“Appraisal Procedure” means a procedure whereby two independent, nationally recognized appraisers, one chosen by the
Corporation and one by the Warrantholder, shall mutually agree upon the determinations then the subject of appraisal. Each party shall deliver a notice to the other appointing its appraiser within 15 days after the Appraisal Procedure is invoked. If
within 30 days after appointment of the two appraisers they are unable to agree upon the amount in question, a third independent, nationally recognized appraiser shall be chosen within 10 days thereafter by the mutual consent of such first two
appraisers or, if such two first appraisers fail to agree upon the appointment of a third appraiser, such appointment shall be made by the American Arbitration Association, or any organization successor thereto, from a panel of arbitrators having
experience in appraisal of the subject matter to be appraised. In such event, the decision of the third appraiser so appointed and chosen shall be given within 30 days after the selection of such third appraiser. If three appraisers shall be
appointed and the determination of one appraiser is disparate from the middle determination by more than twice the amount by which the other determination is disparate from the middle determination, then the determination of such appraiser shall be
excluded, the remaining two determinations shall be averaged and such average shall be binding and conclusive upon the Corporation and the Warrantholder; otherwise, the average of all three determinations shall be binding upon the Corporation and
the Warrantholder. The costs of conducting any Appraisal Procedure shall be borne 50% by the Corporation and 50% by the Warrantholder. 

“Assumed Payment Amount” has the meaning ascribed to it in Section 12(iv). 

“ATSA” means that certain Air Transportation Services Agreement, by and between Atlas Air, Inc. and Amazon Fulfillment
Services, Inc., dated as of the date hereof. 

  
 2 








 “Board of Directors” means the board of directors of the Corporation. 

“Business Combination” means a merger, consolidation, statutory share exchange, reorganization, recapitalization or similar
extraordinary transaction (which may include a reclassification) involving the Corporation, in which the Common Stock is converted into, exchanged for or purchased for a different number, type or amount of shares of stock or other securities or
property (including cash). 
 “Business Day” has the meaning ascribed to it in the Investment Agreement. 

“Cash Exercise” has the meaning set forth in Section 3(ii). 

“Cashless Exercise” has the meaning set forth in Section 3(ii). 

“Cashless Exercise Ratio” with respect to any exercise of this Warrant means a fraction (i) the numerator of
which is the excess of (x) the VWAP for the Common Stock for the 30 trading days immediately preceding such exercise date over (y) the Exercise Price, and (ii) the denominator of which is the VWAP for the Common
Stock for the 30 trading days immediately preceding such exercise date. 
 “Change of Control Transaction” means
(a) any transaction or series of related transactions as a result of which any Person or group of persons within the meaning of Section 13(d)(3) of the Exchange Act (excluding the Warrantholder or any of its Affiliates) becomes the
beneficial owner, directly or indirectly, of 30% or more of the outstanding Equity Interests (measured by either voting power or economic interests) of the Corporation, (b) any transaction or series of related transactions in which the
stockholders of the Corporation immediately prior to such transaction or series of related transactions (the “Pre-Transaction Stockholders”) cease to beneficially own, directly or indirectly, at least 70% of the outstanding Equity
Interests (measured by either voting power or economic interests) of the Corporation or in the surviving or resulting entity of such transaction; provided that this clause (b) shall not apply if (i) such transaction or series
of related transactions is an acquisition by the Corporation effected, in whole or in part, through the issuance of Equity Interests of the Corporation, (ii) such acquisition does not result in a Person or group of persons within the
meaning of Section 13(d)(3) of the Exchange Act beneficially owning, directly or indirectly, a greater percentage of the outstanding Equity Interests (measured by either voting power or economic interests) of the Corporation than the
Warrantholder and its Affiliates, and (iii) the Pre-Transaction Stockholders continue to beneficially own, directly or indirectly, at least 60% of the outstanding Equity Interests (measured by voting power and economic interests) of the
Corporation, (c) individuals who constitute the Continuing Directors, taken together, ceasing for any reason to constitute at least a majority of the Board of Directors or (d) any sale or lease or exchange, transfer, license
or disposition of a business, deposits or assets that constitute 30% or more of the consolidated assets, revenues, net income or deposits of the Corporation in any transaction or series of related transactions (other than


  
 3 








 
(i) sales or leases of aircraft in the ordinary course of business or (ii) with respect to Polar Air Cargo Worldwide, Inc. or any of its subsidiaries or any of their
assets or businesses). 
 “Common Stock” means the Corporation’s Common Stock, $0.01 par value per share. 

“Company Stockholder” has the meaning ascribed to it in the Investment Agreement. 

“Continuing Directors” means the directors of the Corporation on the date hereof and each other director, if, in each case,
(a) such other director’s appointment or nomination for election to the Board of Directors is recommended by more than 50% of the Continuing Directors or more than 50% of the members of the Nominating and Governance Committee of the
Board of Directors that are Continuing Directors or (b) Amazon and its subsidiaries shall have voted any shares of Common Stock in favor of the election of such other director to the Board of Directors. 

“conversion” has the meaning ascribed to it in Section 12(ii). 

“convertible securities” has the meaning ascribed to it in Section 12(ii). 

“Convertible Notes due 2022” has the meaning ascribed to it in the Investment Agreement. 

“Corporation” means Atlas Air Worldwide Holdings, Inc., a Delaware corporation. 

“DOT” has the meaning ascribed to it in the Investment Agreement. 

“Equity Interests” means any and all (a) shares, interests, participations or other equivalents (however
designated) of capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person (other than a corporation), (b) securities convertible into or
exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or voting interests in) such Person, and (c) any and all warrants, rights
or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents, securities, warrants, options, rights or other interests are authorized or otherwise
existing on any date of determination. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any
successor statute, and the rules and regulations promulgated thereunder. 
 “Exercise Period” has the meaning set forth in
Section 3(ii). 

  
 4 








 “Exercise Price” means $37.50. 

“Existing Call Options” has the meaning ascribed to it in the Investment Agreement. 

“Existing Warrants” has the meaning ascribed to it in the Investment Agreement. 

“Expiration Time” has the meaning set forth in Section 3(ii). 

“Fair Market Value” means, with respect to any security or other property, the fair market value of such security or other
property as determined by the Board of Directors, acting in good faith and evidenced by a written notice delivered promptly to the Warrantholder (which written notice shall include certified resolutions of the Board of Directors in respect thereof).
If the Warrantholder objects in writing to the Board of Director’s calculation of fair market value within ten (10) Business Days of receipt of written notice thereof and the Warrantholder and the Corporation are unable to agree on fair
market value during the 10-day period following the delivery of the Warrantholder objection, the Appraisal Procedure may be invoked by either the Corporation or the Warrantholder to determine Fair Market Value by delivering written notification
thereof not later than the 30th day after delivery of the Warrantholder objection. For the avoidance of doubt, the Fair Market Value of cash shall be the amount of such cash. 

“Governmental Entity” has the meaning ascribed to it in the Investment Agreement. 

“HSR Act” has the meaning ascribed to it in the Investment Agreement. 

“Initial Number” has the meaning ascribed to it in Section 12(ii). 

“Investment Agreement” means the Investment Agreement, dated as of the date hereof, as it may be amended from time to time,
by and between the Corporation and Amazon, including all annexes, schedules and exhibits thereto. 
 “Market Price” means,
with respect to the Common Stock or any other security, on any given day, the last sale price, regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked prices, regular way, of the shares of the Common
Stock or of such security, as applicable, on The NASDAQ Global Select Market on such day. If the Common Stock or such security, as applicable, is not listed on The NASDAQ Global Select Market as of any date of determination, the Market Price of the
Common Stock or such security, as applicable, on such date of determination means the closing sale price on such date as reported in the composite transactions for the principal U.S. national or regional securities exchange on which the Common Stock
or such security, as applicable, is so listed or quoted, or, if no closing sale price is reported, the last reported sale price on such date on the principal U.S. national or regional 

  
 5 








 
securities exchange on which the Common Stock or such security, as applicable, is so listed or quoted, or if the Common Stock or such security, as applicable, is not so listed or quoted on a U.S.
national or regional securities exchange, the last quoted bid price on such date for the Common Stock or such security, as applicable, in the over-the-counter market as reported by OTC Markets Group Inc. or similar organization, or, if that bid
price is not available, the Market Price of the Common Stock or such security, as applicable, on that date shall mean the Fair Market Value per share as of such date of the Common Stock or such security. For the purposes of determining the Market
Price of the Common Stock or any such security, as applicable, on the “trading day” preceding, on or following the occurrence of an event, (a) that trading day shall be deemed to commence immediately after the regular scheduled
closing time of trading on the applicable exchange, market or organization, or, if trading is closed at an earlier time, such earlier time and (b) that trading day shall end at the next regular scheduled closing time, or if trading is
closed at an earlier time, such earlier time (for the avoidance of doubt, and as an example, if the Market Price is to be determined as of the last trading day preceding a specified event and the closing time of trading on a particular day is 4:00
p.m. and the specified event occurs at 5:00 p.m. on that day, the Market Price would be determined by reference to such 4:00 p.m. closing price). 

“New Shares” has the meaning ascribed to it in Section 12(vi). 

“Other Voting Securities” means any, other than (a) Common Stock (and, for the avoidance of doubt, Common Stock
expressly excludes, and “Other Voting Securities” expressly includes, any separate class or series of common stock of the Corporation with the right to vote in the election of any directors of the Corporation or otherwise on any other
matters (whether separately as a class or series, or together with shares of Common Stock) with respect to which Common Stock is entitled to vote), (b) any rights issued (or any securities issued in respect of such rights) in connection
with the adoption of a stockholder rights plan in customary form (including with respect to the receipt of such rights in respect of shares of Common Stock (including Warrant Shares) issued subsequent to the initial dividend or distribution of such
rights), or (c) any securities issued to directors, advisors, employees or consultants of the Corporation pursuant to a stock option plan, employee stock purchase plan, restricted stock plan, other employee benefit plan or similar
compensatory arrangement or agreement approved by the Board of Directors, any (i) securities with the right to vote in the election of any directors of the Corporation or otherwise on any other matters (whether separately as a class or
series, or together with shares of Common Stock) with respect to which Common Stock is entitled to vote, and (ii) securities convertible into or exchangeable for any such securities, and any and all warrants, rights or options to
purchase any of the foregoing. 
 “Permitted Transactions” has the meaning ascribed to it in Section 12(ii).

 “Permitted Transferee” has the meaning ascribed to it in the Stockholders Agreement. 

  
 6 








 “Person” has the meaning given to it in Section 3(a)(9) of the Exchange Act
and as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act. 
 “Post-Issuance Adjustment” has the meaning set forth
in Section 12(ii). 
 “Pricing Date” has the meaning set forth in Section 12(ii). 

“Qualifying Business Combination” has the meaning set forth in Section 13. 

“Refinancing Cap” means, at the time of any issuance of Refinancing Convertible Notes, the total number of shares of Common
Stock that would be issuable upon conversion of any outstanding Convertible Notes due 2022 at such time, net of the total number of shares of Common Stock deliverable to the Corporation upon the exercise of the Existing Call Options at such time.
For the avoidance of doubt, the Refinancing Cap will be reduced on a share-for-share basis by any shares of Common Stock issued by the Corporation to the holders of the Convertible Notes due 2022 prior to or in connection with any such refinancing
that results in a top-up adjustment to the Warrantholder pursuant to Section 12(vi). 
 “Refinancing Convertible
Notes” has the meaning set forth in Section 12(vi). 
 “Replacement Cap” means, at the time of the
replacement of any Existing Warrants with any Replacement Warrants, the total number of unissued shares of Common Stock that remain issuable upon the exercise of such Existing Warrants at such time and with respect to which such Existing Warrants
will expire and be cancelled upon such replacement. For the avoidance of doubt, the Replacement Cap will be reduced on a share-for-share basis by any shares of Common Stock issued by the Corporation to the holders of the Existing Warrants prior to
or in connection with any such replacement that results in a top-up adjustment to the Warrantholder pursuant to Section 12(vi). 

“Replacement Hedging Arrangement” has the meaning set forth in Section 12(vi). 

“Replacement Warrants” has the meaning set forth in Section 12(vi). 

“Repurchases” means any transaction or series of related transactions to purchase Equity Interests of the Corporation or any
of its subsidiaries by the Corporation or any subsidiary thereof for a purchase price greater than Fair Market Value pursuant to any tender offer or exchange offer (whether or not subject to Section 13(e) or 14(e) of the Exchange Act or
Regulation 14E promulgated thereunder), whether for cash, Equity Interests of the Corporation, other securities of the Corporation, evidences of indebtedness of the Corporation or any other Person or any other property (including Equity Interests,
other securities or evidences of indebtedness of a subsidiary), or any combination thereof, effected while this Warrant is outstanding. 

  
 7 








 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated thereunder. 
 “Special Meeting” has the meaning ascribed to it in the Investment Agreement. 

“Stockholder Approval” has the meaning ascribed to it in the Investment Agreement. 

“Stockholders Agreement” means the Stockholders Agreement, dated as of the date hereof, as it may be amended from time to
time, by and between the Corporation and Amazon, including all annexes, schedules and exhibits thereto. 
 “Subject
Adjustment” has the meaning set forth in Section 12(viii). 
 “Subject Record Date” has the meaning
set forth in Section 12(viii). 
 “subsidiary” has the meaning ascribed to it in the Investment Agreement. 

“Top-Up Issuance” has the meaning set forth in Section 12(vi). 

“Top-Up Number” means, with respect to any Top-Up Issuance, the number obtained by multiplying (x) 0.25 by
(y) the number of New Shares issued in such Top-Up Issuance by (z) the portion of the Warrant (expressed as a percentage of the Warrant) which has not been cancelled pursuant to the Investment Agreement or
Section 3(vi) of this Warrant at the time of the Top-Up Issuance. In the event that the Top-Up Number is being calculated as a result of the issuance of New Shares upon the conversion of any Refinancing Convertible Notes, the maximum
aggregate number of New Shares that may be included in clause (y) of the foregoing formula shall not exceed the Refinancing Cap, and in the event that the Top-Up Number is being calculated as a result of the issuance of New Shares upon the
exercise of any Replacement Warrants, the maximum aggregate number of New Shares that may be included in clause (y) of the foregoing formula shall not exceed the Replacement Cap. 

“Transaction Documents” has the meaning ascribed to it in the Investment Agreement. 

“Vesting Event” means (a) with respect to 3,750,000 Warrant Shares, the execution of this Warrant and the other
Transaction Documents, (b) with respect to additional increments of 375,000 Warrant Shares, each time at which Amazon or one of its Affiliates commences the lease and operation of a Boeing 767-300 aircraft (or such substitute aircraft as
may be agreed to by the parties) pursuant to an Aircraft Lease Agreement and a Work Order (in addition to the initial 10 Boeing 767-300 aircraft (or such substitute aircraft as may be agreed to by the parties) committed to be leased by


  
 8 








 
Amazon as of the date hereof pursuant to the ATSA) until 20 such aircraft are leased and operated by Amazon or one of its Affiliates (including the initial 10 Boeing 767-300 aircraft (or such
substitute aircraft as may be agreed to by the parties) committed to be leased by Amazon as of the date hereof pursuant to the ATSA) and (c) unless the ATSA shall have been terminated by Amazon pursuant to Section 4.2 or
Section 4.5 thereof, with respect to all Warrant Shares which are not then vested, upon the consummation of a Change of Control Transaction. For the avoidance of doubt, Vesting Events shall stop occurring once the total number of Warrant Shares
authorized under Section 2 have vested pursuant to Vesting Events and if a given Vesting Event would cause the number of shares vested to increase over this threshold then only the number of shares up to and including the total number of
Warrant Shares authorized under Section 2 shall vest during the final such Vesting Event. In the event of any change in the number of Warrant Shares in accordance with the terms of this Warrant, such change shall be allocated to the
vested and unvested portions of this Warrant (i.e., the schedule of Vesting Events) based on the proportion of Warrant Shares that had vested immediately prior to such change to the total number of Warrant Shares. 

“VWAP” means the volume weighted average price per share of the Common Stock on The NASDAQ Global Select Market (as reported
by Bloomberg L.P. (or its successor) or, if not available, by another authoritative source mutually agreed by the Corporation and Amazon) in respect of the period from the scheduled open of trading until the scheduled close of trading of the primary
trading session on such trading day. 
 “Warrant” means this Warrant, issued pursuant to the Investment Agreement. 

“Warrant Shares” has the meaning set forth in Section 2. 

“Warrantholder” has the meaning set forth in Section 2. 

“Work Order” means a Work Order by and between Amazon or one of its Affiliates and the Corporation or one of its Affiliates
in the form attached to the ATSA. 
 2. Number of Warrant Shares; Exercise Price. This certifies that, for value received, Amazon or
its permitted assigns (the “Warrantholder”) is entitled, upon the terms hereinafter set forth, to acquire from the Corporation, in whole or in part, up to an aggregate of 7,500,000 fully paid and nonassessable shares of Common Stock
(the “Warrant Shares”), at a purchase price per share of Common Stock equal to the Exercise Price. The Warrant Shares and the Exercise Price are subject to adjustment as provided herein (including under Section 3(ii) and
Section 12 hereof), and all references to “Common Stock,” “Warrant Shares” and “Exercise Price” herein shall be deemed to include any such adjustment or series of adjustments. 

3. Exercise of Warrant; Term; Other Agreements; Cancelation. 

  
 9 








 (i) Promptly following the occurrence of a Vesting Event of the type described in clauses
(b) and (c) of the definition of “Vesting Event”, the Corporation shall deliver to the Warrantholder a Notice of Vesting Event in the form attached as Annex A hereto; provided that neither the delivery, nor the
failure of the Corporation to deliver, such Notice of Vesting Event shall affect or impair Amazon’s rights or the Corporation’s obligations hereunder. 

(ii) Subject to Section 2, Section 3(iii), Section 12(v) and Section 13, as well as the DOT notification and the receipt
of the Antitrust Clearance, each if applicable, the right to purchase Warrant Shares represented by this Warrant is exercisable, in whole or in part by the Warrantholder, at any time or from time to time from and after the applicable Vesting Event,
but in no event later than 5:00 p.m., New York City time, on May 4, 2021 (such time, the “Expiration Time” and such period from and after the applicable Vesting Event through the Expiration Time, the “Exercise
Period”), by (A) the surrender of this Warrant and the Notice of Exercise attached as Annex B hereto, duly completed and executed on behalf of the Warrantholder, at the principal executive office of the Corporation
located at 2000 Westchester Avenue, Purchase, NY 10577 Attn: Adam R. Kokas, EVP, General Counsel, CHRO & Secretary (or such other office or agency of the Corporation in the United States as it may designate by notice in writing to the
Warrantholder), and (B) payment of the Exercise Price for the Warrant Shares thereby purchased by, at the sole election of the Warrantholder, either: (i) tendering in cash, by certified or cashier’s check payable to the
order of the Corporation, or by wire transfer of immediately available funds to an account designated by the Corporation (such manner of exercise, a “Cash Exercise”) or (ii) without payment of cash, by reducing the
number of Warrant Shares obtainable upon the exercise of this Warrant (either in full or in part, as applicable) and payment of the Exercise Price in cash so as to yield a number of Warrant Shares obtainable upon the exercise of this Warrant (either
in full or in part, as applicable) equal to the product of (x) the number of Warrant Shares issuable upon the exercise of this Warrant (either in full or in part, as applicable) (if payment of the Exercise Price were being made in cash)
and (y) the Cashless Exercise Ratio (such manner of exercise, a “Cashless Exercise”). 
 (iii) Notwithstanding
the foregoing or anything herein to the contrary, this Warrant may not be exercised with respect to any Warrant Shares, and the Corporation shall not be required to issue any Warrant Shares pursuant to this Warrant, until the Special Meeting shall
have been held and the Company Stockholders shall have voted on the authorization of the Restricted Warrant Exercise (as defined in the Investment Agreement) under the rules of The NASDAQ Global Select Market. Unless and until the Stockholder
Approval is obtained, the Warrantholder shall not have the right to acquire any Warrant Shares (including, for the avoidance of doubt, upon the consummation of a Change of Control Transaction) and the Corporation shall not be required to issue any
Warrant Shares, in each case, in excess of the number equal to 4,937,392 minus the number of warrant shares issued by the Corporation pursuant to Warrant-B (as defined in the Investment Agreement). 

  
 10 








 (iv) Notwithstanding the foregoing, (I) if (A) at any time during the
Exercise Period, the Warrantholder has not obtained any approval, exemption, authorization or consent (including the expiration or termination of any waiting periods, as applicable) from any Governmental Entity required pursuant to the HSR Act, any
other Antitrust Law or otherwise in connection with the exercise of this Warrant in full and (B) the Warrantholder delivers a written notice to the Corporation, informing the Corporation that the Warrantholder is actively pursuing in
good faith any such approval, exemption, authorization, consent, expiration or termination, then the Expiration Time shall be deemed for all purposes hereunder not to have occurred until the later of (x) May 4, 2021 and
(y) the earlier of (i) the Warrantholder ceasing to actively pursue in any material respect such approval, exemption, authorization, consent, expiration or termination, (ii) any Governmental Entity that must grant
any such required approval, exemption, authorization, consent, expiration or termination denying such grant and such denial becoming final and non-appealable and (iii) November 4, 2021 and (II) if at any time during the Exercise
Period the Warrantholder has not exercised this Warrant in full as a result of there being insufficient Warrant Shares available for issuance or the lack of any required corporate approval, the Expiration Date shall be extended until such date as
the Warrantholder is able to exercise this Warrant in respect of all vested Warrant Shares. 
 (v) If the Warrantholder does not exercise
this Warrant in its entirety, the Warrantholder shall be entitled to receive from the Corporation, upon request, a new warrant of like tenor in substantially identical form for the purchase of that number of Warrant Shares equal to the difference
between the number of Warrant Shares subject to this Warrant and the number of Warrant Shares as to which this Warrant is so exercised. 

(vi) This Warrant, including with respect to its cancelation, is subject to the terms and conditions of the Investment Agreement and the
Stockholders Agreement. Without affecting in any manner any prior exercise of this Warrant (or any Warrant Shares previously issued hereunder), if (a) the Investment Agreement is terminated in accordance with Section 5.1 thereof or
(b) the Warrantholder delivers to the Corporation a written, irrevocable commitment not to exercise this Warrant, the Corporation shall have no obligation to issue, and the Warrantholder shall have no right to acquire, the canceled
portion of the Warrant Shares under this Warrant. 
 4. Issuance of Warrant Shares; Authorization; Listing. Certificates for Equity
Interests issued upon exercise of this Warrant shall be issued no later than the fifth Business Day following the date of exercise of this Warrant in accordance with its terms in the name of the Warrantholder and shall be delivered to the
Warrantholder; provided that, in lieu of such certificates, the Corporation may issue such shares in book-entry form, in which case a statement of book-entry interests will be delivered to the Warrantholder within the aforementioned time
period. The Corporation hereby 

  
 11 








 
represents and warrants that any Equity Interests issued upon the exercise of this Warrant in accordance with the provisions of Section 3 will be validly issued, fully paid and
nonassessable and free of any liens or encumbrances (other than liens or encumbrances created by the Transaction Documents, arising as a matter of applicable law or created by or at the direction of the Warrantholder or any of its Affiliates). The
Equity Interests so issued shall be deemed for all purposes to have been issued to the Warrantholder as of the close of business on the date on which this Warrant and payment of the Exercise Price are delivered to the Corporation in accordance with
the terms of this Warrant, notwithstanding that the stock transfer books of the Corporation may then be closed or certificates or statements of book-entry interest representing such Equity Interests may not be actually delivered on such date. The
Corporation shall at all times reserve and keep available, out of its authorized but unissued Equity Interests, solely for the purpose of providing for the exercise of this Warrant, the aggregate Equity Interests then issuable upon exercise of this
Warrant in full (disregarding whether or not this Warrant is exercisable by its terms at any such time). The Corporation shall, at its sole expense, procure, subject to issuance or notice of issuance, the listing of any Equity Interests issuable
upon exercise of this Warrant on the principal stock exchange on which such Equity Interests are then listed or traded, promptly after such Equity Interests are eligible for listing thereon. 

5. No Fractional Shares or Scrip. No fractional Warrant Shares or other Equity Interests or scrip representing fractional Warrant
Shares or other Equity Interests shall be issued upon any exercise of this Warrant. In lieu of any fractional share to which a Warrantholder would otherwise be entitled, the Warrantholder shall be entitled to receive a cash payment equal to the
Market Price of the Common Stock or such other Equity Interests on the last trading day preceding the date of exercise less the Exercise Price for such fractional share. 

6. No Rights as Stockholders; Transfer Books. Without limiting in any respect the provisions of the Investment Agreement or the
Stockholders Agreement and except as otherwise provided by the terms of this Warrant, this Warrant does not entitle the Warrantholder to (i) receive dividends or other distributions, (ii) consent to any action of the
stockholders of the Corporation, (iii) receive notice of or vote at any meeting of the stockholders, (iv) receive notice of any other proceedings of the Corporation or (v) exercise any other rights whatsoever, in
any such case, as a stockholder of the Corporation prior to the date of exercise hereof. 
 7. Charges, Taxes and Expenses. Issuance
of this Warrant and issuance of certificates for Equity Interests to the Warrantholder upon the exercise of this Warrant shall be made without charge to the Warrantholder for any issue or transfer tax (other than taxes in respect of any transfer
occurring contemporaneously therewith) or other incidental expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Corporation. 

  
 12 








 8. Transfer/Assignment. 

(i) This Warrant may only be transferred to a Permitted Transferee of Amazon in accordance with the terms of the Stockholders Agreement. The
Warrant Shares may only be transferred in accordance with the terms of the Stockholders Agreement. Subject to compliance with the first two sentences of this Section 8, the legend as set forth on the cover page of this Warrant and the
terms of the Stockholders Agreement, this Warrant and all rights hereunder are transferable, in whole or in part, upon the books of the Corporation by the registered holder hereof in person or by duly authorized attorney, and a new Warrant shall be
made and delivered by the Corporation, of the same tenor and date as this Warrant but registered in the name of one or more transferees, upon surrender of this Warrant, duly endorsed, to the office or agency of the Corporation described in
Section 3. If the transferring holder does not transfer the entirety of its rights to purchase all Warrant Shares hereunder, such holder shall be entitled to receive from the Corporation a new Warrant in substantially identical form for
the purchase of that number of Warrant Shares as to which the right to purchase was not transferred. All expenses (other than stock transfer taxes) and other charges payable in connection with the preparation, execution and delivery of the new
Warrants pursuant to this Section 8 shall be paid by the Corporation, other than the costs and expenses of counsel or any other advisor to the Warrantholder and its transferee. 

(ii) If and for so long as required by the Investment Agreement, this Warrant shall contain a legend as set forth in Section 4.2 of the
Investment Agreement. 
 9. Exchange and Registry of Warrant. This Warrant is exchangeable, subject to applicable securities laws,
upon the surrender hereof by the Warrantholder to the Corporation, for a new warrant or warrants of like tenor and representing the right to purchase the same aggregate number of Warrant Shares. The Corporation shall maintain a registry showing the
name and address of the Warrantholder as the registered holder of this Warrant. This Warrant may be surrendered for exchange or exercise, in accordance with its terms, at the office of the Corporation, and the Corporation shall be entitled to rely
in all respects, prior to written notice to the contrary, upon such registry. 
 10. Loss, Theft, Destruction or Mutilation of
Warrant. Upon receipt by the Corporation of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of any such loss, theft or destruction, upon receipt of a bond, indemnity or
security reasonably satisfactory to the Corporation, or, in the case of any such mutilation, upon surrender and cancellation of this Warrant, the Corporation shall make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new
Warrant of like tenor and representing the right to purchase the same aggregate number of Warrant Shares as provided for in such lost, stolen, destroyed or mutilated Warrant. 

  
 13 








 11. Saturdays, Sundays, Holidays, etc. If the last or appointed day for the taking of any
action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding day that is a Business Day. 

12. Adjustments and Other Rights. The Exercise Price and Warrant Shares issuable upon exercise of this Warrant shall be subject to
adjustment from time to time as follows; provided that if more than one subsection of this Section 12 is applicable to a single event, the subsection shall be applied that produces the largest adjustment and no single event shall
cause an adjustment under more than one subsection of this Section 12 so as to result in duplication. 
 (i) Stock Splits,
Subdivisions, Reclassifications or Combinations. If the Corporation shall at any time or from time to time (a) declare, order, pay or make a dividend or make a distribution on its Common Stock in shares of Common Stock,
(b) split, subdivide or reclassify the outstanding shares of Common Stock into a greater number of shares or (c) combine or reclassify the outstanding shares of Common Stock into a smaller number of shares, the number of
Warrant Shares issuable upon exercise of this Warrant at the time of the record date for such dividend or distribution or the effective date of such split, subdivision, combination or reclassification shall be proportionately adjusted so that the
Warrantholder immediately after such record date or effective date, as the case may be, shall be entitled to purchase the number of shares of Common Stock which such holder would have owned or been entitled to receive in respect of the shares of
Common Stock subject to this Warrant after such date had this Warrant been exercised in full immediately prior to such record date or effective date, as the case may be (disregarding whether or not this Warrant had been exercisable by its terms at
such time). In the event of such adjustment, the Exercise Price in effect at the time of the record date for such dividend or distribution or the effective date of such split, subdivision, combination or reclassification shall be immediately
adjusted to the number obtained by dividing (x) the product of (1) the number of Warrant Shares issuable upon the exercise of this Warrant in full before the adjustment determined pursuant to the immediately preceding
sentence (disregarding whether or not this Warrant was exercisable by its terms at such time) and (2) the Exercise Price in effect immediately prior to the record or effective date, as the case may be, for the dividend, distribution,
split, subdivision, combination or reclassification giving rise to such adjustment by (y) the new number of Warrant Shares issuable upon exercise of the Warrant in full determined pursuant to the immediately preceding sentence
(disregarding whether or not this Warrant is exercisable by its terms at such time). 
 (ii) Certain Issuances of Common Shares or
Convertible Securities. If the Corporation shall at any time or from time to time issue shares of Common Stock (or rights or warrants or any other securities or rights exercisable or convertible into or exchangeable (collectively, a
“conversion”) for shares of Common Stock) (collectively, 

  
 14 








 
“convertible securities”) (other than in Permitted Transactions or a transaction to which the adjustments set forth in subsection (i) of this Section 12 are
applicable), without consideration or at a consideration per share (or having a conversion price per share) that is less than 100% of the Market Price of Common Stock immediately prior to the date of the agreement on pricing of such shares (or of
such convertible securities) (such date of agreement, the “Pricing Date”) other than as a result of the payment, deduction or application of customary discounts, commissions, spreads, fees or other similar amounts as determined by,
or agreed to with, the underwriter(s), placement agent(s) or other person(s) performing similar functions in connection with such issuance then, in such event: 

(A) the number of Warrant Shares issuable upon the exercise of this Warrant immediately prior to the Pricing Date (the “Initial
Number”) shall be increased to the number obtained by multiplying the Initial Number by a fraction (I) the numerator of which shall be the sum of (x) the number of shares of Common Stock outstanding immediately prior
to the Pricing Date and (y) the number of additional shares of Common Stock issued (or into which convertible securities may be converted) and (II) the denominator of which shall be the sum of (x) the number of
shares of Common Stock outstanding immediately prior to the Pricing Date and (y) the number of shares of Common Stock (rounded to the nearest whole share) which the Aggregate Consideration in respect of such issuance of shares of Common
Stock (or convertible securities) would purchase at the Market Price of Common Stock immediately prior to the Pricing Date; and 
 (B) the
Exercise Price payable upon exercise of this Warrant shall be adjusted by multiplying such Exercise Price in effect immediately prior to the Pricing Date by a fraction, the numerator of which shall be the number of shares of Common Stock issuable
upon exercise of this Warrant in full immediately prior to the adjustment pursuant to clause (A) above (disregarding whether or not this Warrant was exercisable by its terms at such time), and the denominator of which shall be the number of
shares of Common Stock issuable upon exercise of this Warrant in full immediately after the adjustment pursuant to clause (A) above (disregarding whether or not this Warrant is exercisable by its terms at such time). 

For purposes of the foregoing, (1) the “Aggregate Consideration” in respect of such issuance of shares of Common Stock (or
convertible securities) shall be deemed to be equal to the sum of the net offering price (before deduction of any related expenses payable to third parties, including discounts and commissions) of all such shares of Common Stock and convertible
securities, plus the aggregate amount, if any, payable upon conversion of any such convertible securities (assuming conversion in accordance with their terms immediately following their issuance (and further assuming for this purpose that such
convertible securities are convertible at such time)); (2) in the case of the issuance of such shares of Common Stock or convertible securities for, in whole or in 

  
 15 








 
part, any non-cash property (or in the case of any non-cash property payable upon conversion of any such convertible securities), the consideration represented by such non-cash property shall be
deemed to be the Market Price (in the case of securities) and/or Fair Market Value (in all other cases), as applicable, of such non-cash property as of immediately prior to the Pricing Date (before deduction of any related expenses payable to third
parties, including discounts and commissions); (3) on any increase in the number of shares of Common Stock deliverable upon conversion of any such issued convertible securities, and/or any decrease in the consideration receivable by the
Corporation in respect of any such conversion (each, a “Post-Issuance Adjustment”), then, to the extent that, in respect of the same facts and events, the adjustment provisions set forth in this Section 12 (excluding
this clause (3)) do not result in a proportionate increase in the number of Warrant Shares issuable upon the exercise of this Warrant, and/or a proportionate decrease in the Exercise Price payable upon exercise of this Warrant, in each case
equal to or greater than the proportionate increase and/or decrease, respectively, in respect of such convertible securities, then the number of Warrant Shares issuable, and the Exercise Price payable, upon exercise of this Warrant, in each case
then in effect, shall forthwith be readjusted to such number of Warrant Shares and such Exercise Price as would have been obtained had the Post-Issuance Adjustment been effective in respect of such convertible securities as of immediately prior to
the Pricing Date of such convertible securities; (4) if the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall have been adjusted upon the issuance of any convertible securities in accordance
with this Section 12, subject to clause (3) above, no further adjustment of the Exercise Price and the number of Warrant Shares issuable upon exercise of this Warrant shall be made for the actual issuance of shares of Common Stock
upon the actual conversion of such convertible securities in accordance with their terms; and (5) “Permitted Transactions” shall consist of (a) issuances of shares of Common Stock (including upon exercise of
options) to directors, advisors, employees or consultants of the Corporation pursuant to a stock option plan, employee stock purchase plan, restricted stock plan, other employee benefit plan or other similar compensatory agreement or arrangement
approved by the Board of Directors, (b) issuances of shares of Common Stock in accordance with or pursuant to the Convertible Notes due 2022 or the Existing Warrants and (c) the exercise of this Warrant. Any adjustment made
pursuant to this Section 12(ii) shall become effective immediately upon the date of such issuance. For the avoidance of doubt, no increase to the Exercise Price or decrease in the number of Warrant Shares issuable upon exercise of this
Warrant shall be made pursuant to this Section 12(ii). 
 (iii) Distributions. If the Corporation shall fix a record date
for the making of a dividend or other distribution (by spin-off or otherwise) on shares of Common Stock, whether in cash, Equity Interests of the Corporation, other securities of the Corporation, evidences of indebtedness of the Corporation or any
other Person or any other property (including Equity Interests, other securities or evidences of indebtedness of a subsidiary), or any combination thereof, excluding (A) dividends or distributions subject to


  
 16 








 
adjustment pursuant to Section 12(i) or (B) dividends or distributions of rights in connection with the adoption of a stockholder rights plan in customary form (including
with respect to the receipt of such rights in respect of shares of Common Stock (including Warrant Shares) issued subsequent to the initial dividend or distribution of such rights), then in each such case, the number of Warrant Shares issuable upon
exercise of this Warrant in full (disregarding whether or not this Warrant had been exercisable by its terms at such time) shall be increased by multiplying such number of Warrant Shares by a fraction, the numerator of which is the Market Price per
share of Common Stock on such record date and the denominator of which is the Market Price per share of Common Stock on such record date less the Fair Market Value of the cash and/or any other property, as applicable, to be so paid or distributed in
such dividend or distribution in respect of one share of Common Stock (in each case as of the record date of such dividend or distribution); such adjustment shall take effect on the record date for such dividend or distribution. In the event of such
adjustment, the Exercise Price shall immediately be decreased by multiplying such Exercise Price by a fraction, the numerator of which is the number of Warrant Shares issuable upon the exercise of this Warrant in full immediately prior to such
adjustment (disregarding whether or not this Warrant was exercisable by its terms at such time), and the denominator of which is the new number of Warrant Shares issuable upon exercise of this Warrant determined in accordance with the immediately
preceding sentence. Notwithstanding the foregoing, in the event that the Fair Market Value of the cash and/or any other property, as applicable, to be so paid or distributed in such dividend or distribution in respect of one share of Common Stock
(in each case as of the record date of such dividend or distribution) is equal to or greater than the Market Price per share of Common Stock on such record date, then proper provision shall be made such that upon exercise of this Warrant, the
Warrantholder shall receive, in addition to the applicable Warrant Shares, the amount and kind of such cash and/or any other property such Warrantholder would have received had such Warrantholder exercised this Warrant immediately prior to such
record date (disregarding whether or not this Warrant had been exercisable by its terms at such time). For purposes of the foregoing, in the event that such dividend or distribution in question is ultimately not so made, the Exercise Price and the
number of Warrant Shares issuable upon exercise of this Warrant then in effect shall be readjusted, effective as of the date when the Board of Directors determines not to make such dividend or distribution, to the Exercise Price that would then be
in effect and the number of Warrant Shares that would then be issuable upon exercise of this Warrant if such record date had not been fixed. For the avoidance of doubt, no increase to the Exercise Price or decrease in the number of Warrant Shares
issuable upon exercise of this Warrant shall be made pursuant to this Section 12(iii). 
 Notwithstanding the foregoing
provisions of this Section 12(iii), in the event that all or any portion of any such dividend or other distribution is in Other Voting Securities, then, with respect to such dividend or distribution (or such portion thereof that is in
Other Voting Securities, as applicable), the Warrantholder shall have the option, exercisable in 

  
 17 








 
writing delivered to the Corporation within seven (7) Business Days of such Warrantholder’s receipt of the Corporation’s notice pursuant to Section 12(x) relating to
such dividend or other distribution, to elect (1) for the foregoing adjustments set forth in this Section 12(iii) to apply with respect to such dividend or distribution (or such portion thereof that is in Other Voting
Securities, as applicable) or (2) in lieu of the foregoing adjustments set forth in this Section 12(iii) with respect to such dividend or distribution (or such portion thereof that is in Other Voting Securities, as
applicable), but, for all purposes of this clause (2), after giving effect to the foregoing adjustments set forth in this Section 12(iii) with respect to any portion of such dividend or distribution that is in securities, cash and/or any
other property, in each case other than Other Voting Securities, for its right to receive Warrant Shares upon exercise of this Warrant to be converted, effective as of the record date of such dividend or distribution, into the right to exercise this
Warrant to acquire such Warrant Shares plus the Other Voting Securities that such Warrant Shares would have been entitled to receive upon consummation of such dividend or distribution, assuming the exercise in full of this Warrant immediately prior
to such record date (disregarding whether or not this Warrant was exercisable by its terms at such time); provided that for purposes of this clause (2), (x) the number and type of Other Voting Securities so deliverable upon any
exercise of this Warrant shall be adjusted to take into account any stock or security dividends, splits, reverse splits, spin-offs, split-ups, mergers, reclassifications, reorganizations, recapitalizations, combinations or exchanges of securities
and the like from and after the consummation of such dividend or distribution in question and at or prior to such exercise of this Warrant and (y) with respect to any such Other Voting Securities that are described in clause (ii) of
the definition of Other Voting Securities, the terms of such Other Voting Securities, as issued upon exercise of this Warrant, shall take into account any anti-dilution or other adjustments that would have been applicable to such Other Voting
Securities had such Other Voting Securities been outstanding from and after the consummation of such dividend or distribution in question. In the event that such dividend or distribution in question (or such portion thereof that is in Other Voting
Securities, as applicable) is ultimately not so made, this Warrant shall be readjusted, effective as of the date when the Board of Directors determines not to make such dividend or distribution (or such portion thereof that is in Other Voting
Securities, as applicable), as though the record date thereof had not been fixed. 
 (iv) Repurchases. If the Corporation or any
subsidiary thereof shall at any time or from time to time effect Repurchases, the Exercise Price then in effect and the number of Warrant Shares issuable upon the exercise of this Warrant shall be immediately adjusted, in each case in accordance
with the foregoing provisions of this Section 12, as if, in lieu of such Repurchases, the Corporation had (A) first, declared and paid a dividend, in cash, on shares of Common Stock in an aggregate amount equal to the Assumed
Payment Amount, with a record date as of the trading day immediately preceding the first public disclosure of the Corporation’s (or such subsidiary’s) intent to effect such Repurchase, and (B) second, effected a reverse-split
of Common Stock, in the 

  
 18 








 
proportion required to reduce the number of shares of Common Stock outstanding from (1) the number of such shares outstanding immediately prior to the first purchase of Equity
Interests comprising such Repurchases to (2) the number of such shares outstanding immediately following the last purchase of Equity Interests comprising such Repurchases (in the case of this clause (B), with such adjustments as are
appropriate to exclude the effect of any issuances of Equity Interests, and any dividends, distributions, splits, subdivisions, reclassifications and combinations subject to adjustment pursuant to Section 12(i), in each case from and
after the first purchase of Equity Interests comprising such Repurchases and at or prior to the last purchase of Equity Interests comprising such Repurchases). For the avoidance of doubt, no increase to the Exercise Price or decrease in the number
of Warrant Shares issuable upon exercise of this Warrant shall be made pursuant to this Section 12(iv). For purposes of the foregoing, the “Assumed Payment Amount” with respect to any Repurchases shall mean the aggregate
Market Price (in the case of securities) and/or Fair Market Value (in the case of cash and/or any other property), as applicable, as of such Repurchases, of the aggregate consideration paid to effect such Repurchases. 

(v) Business Combination Transactions. In case of any Business Combination or reclassification of Common Stock (other than a
reclassification of Common Stock subject to adjustment pursuant to Section 12(i)), notwithstanding anything to the contrary contained herein, (a) the Corporation shall notify the Warrantholder in writing of such Business
Combination or reclassification as promptly as practicable (and in any event no later than ten (10) Business Days prior to the effectiveness thereof) and (b) the Warrantholder’s right to receive Warrant Shares upon exercise of
this Warrant shall be converted, effective upon the occurrence of such Business Combination or reclassification, into the right to exercise this Warrant to acquire the number of shares of stock or other securities or property (including cash) that
the Common Stock issuable (at the time of such Business Combination or reclassification) upon exercise of this Warrant immediately prior to such Business Combination or reclassification would have been entitled to receive upon consummation of such
Business Combination or reclassification. In determining the kind and amount of stock, securities or the property receivable upon exercise of this Warrant upon and following adjustment pursuant to this paragraph, if the holders of Common Stock have
the right to elect the kind or amount of consideration receivable upon consummation of such Business Combination, then the Warrantholder shall have the right to make the same election upon exercise of this Warrant with respect to the number of
shares of stock or other securities or property which the Warrantholder shall receive upon exercise of this Warrant. The Corporation, or the Person or Persons formed by the applicable Business Combination or reclassification, or that acquire(s) the
applicable shares of Common Stock, as the case may be, shall make lawful provisions to establish such rights and to provide for such adjustments that, for events from and after such Business Combination or reclassification, shall be as nearly
equivalent as possible to the rights and adjustments provided for herein, and the Corporation shall not be a party to or permit any such Business Combination or reclassification to occur unless such provisions are made as a part of the terms
thereof. 

  
 19 








 (vi) Top-Up Adjustment. If the Corporation shall at any time or from time to time prior to
the Expiration Time issue shares of Common Stock to (A) any holder of the Convertible Notes due 2022 upon the conversion of the Convertible Notes due 2022 (net of any shares of Common Stock delivered to the Corporation upon the exercise
of the Existing Call Options in connection with such conversion of the Convertible Notes due 2022) or (B) any holder of the Existing Warrants upon exercise of the Existing Warrants (such net shares of Common Stock issued at such time to
such holders, the “New Shares” and such issuance, a “Top-Up Issuance”), then the Corporation shall deliver notice of such issuance to the Warrantholder no later than five (5) Business Days after such issuance
and the number of Warrant Shares issuable upon the exercise of this Warrant shall, subject to and unless otherwise provided in Section 3(iii), be increased by an amount equal to the Top-Up Number. In the event that the Corporation
(1) refinances the Convertible Notes due 2022 with other notes convertible into Common Stock (the “Refinancing Convertible Notes”) and/or (2) replaces the Existing Warrants with other warrants issued in
connection with the issuance of such Refinancing Convertible Notes (the “Replacement Warrants”), the top-up adjustment set forth in this Section 12(vi) shall apply, mutatis mutandis, with respect to any new shares
of Common Stock issued by the Corporation upon the conversion of such Refinancing Convertible Notes or upon the exercise of such Replacement Warrants, with the “New Shares” in that circumstance being the number of new shares of Common
Stock issued upon the conversion of such Refinancing Convertible Notes (net of any shares of Common Stock delivered to the Corporation in respect of any call options or other hedging arrangement put in place by the Corporation in connection with
such Refinancing Convertible Notes (“Replacement Hedging Arrangement”)) or upon the exercise of the Replacement Warrants, as applicable. 

For the avoidance of doubt, for purposes of determining the number of “New Shares” issued by the Corporation pursuant to the
Convertible Notes due 2022 (or any Refinancing Convertible Notes), the Corporation shall not be deemed to be issuing “New Shares” to the extent the Corporation obtains an equivalent number of shares of Common Stock upon exercise of the
Existing Call Options (or any Replacement Hedging Arrangement) and delivers such shares of Common Stock to the holders of the Convertible Notes due 2022 (or the holders of Refinancing Convertible Notes, as applicable) upon the conversion thereof;
provided, however, that, for the avoidance of doubt, this exclusion shall not apply to issuances of shares of Common Stock by the Corporation the proceeds of which are used to finance the payment in cash of the strike price of the
Existing Call Options (or pursuant to any Replacement Hedging Arrangement, as applicable). 

  
 20 








 (vii) Rounding of Calculations; Minimum Adjustments. All calculations under this
Section 12 shall be made to the nearest one-tenth (1/10th) of a cent or to the nearest one-hundredth (1/100th) of a share, as the case may be. Any provision of this Section 12 to the contrary notwithstanding, no
adjustment in the Exercise Price or the number of Warrant Shares into which this Warrant is exercisable shall be made if the amount of such adjustment would be less than $0.01 or one-tenth (1/10th) of a share of Common Stock, but any such
amount shall be carried forward and an adjustment with respect thereto shall be made at the time of and together with any subsequent adjustment which, together with such amount and any other amount or amounts so carried forward, shall aggregate
$0.01 or 1/10th of a share of Common Stock, or more. 
 (viii) Timing of Issuance of Additional Securities Upon Certain Adjustments.
In any case in which (a) the provisions of this Section 12 shall require that an adjustment (the “Subject Adjustment”) shall become effective immediately after a record date (the “Subject Record
Date”) for an event and (b) the Warrantholder exercises this Warrant after the Subject Record Date and before the consummation of such event, the Corporation may defer until the consummation of such event (i) issuing
to such Warrantholder the incrementally additional shares of Common Stock or other property issuable upon such exercise by reason of the Subject Adjustment and (ii) paying to such Warrantholder any amount of cash in lieu of a fractional
share of Common Stock; provided, however, that the Corporation upon request shall promptly deliver to such Warrantholder a due bill or other appropriate instrument evidencing such Warrantholder’s right to receive such additional
shares (or other property, as applicable), and such cash, upon the consummation of such event. 
 (ix) Statement Regarding
Adjustments. Whenever the Exercise Price or the Warrant Shares into which this Warrant is exercisable shall be adjusted as provided in Section 12, the Corporation shall forthwith prepare a statement showing in reasonable detail the
facts requiring such adjustment and the Exercise Price that shall be in effect and the Warrant Shares into which this Warrant shall be exercisable after such adjustment, and cause a copy of such statement to be delivered to the Warrantholder as
promptly as practicable. 
 (x) Notice of Adjustment Event. In the event that the Corporation shall propose to take any action of the
type described in this Section 12 (but only if the action of the type described in this Section 12 would result in an adjustment in the Exercise Price or the Warrant Shares into which this Warrant is exercisable or a change
in the type of securities or property to be delivered upon exercise of this Warrant), the Corporation shall provide written notice to the Warrantholder, which notice shall specify the record date, if any, with respect to any such action and the
approximate date on which such action is to take place. Such notice shall also set forth the facts with respect thereto as shall be reasonably necessary to indicate the effect on the Exercise Price and the number, kind or class of shares or other
securities or property which shall be deliverable upon 

  
 21 








 
exercise of this Warrant. In the case of any action which would require the fixing of a record date, such notice shall be given at least ten (10) days prior to the date so fixed. In case of
all other action, such notice shall be given at least ten (10) days prior to the taking of such proposed action unless the Corporation reasonably determines in good faith that, given the nature of such action, the provision of such notice at
least ten (10) days in advance is not reasonably practicable from a timing perspective, in which case such notice shall be given as far in advance prior to the taking of such proposed action as is reasonably practicable from a timing
perspective. 
 (xi) Adjustment Rules. Any adjustments pursuant to this Section 12 shall be made successively whenever an
event referred to herein shall occur. If an adjustment in the Exercise Price made hereunder would reduce the Exercise Price to an amount below par value of the Common Stock, then such adjustment in the Exercise Price made hereunder shall reduce the
Exercise Price to the par value of the Common Stock. 
 (xii) No Impairment. The Corporation shall not, by amendment of its
certificate of incorporation, bylaws or any other organizational document, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the
observance or performance of any of the terms to be observed or performed hereunder by the Corporation, but shall at all times in good faith assist in the carrying out of all the provisions of this Warrant. In furtherance and not in limitation of
the foregoing, the Corporation shall not take or permit to be taken any action which would entitle the Warrantholder to an adjustment under this Section 12 if the total number of shares of Common Stock issuable after such action upon
exercise of this Warrant in full (disregarding whether or not this Warrant is exercisable by its terms at such time), together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon the exercise in full of
any and all outstanding Equity Interests (disregarding whether or not any such Equity Interests are exercisable by their terms at such time) would exceed the total number of shares of Common Stock then authorized by its certificate of incorporation.

 (xiii) Proceedings Prior to Any Action Requiring Adjustment. As a condition precedent to the taking of any action which would
require an adjustment pursuant to this Section 12, the Corporation shall take any and all action which may be necessary, including obtaining regulatory or other governmental, The NASDAQ Global Select Market or other applicable securities
exchange, corporate or stockholder approvals or exemptions, in order that the Corporation may thereafter validly and legally issue as fully paid and nonassessable all shares of Common Stock, or all other securities or other property, that the
Warrantholder is entitled to receive upon exercise of this Warrant pursuant to this Section 12. 
 13. Mandatory Exercise
Upon Change of Control. Notwithstanding anything to the contrary contained herein, in the event of the consummation prior to the Expiration 

  
 22 








 
Time of a Business Combination where all outstanding shares of Common Stock are exchanged solely for cash consideration (other than, for the avoidance of doubt, shares held as treasury stock,
shares with respect to which appraisal or dissenter rights apply and shares that are customarily cancelled in a Business Combination of such type) (“Qualifying Business Combination”), the Corporation shall have the right (a) if
the consideration per share of Common Stock to be received by the holders of Common Stock in such Qualifying Business Combination is greater than the Exercise Price, to cause the Warrantholder to exercise this Warrant with respect to all Warrant
Shares as of the consummation of such Qualifying Business Combination and (b) if the consideration per share of Common Stock to be received by the holders of Common Stock in such Qualifying Business Combination is less than or equal to the
Exercise Price, to cause this Warrant to be automatically and immediately canceled and terminated as of the consummation of such Qualifying Business Combination with respect to all Warrant Shares; provided that the Corporation must give
written notice to the Warrantholder at least ten (10) Business Days prior to the date of consummation of such Qualifying Business Combination, which notice shall specify the expected date on which such Qualifying Business Combination is to take
place and set forth the facts with respect thereto as shall be reasonably necessary to indicate the amount of cash deliverable upon exercise of this Warrant and to each outstanding share of Common Stock; provided, further that the
Corporation may only cause this Warrant to be exercised or cancelled, as applicable, concurrently with the consummation of such Qualifying Business Combination and the Warrantholder shall be entitled to receive the cash consideration as determined
pursuant to Section 12(v). If the Warrantholder is required to exercise this Warrant pursuant to this Section 13, the Warrantholder shall notify the Corporation within five (5) Business Days after receiving the
Corporation’s written notice described above in this Section 13 whether it is electing to exercise this Warrant through a Cash Exercise or a Cashless Exercise. If the Warrantholder (i) does not provide such notice within
five (5) Business Days after receiving the Corporation’s written notice described above in this Section 13, or (ii) elects a Cash Exercise but does not pay the applicable Exercise Price for the Warrant Shares
thereby purchased to the Corporation upon the consummation of such qualifying Business Combination then, in either such case, the Corporation shall effect the exercise of this Warrant through a Cashless Exercise. 

14. Governing Law and Jurisdiction. This Warrant shall be governed by, and construed and enforced in accordance with, the
laws of the State of Delaware, without regard to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Delaware. In addition, each of the parties (a) submits to the personal jurisdiction of the Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not
have subject matter jurisdiction over such dispute, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States District Court also does not have


  
 23 








 
jurisdiction over such dispute, any Delaware State court sitting in New Castle County, in the event any dispute (whether in contract, tort or otherwise) arises out of this Warrant or the
transactions contemplated hereby, (b) irrevocably waives the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any claim, action or proceeding relating to this Warrant or the transactions contemplated hereby
and agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it shall not bring any claim, action or proceeding relating to this Warrant or
the transactions contemplated hereby in any court other than the Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over
such claim, action or proceeding, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States District Court also does not have jurisdiction over such claim, action or proceeding,
any Delaware State court sitting in New Castle County. Each party agrees that service of process upon such party in any such claim, action or proceeding shall be effective if notice is given in accordance with the provisions of this Warrant.

 15. Binding Effect. This Warrant shall be binding upon any successors or assigns of the Corporation. 

16. Amendments. This Warrant may be amended and the observance of any term of this Warrant may be waived only with the written consent
of the Corporation and the Warrantholder. 
 17. Notices. Any notice, request, instruction or other document to be given hereunder by
any party to the other shall be in writing and shall be deemed to have been duly given (a) if sent by registered or certified mail in the United States, return receipt requested, upon receipt, (b) if sent by nationally
recognized overnight air courier, one (1) Business Day after mailing, (c) if sent by email or facsimile transmission, with a copy mailed on the same day in the manner provided in clauses (a) or (b) of this
Section 17 when transmitted and receipt is confirmed, or (d) if otherwise personally delivered, when delivered. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be
designated in writing by the party to receive such notice. 

  
 24 









			
	If to the Corporation, to:
	
	Atlas Air Worldwide Holdings, Inc.
	 2000 Westchester Avenue
 Purchase,
NY 10577

	Fax:	  	(914) 701-8333
	Email:	  	Adam.Kokas@atlasair.com
	Attn:	  	Adam R. Kokas, EVP, General Counsel, CHRO & Secretary
	
	with a copy to (which copy alone shall not constitute notice):
	
	Cravath, Swaine & Moore LLP
	 Worldwide Plaza
 825 Eighth
Avenue
 New York, NY 10019

	Fax:	  	(212) 474-3700
	Email:	  	 dzoubek@cravath.com

khallam@cravath.com

	Attn:	  	 Damien R. Zoubek, Esq.
 O. Keith Hallam III,
Esq.

	
	If to the Warrantholder, to:
	
	Amazon.com, Inc.
	 410 Terry Avenue North
 Seattle, WA
98109-5210

	Attn:	  	General Counsel
	Fax:	  	(206) 266-7010
	
	with a copy to (which copy alone shall not constitute notice):
	
	Debevoise & Plimpton LLP
	 919 Third Avenue
 New York, NY
10022

	Attn:	  	William D. Regner
	Fax:	  	(212) 521-7698
	Email:	  	wdregner@debevoise.com

 18. Entire Agreement. This Warrant and the form attached hereto, the Investment Agreement, the other
Transaction Documents and the Confidentiality Agreement (as defined in the Investment Agreement) constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral,
between the parties, with respect to the subject matter hereof. 
 19. Specific Performance. The parties agree that failure of any
party to perform its agreements and covenants hereunder, including a party’s failure to take all 

  
 25 








 
actions as are necessary on such party’s part in accordance with the terms and conditions of this Warrant to consummate the transactions contemplated hereby, will cause irreparable injury to
the other party, for which monetary damages, even if available, will not be an adequate remedy. It is agreed that the parties shall be entitled to equitable relief including injunctive relief and specific performance of the terms hereof, without the
requirement of posting a bond or other security, and each party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction to compel performance of a party’s obligations and to the granting by any court of the
remedy of specific performance of such party’s obligations hereunder, this being in addition to any other remedies to which the parties are entitled at law or equity. 

[Remainder of page intentionally left blank] 

  
 26 








 IN WITNESS WHEREOF, the Corporation has caused this Warrant to be duly executed by a duly
authorized officer. 
 Dated: May 4, 2016 
  

					
	ATLAS AIR WORLDWIDE HOLDINGS, INC.
		
	By:	 	/s/ Spencer Schwartz
		 	Name:	 	Spencer Schwartz
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	Acknowledged and Agreed


  

					
	AMAZON.COM, INC.
		
	By:	 	/s/ Peter Krawiec
		 	Name:	 	Peter Krawiec
		 	Title:	 	Vice President









 Annex A 

[Form of Notice of Vesting Event] 

Date: 
 TO: Amazon.com, Inc. 

RE: Notice of Vesting Event 
 Reference is made
to that certain Warrant to Purchase Common Stock, dated as of May 4, 2016 (the “Warrant”), issued to Amazon.com, Inc., representing a warrant to purchase 7,500,000 shares of common stock of Atlas Air Worldwide Holdings, Inc.
(the “Corporation”). Capitalized terms used herein without definition are used as defined in the Warrant. 
 The
undersigned hereby delivers notice to you that a Vesting Event has occurred under the terms of the Warrant. 
  

	 	A.	Vesting Event. The following Vesting Event has occurred on or around [list date(s)]: 

  

	 	        	Amazon or one of its Affiliates commences the lease and operation of a Boeing 767-300 aircraft (or such substitute aircraft as may be agreed to by the parties) pursuant to an Aircraft Lease Agreement (other than the 10
aircraft leased to Amazon as of the date hereof pursuant to the ATSA). 

  

	 	B.	Vested Warrant Shares. After giving effect to the Vesting Event referenced in Paragraph A above, the aggregate number of Warrant Shares issuable upon exercise of the Warrant that have vested under the terms of
the Warrant is: 

  
  

	 	C.	Exercised Warrant Shares. The aggregate number of Warrant Shares issuable upon exercise of the Warrant that have been exercised as of the date hereof is: 


 
  

	 	D.	Unexercised Warrant Shares. After giving effect to the Vesting Event referenced in Paragraph A above, the aggregate number of Warrant Shares issuable upon exercise of the Warrant that have vested but remain
unexercised under the Warrant is: 

  

 







 
			
	ATLAS AIR WORLDWIDE HOLDINGS, INC.
		
	By:	 	
		
	Name:	 	
		
	Title:	 	









 Annex B 

[Form of Notice of Exercise] 

Date: 
 TO: Atlas Air Worldwide Holdings, Inc.

 RE: Election to Purchase Common Stock 
 The
undersigned, pursuant to the provisions set forth in the attached Warrant, hereby agrees to subscribe for and purchase the number of shares of Common Stock set forth below covered by such Warrant. The undersigned, in accordance with Section 3
of the Warrant, hereby agrees to pay the aggregate Exercise Price for such shares of Common Stock. A new warrant evidencing the remaining shares of Common Stock covered by such Warrant, but not yet subscribed for and purchased, if any, should be
issued in the name of the Warrantholder. 
 Number of shares of Common Stock with respect to which the Warrant is being exercised (including shares to be
withheld as payment of the Exercise Price pursuant to Section 3(ii), if any): 
  

 
 Method of Payment of Exercise Price (note
if cashless exercise pursuant to Section 3(ii)(B)(ii) of the Warrant or cash exercise pursuant to Section 3(ii)(B)(i) of the Warrant): 
  

 
 Aggregate Exercise Price:
                                         
                        

Holder: 

By: 

Name: 

Title: