# EDGAR Filing Document

**Accession Number:** 0001135185
**File Stem:** 0001104659-23-033984
**Filing Date:** 2023-3
**Character Count:** 125277
**Document Hash:** 779450e0647d62e79cf42d0bcbb0f93d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-033984.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001104659-23-033984

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230317

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ATLAS AIR WORLDWIDE HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001135185
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, NONSCHEDULED [4522]
- **IRS NUMBER:** 134146982
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-16545
- **FILM NUMBER:** 23743667

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577-2543
- **BUSINESS PHONE:** 9147018000

**MAIL ADDRESS:**
- **STREET 1:** 2000 WESTCHESTER AVENUE
- **CITY:** PURCHASE
- **STATE:** NY
- **ZIP:** 10577-2543

?xml version="1.0" encoding="utf-8"?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

**Date of Report (Date of Earliest Event Reported): March 17, 2023**

**Atlas Air Worldwide Holdings, Inc.**

(Exact name of registrant as specified in its charter)

<u>Delaware</u> <u>001-16545</u> <u>13-4146982</u> <br> (State or other jurisdiction (Commission (I.R.S. Employer <br> of incorporation) File Number) Identification No.)

<u>2000 Westchester Avenue, Purchase, New York</u> <u>10577</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: 914-701-8000

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange <br> on which registered** |
| **Common Stock, par value $0.01 per share** | **AAWW** | **The NASDAQ Global Select Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Introductory Note.**

As previously disclosed, on August 4, 2022, Atlas Air Worldwide Holdings, Inc. ("<u>AAWW</u>" or the "<u>Company</u>"), entered into an Agreement and Plan of Merger (the "<u>Merger Agreement</u>") with Rand Parent, LLC, a Delaware limited liability company ("<u>Parent</u>") affiliated with certain funds managed by affiliates of Apollo Global Management, Inc., J.F. Lehman & Company, LLC and Hill City Capital LP, and Rand Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Parent ("<u>MergerCo</u>"), which provides for the merger of MergerCo with and into the Company with the Company continuing as the surviving corporation and a wholly owned subsidiary of Parent (the "<u>Merger</u>").

On March 17, 2023 (the "<u>Closing Date</u>"), upon the terms and subject to the conditions set forth in the Merger Agreement and pursuant to and in accordance with the applicable provisions of the Delaware General Corporation Law, the Merger was consummated. At the effective time of the Merger (the "<u>Effective Time</u>"), the separate corporate existence of MergerCo ceased, and the Company survived the Merger as a wholly owned subsidiary of Parent.

**Item 1.01 Entry into a Material Definitive Agreement.**

***Third Supplemental Indenture***

In connection with the consummation of the Merger, on the Closing Date, the Company and Wilmington Trust, National Association, as trustee (the "<u>Trustee</u>"), entered into the third supplemental indenture (the "<u>Third Supplemental Indenture</u>") to the indenture, dated as of June 3, 2015, between the Company and the Trustee (the "<u>Base Indenture</u>"), as supplemented by the second supplemental indenture, dated as of May 23, 2017, between the Company and the Trustee (the "<u>Second Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>"), governing the Company's 1.875% Convertible Senior Notes due 2024 (the "<u>2024 Convertible Notes</u>"), of which $288,882,000 aggregate principal amount was outstanding on March 16, 2023 (excluding $24,000 aggregate amount converted but not yet settled).

Pursuant to the terms of the Indenture, the Company was required to enter into the Third Supplemental Indenture prior to or at the Effective Time. The Third Supplemental Indenture provides that, at and after the Effective Time, the right to convert each $1,000 principal amount of the 2024 Convertible Notes will be changed into a right to convert such principal amount of the 2024 Convertible Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of common stock, par value $0.01 per share, of the Company (the "<u>Company Common Stock</u>"), equal to the conversion rate immediately prior to the Effective Time would have owned or been entitled to receive at the Effective Time. Accordingly, any reference in respect of a holder's conversion rights to a share of Company Common Stock in the Indenture will be deemed a reference to a right to receive a cash amount equal to $102.50.

***Supplemental Indenture***

In addition, in connection with the consummation of the Merger, on the Closing Date, Parent, the Trustee, the Company and certain of the Company's subsidiaries (the "<u>Subsidiary Guarantors</u>") entered into the supplemental indenture no. 1 (the "<u>Supplemental Indenture</u>") to the indenture, dated as of February 17, 2023, between Parent, the subsidiary guarantors party thereto from time to time and the Trustee (the "<u>Parent Indenture</u>"), governing Parent's issuance of 8.500% Senior Secured Notes due 2030 with an initial aggregate principal amount of $850 million (the "<u>2030 Notes</u>"), pursuant to which the Company and the Subsidiary Guarantors agreed to guarantee Parent's obligations under the Parent Indenture and the 2030 Notes. The 2030 Notes and the related guarantees are secured on a first-priority basis by substantially all assets of the Subsidiary Guarantors (subject to certain exclusions and exceptions). The Parent Indenture and the 2030 Notes include restrictive covenants, events of default and other provisions that are customary for obligations of this type.

***First Lien Credit Agreement***

In addition, on the Closing Date, Parent entered into the First Lien Credit Agreement among Rand Midco LLC, Parent, as borrower, Goldman Sachs Bank USA, as Administrative Agent, and the Lenders and Issuing Banks party thereto (the "<u>Credit Agreement</u>"), governing Parent's senior secured credit facilities, which include (i) a term loan facility in an aggregate principal amount of $800 million, maturing on the seventh anniversary of the Closing Date and (ii) a revolving credit facility in an aggregate committed principal amount of $300 million, including both a letter of credit sub facility and a swingline loan sub facility, maturing on the fifth anniversary of the Closing Date. The obligations under the Credit Agreement are secured on a first priority basis by substantially all assets of Parent and the Subsidiary Guarantors (subject to certain exclusions and exceptions). The Credit Agreement includes representations and warranties, covenants, events of default and other provisions that are customary for facilities of this type.

The foregoing descriptions of the Indenture and the Third Supplemental Indenture contained in this Item 1.01 do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Indenture and the Third Supplemental Indenture. A copy of the Base Indenture was filed as Exhibit 4.1 to the Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("<u>SEC</u>") on June 3, 2015, a copy of the Second Supplemental Indenture was filed as Exhibit 4.2 to the Current Report on Form 8-K filed by the Company with the SEC on May 23, 2017, and a copy of the Third Supplemental Indenture is filed herewith as Exhibit 4.1. The Indenture and the Third Supplemental Indenture are incorporated herein by reference.

**Item 1.02 Termination of a Material Definitive Agreement.**

***Promissory Note***

As previously disclosed, on May 29, 2020, Atlas Air, Inc. ("<u>Atlas</u>") and Southern Air Inc. ("<u>Southern</u>" and, together with Atlas, the "<u>PSP Recipients</u>"), each a wholly owned subsidiary of the Company, entered into a Payroll Support Program Agreement (the "<u>PSP Agreement</u>") with the United States Department of the Treasury ("<u>U.S. Treasury</u>") with respect to payroll support funding available to cargo air carriers pursuant to Section 4112 of the Coronavirus Aid, Relief, and Economic Security Act. In connection with the PSP Agreement, the Company issued a senior unsecured promissory note, guaranteed by the PSP Recipients, to the U.S. Treasury (the "<u>Promissory Note</u>") with a principal amount of up to $199.8 million.

On the Closing Date, the Company prepaid in full its obligations under the Promissory Note.

***2022 Warrant Transactions***

As previously disclosed, in connection with the issuance of the Company's 2.25% Convertible Senior Notes due 2022 (the "<u>2022 Convertible Notes</u>"), on May 28, 2015 and June 1, 2015, the Company entered into convertible note hedge transactions (the "<u>2022 Convertible Note Hedge Transactions</u>") and warrant transactions (the "<u>2022 Warrant Transactions</u>") with Morgan Stanley & Co. International plc ("<u>Morgan Stanley</u>") and BNP Paribas ("<u>BNP</u>") (the "<u>2022 Option Counterparties</u>"). All outstanding 2022 convertible note hedges in connection with the 2022 Convertible Note Hedge Transactions were exercised on June 1, 2022.

In connection with the Merger, the Company and the 2022 Option Counterparties agreed to terminate all unexercised warrants remaining in connection with the 2022 Warrant Transactions. As a result, the Company is required to make an aggregate payment of approximately $3,029,052.60 to the 2022 Option Counterparties following which all remaining 2022 Warrant Transactions will be terminated.

***2024 Convertible Note Hedge Transactions and 2024 Warrant Transactions***

As previously disclosed, in connection with the issuance of the 2024 Convertible Notes, on May 17, 2017 and May 18, 2017, the Company entered into convertible note hedge transactions (the "<u>2024 Convertible Note Hedge Transactions</u>") and warrant transactions (the "<u>2024 Warrant Transactions</u>") with Morgan Stanley, Citibank, N.A. and BNP (the "<u>2024 Option Counterparties</u>").

In connection with the Merger, the Company and the 2024 Option Counterparties agreed to terminate all outstanding 2024 Convertible Note Hedge Transactions and 2024 Warrant Transactions. As a result, the 2024 Option Counterparties are required to make an aggregate payment of approximately $202,243,759.11 to the Company, and the Company is required to make an aggregate payment of approximately $153,302,790.61 to the 2024 Option Counterparties, following which all outstanding 2024 Convertible Note Hedge Transactions and 2024 Warrant Transactions will be terminated, respectively.

**Item 2.01 Completion of Acquisition or Disposition of Assets.**

As described above, at the Effective Time, and in accordance with the Merger Agreement, (i) Parent completed its previously announced acquisition of the Company, (ii) the Company became a wholly owned subsidiary of Parent and (iii) each share of Company Common Stock issued and outstanding immediately prior to the Effective Time (other than shares of Company Common Stock that, immediately prior to the Effective Time, were (a) held by Parent or MergerCo, (b) held by the Company as treasury shares or (c) owned by any person who has properly demanded and not withdrawn a demand for appraisal rights under Delaware law) converted into the right to receive an amount in cash equal to $102.50 per share, without interest (the "<u>Merger Consideration</u>").

In addition, at the Effective Time, with respect to awards that were outstanding as of the date of the Merger Agreement, (i) each restricted stock unit (including those subject to performance-based vesting conditions) vested and was canceled and the holder thereof became entitled to solely receive an amount in cash equal to the number of shares of Company Common Stock underlying such award (assuming all performance goals were achieved at the maximum level of performance) multiplied by the Merger Consideration, without interest, and (ii) each long-term cash incentive award vested and was canceled and the holder thereof became entitled to receive an amount in cash equal to the amount payable under the applicable award agreement, as further provided in the Merger Agreement and related award agreements (assuming all performance goals were achieved at the maximum level of performance), without interest.

The Merger Consideration was funded through equity contributions received by Parent and with proceeds from debt financing.

Additionally, on the Closing Date, in connection with the consummation of the Merger, described above, each outstanding warrant for shares of Company Common Stock with an exercise price of $37.34 per share, as adjusted, governed by the warrant agreement dated May 4, 2016 (the "<u>Amazon Warrant Agreement</u>") automatically vested and, following the Company's exercise of its mandatory exercise right, was exercised for the Merger Consideration in accordance with the terms of the Amazon Warrant Agreement. Additionally, on the Closing Date, in connection with the consummation of the Merger, described above, each outstanding warrant for shares of Company Common Stock (the "<u>Treasury Warrants</u>") governed by the warrant agreement dated May 29, 2020 (the "<u>U.S. Treasury Warrant Agreement</u>") became exercisable for the Merger Consideration in accordance with the terms of the U.S. Treasury Warrant Agreement. No other warrants issued or outstanding under the Amazon Warrant Agreement vested or will become exercisable in connection with the Merger.

The foregoing description of the Merger Agreement and the transactions contemplated thereby is not complete and is subject to and qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the SEC on August 4, 2022, the terms of which are incorporated herein by reference.

The information in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.01.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information set forth in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.03.

**Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.**

The information set forth in the Introductory Note and Item 1.01 of this Current Report on Form 8-K is incorporated by reference in this Item 2.04.

**Item 3.01 Notice of Delisting or Failure to Satisfy a Continuing Listing Rule or Standard; Transfer of Listing.**

In connection with the consummation of the Merger, the Company notified the NASDAQ Global Select Market (together with the Nasdaq Stock Market LLC, "<u>NASDAQ</u>") on March 14, 2023 of the anticipated closing of the Merger on the Closing Date and requested that the trading of the Company Common Stock be suspended and listing of the Company Common Stock on NASDAQ be removed. On March 17, 2023, NASDAQ filed with the SEC a Form 25 to report that the Company Common Stock was no longer listed on NASDAQ and deregister the Company Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). The delisting of Company Common Stock from NASDAQ will be effective on March 27, 2023 (10 days after the filing of the Form 25). Following the effectiveness of such Form 25, the Company intends to file with the SEC a Certification and Notification of Termination on Form 15 requesting the termination of registration of Company Common Stock, the 2024 Convertible Notes and the Treasury Warrants under Section 12(g) of the Exchange Act and the suspension of the Company's reporting obligations under Sections 13 and 15(d) of the Exchange Act with respect to Company Common Stock, the 2024 Convertible Notes and the Treasury Warrants.

The information in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

**Item 3.03 Material Modification to Rights of Security Holders.**

The information in the Introductory Note, Item 2.01, Item 3.01, Item 5.01 and Item 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

**Item 5.01 Changes in Control of Registrant.**

As a result of the consummation of the Merger, a change of control of the Company occurred and the Company became a wholly owned subsidiary of Parent.

The information in the Introductory Note and in Item 2.01 and Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Arrangements of Certain Officers.**

Effective upon the consummation of the Merger, each of Duncan J. McNabb, Charles F. Bolden, Jr., Walter G. Borst, Raymond L. Conner, Beverly K. Goulet, Bobby J. Griffin, Sheila A. Stamps, George A. Willis and Carol J. Zierhoffer ceased to be directors of the Company.

Additionally, effective as of the Effective Time, Betsy Atkins, Herbert "Chip" Frazier, William J. Hanenberg, C. Alexander Harman, Patrick Kearney, Antoine Munfakh, Jason Scheir and David Siegel became directors of the Company. John W. Dietrich will remain a director of the Company.

**Item 5.03 Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.**

In connection with the consummation of the Merger, effective on the Closing Date, the certificate of incorporation and bylaws of the Company were each amended and restated in their entirety. A copy of the Atlas Air Worldwide Holdings, Inc. Certificate of Incorporation, Amended and Restated as of March 17, 2023 and the Atlas Air Worldwide Holdings, Inc. By-Laws, Second Amended and Restated as of March 17, 2023 are filed herewith as Exhibit 3.1 and 3.2, respectively, and are incorporated herein by reference.

The information in the Introductory Note and Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 5.03.

**Item 7.01 Regulation FD Disclosure.**

On March 17, 2023, the Company issued a press release announcing the consummation of the Merger. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Also on March 17, 2023, the Company notified the holders of its 2024 Convertible Notes with respect to its fundamental change offer to repurchase and the noteholders' right to convert the 2024 Convertible Notes. A copy of the notice is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

The information contained in this Item 7.01 and in Exhibits 99.1 and 99.2 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit Number | Description of Exhibit |
| [2.1\*](https://www.sec.gov/Archives/edgar/data/1135185/000095015722000887/ex2-1.htm) | [Agreement and Plan of Merger, dated as of August 4, 2022, by and among Atlas Air Worldwide Holdings, Inc., Rand Parent, LLC and Rand Merger Sub, Inc. (incorporated by reference to Exhibit 2.1 of the Current Report on Form 8-K filed by Atlas Air Worldwide Holdings, Inc. on August 4, 2022)](https://www.sec.gov/Archives/edgar/data/1135185/000095015722000887/ex2-1.htm) |
| [3.1](tm239235d1_ex3-1.htm) | [Atlas Air Worldwide Holdings, Inc. Certificate of Incorporation, Amended and Restated as of March 17, 2023](tm239235d1_ex3-1.htm) |
| [3.2](tm239235d1_ex3-2.htm) | [Atlas Air Worldwide Holdings, Inc. By-Laws, Second Amended and Restated as of March 17, 2023](tm239235d1_ex3-2.htm) |
| [4.1](tm239235d1_ex4-1.htm) | [Third Supplemental Indenture, dated as of March 17, 2023, between Atlas Air Worldwide Holdings, Inc. and Wilmington Trust, National Association, as Trustee](tm239235d1_ex4-1.htm) |
| [99.1](tm239235d1_ex99-1.htm) | [Press Release, dated March 17, 2023](tm239235d1_ex99-1.htm) |
| [99.2](tm239235d1_ex99-2.htm) | [Notice to Noteholders, dated March 17, 2023](tm239235d1_ex99-2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The registrant agrees to furnish supplementally to the SEC a copy of any omitted schedule or exhibit upon request by the SEC.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| ATLAS AIR WORLDWIDE HOLDINGS, INC. | ATLAS AIR WORLDWIDE HOLDINGS, INC. |
| By: | /s/ Adam R. Kokas |
|  | Name: Adam R. Kokas |
|  | Title: Executive Vice President, General Counsel and Secretary |

---

Date: March 17, 2023

## Exhibit 3.1

**Exhibit 3.1**

**AMENDED AND RESTATED**

**CERTIFICATE OF INCORPORATION**

**OF**

**ATLAS AIR WORLDWIDE HOLDINGS, INC.**

**(a Delaware corporation)**

**FIRST:** The name of the Corporation is Atlas Air Worldwide Holdings, Inc.

**SECOND:** The address of the registered office of the Corporation in the State of Delaware is to be located in the County of New Castle at 251 Little Falls Drive, Wilmington, Delaware 19808, United States. The name of the Corporation's registered agent at such address is the Corporation Service Company.

**THIRD:** The purpose or purposes of the Corporation shall be to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware, as it now exists or may hereafter be amended and supplemented from time to time (the "<u>DGCL</u>").

**FOURTH:** The total number of shares of stock which the Corporation is authorized to issue is 1,000 shares of capital stock, all of which shall be common stock with a par value of $0.01 per share the (the "<u>Common Stock</u>"). Each holder of record of Common Stock shall be entitled to vote at all meetings of the stockholders and shall have one vote for each share held by such holder of record.

**FIFTH:** Except as otherwise provided by applicable law or this Amended and Restated Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the board of directors of the Corporation (the "<u>Board</u>"). Election of directors need not be by written ballot unless the bylaws of the Corporation (as the same may be amended and/or restated from time to time, the "<u>Bylaws</u>") shall so require. Notwithstanding anything to the contrary in this Amended and Restated Certificate of Incorporation or the Bylaws, at least two-thirds of the Board and the Chairman of the Board shall be "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time). If the number of Non-Citizens (as defined in Article SIXTH hereof) serving on the Board at any time exceeds the limitations provided under 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time, one or more directors who are Non-Citizens shall, in reverse chronological order based on their tenure of service on the Board, cease to be qualified as directors and shall automatically cease to be directors.

**SIXTH:** All Common Stock shall be subject to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>U.S. Citizenship Requirement</u>. At no time shall more than 24.9% of the voting interest of the Corporation
be owned (beneficially or of record) or controlled (in each case, directly or indirectly) by persons who are not "citizens of the
United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation,
or as the same may be amended from time to time) (such persons, " <u>Non-Citizens</u> "). In the event that Non-Citizens shall
own (beneficially or of record) or have voting control over stock of the Corporation, the voting rights of such persons shall be subject
to automatic suspension to the extent required to ensure that the Corporation is in compliance with the applicable provisions of law and
regulation relating to the ownership and control of a U.S. air carrier. Any determination as to ownership, control or citizenship made
by the Board shall be conclusive and binding as between the Corporation and any holder of stock of the Corporation for the purposes of
this paragraph (a) of Article SIXTH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Foreign Stock Record</u>. The Corporation or any transfer agent designated by it shall maintain a separate
stock record (the " <u>Foreign Stock Record</u> ") in which shall be registered stock of the Corporation known to the Corporation
to be owned (of record or beneficially) or controlled (in each case, directly or indirectly) by persons who are Non-Citizens. It is the
duty of each Non-Citizen owning or controlling shares of the stock of the Corporation to register such shares on the Foreign Stock Record.
The Foreign Stock Record shall include (i) the name and nationality of each such Non-Citizen, (ii) the number of shares of stock
so owned or controlled by such Non-Citizen, and (iii) the date of registration of such stock in the Foreign Stock Record. In no event
shall shares of stock of the Corporation in excess of 24.9% of the voting interest of the Corporation be entered on the Foreign Stock
Record. In the event that the Corporation shall determine that the shares of stock of the Corporation registered on the Foreign Stock
Record exceeds 24.9% of the voting interest of the Corporation, sufficient shares of stock of the Corporation shall be removed from the
Foreign Stock Record so that the number of shares of stock of the Corporation entered therein does not exceed 24.9% of the voting interest
of the Corporation. Shares of stock of the Corporation shall be removed from the Foreign Stock Record in reverse chronological order based
upon the date of registration therein (i.e., last on, first off).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Suspension of Voting Rights</u>. If at any time the number of shares of stock of the Corporation known
to the Corporation to be owned (of record or beneficially) or controlled (in each case, directly or indirectly) by Non-Citizens exceeds
24.9% of the voting interest of the Corporation, the voting rights of such shares of stock so owned or controlled by Non-Citizens and
not registered on the Foreign Stock Record at the time of any vote or action of the stockholders shall, without further action by the
Corporation, be suspended. Such suspension of the voting rights shall automatically terminate upon the earlier of the (i) transfer
of such stock to a person or entity who is a "citizen of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15)
as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time), or (ii) registration of
such shares of stock on the Foreign Stock Record, subject to the last two sentences of paragraph (b) of this Article SIXTH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Restrictions on Transfer</u>. Any transfer or attempted transfer that results in Non-Citizens owning
(of record or beneficially) or controlling (in each case, directly or indirectly) more than 24.9% of the voting interest of the Corporation
shall be void *ab initio* and of no effect. Any person who transfers or attempts or intends to transfer record or beneficial ownership
or direct or indirect control of its stock shall immediately give written notice to the Corporation of such event, or in the case of such
a proposed or attempted transfer, give at least fifteen (15) days prior written notice, and shall provide to the Corporation such other
information as the Corporation may request in order to determine the effect, if any, of such transfer on the ownership or control of the
Corporation by Non-Citizens. Each person who is a beneficial owner of shares of stock of the Corporation and each person (including the
stockholder of record) who is holding shares of stock of the Corporation for a beneficial owner shall provide to the Corporation such
information as the Corporation may request, in good faith, in order to determine the Corporation's compliance with requirements
of paragraphs (a) and (b) of this Article SIXTH.

**SEVENTH:** From time to time, any of the provisions of this Amended and Restated Certificate of Incorporation may be amended, altered or repealed, and other provisions authorized by the DGCL or other statutes or laws of the State of Delaware at the time in force may be added or inserted in the manner and at the time prescribed by said laws, and all rights at any time conferred upon the stockholders of the Corporation by this Amended and Restated Certificate of Incorporation are granted subject to this reservation.

**EIGHTH:** In furtherance and not in limitation of the rights, powers, privileges and discretionary authority granted or conferred by the DGCL or other statutes or laws of the State of Delaware, the Board is expressly authorized to make, alter, amend or repeal the Bylaws, without any action on the part of the stockholders, but the stockholders may make, alter, amend or repeal the Bylaws whether adopted by them or otherwise.

**NINTH:** No director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director, except for liability (i) for any breach of the director's duty of loyalty to the Corporation or its stockholders, (ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) under Section 174 of the DGCL, as the same exists or hereafter may be amended, or (iv) for any transaction from which the director derived an improper personal benefit. If the DGCL is amended to authorize the further elimination or limitation of liability of directors, then the liability of a director of the Corporation, in addition to the limitation on personal liability provided herein, shall be limited to the fullest extent permitted by the amended DGCL. Any repeal or modification of this Article NINTH by the stockholders of the Corporation shall be prospective only and shall not adversely affect any limitation on the personal liability of a director of the Corporation existing at the time of such repeal or modification.

**TENTH:** To the fullest extent permitted by applicable law, the Corporation is authorized to provide indemnification of (and advancement of expenses to) the directors, officers, employees and agents of the Corporation through bylaw provisions, agreements with such directors, officers, employees and agents, vote of stockholders or disinterested directors or otherwise, in excess of the indemnification and advancement otherwise permitted by Section 145 of the DGCL.

Any amendment, repeal or modification of the foregoing provisions of this Article TENTH shall not adversely affect any right or protection of a director, officer, employee or agent existing at the time of any acts or omissions of such director, officer, employee or agent occurring prior to such amendment, repeal or modification.

**ELEVENTH:** Neither any contract or other transaction between the Corporation and any other corporation, partnership, limited liability company, joint venture, firm, association, or other entity (an "<u>Entity</u>"), nor any other acts of the Corporation with relation to any other Entity will, in the absence of fraud, to the fullest extent permitted by applicable law, in any way be invalidated or otherwise affected by the fact that any one or more of the directors or officers of the Corporation are pecuniary or otherwise interested in, or are directors, officers, partners, or members of, such other Entity (such directors, officers, and Entities, each a "<u>Related Person</u>"). Any Related Person may be a party to, or may be pecuniary or otherwise interested in, any contract or transaction of the Corporation; provided, however, that the fact that person is a Related Person or is pecuniary or otherwise interested in such contract or transaction is disclosed or is known to the Board or a majority of directors present at any meeting of the Board at which action upon any such contract or transaction is taken. Any director of the Corporation who is also a Related Person or who is pecuniary or otherwise interested in such contract or transaction may be counted in determining the existence of a quorum at any meeting of the Board during which any such contract or transaction is authorized and may vote thereat to authorize any such contract or transaction, with like force and effect as if such person were not a Related Person or were not pecuniary or otherwise interested in such contract or transaction. Any director of the Corporation may vote upon any contract or any other transaction between the Corporation and any subsidiary or affiliated Entity without regard to the fact that such person is also a director, officer, manager, general partner or other fiduciary of such subsidiary or affiliated Entity.

Any contract, transaction or act of the Corporation or of the directors of the Corporation that is ratified at any annual meeting of the stockholders of the Corporation, or at any special meeting of the stockholders of the Corporation called for such purpose, will, insofar as permitted by applicable law, be as valid and as binding as though ratified by every stockholder of the Corporation; provided, however, that any failure of the stockholders to approve or ratify any such contract, transaction or act, when and if submitted, will not be deemed in any way to invalidate the same or deprive the Corporation, its directors, officers or employees, of its or their right to proceed with such contract, transaction or act.

Subject to any express agreement that may from time to time be in effect, (x) any director or officer of the Corporation who is also an officer, director, partner, employee, managing director or other affiliate of any of (i) Apollo Management Global Management, Inc., on behalf of its affiliated investment funds ("<u>Apollo</u>"), (ii) J.F. Lehman & Company, LLC, on behalf of its affiliated investment funds ("<u>JFL</u>") or (iii) Hill City Capital LP, on behalf of its affiliated investment funds ("<u>HCC</u>"), or any of their respective affiliates (collectively, the "<u>Managers</u>") and (y) the Managers and their respective affiliates, may, and shall have no duty not to, in each case on behalf of the Managers or any of their respective affiliates (the persons and entities in clauses (x) and (y), each a "<u>Covered Manager Person</u>"), to the fullest extent permitted by applicable law, (i) carry on and conduct, whether directly, or as a partner in any partnership, or as a member or manager in any limited liability company or as a joint venturer in any joint venture, or as an officer, director or stockholder of any corporation, or as a participant in any syndicate, pool, trust or association, any business of any kind, nature or description, whether or not such business is competitive with or in the same or similar lines of business as the Corporation, (ii) do business with any client, customer, vendor or lessor of any of the Corporation or its affiliates, and (iii) make investments in any kind of property in which the Corporation may make investments. To the fullest extent permitted by Section 122(17) of the DGCL, the Corporation hereby renounces any interest or expectancy of the Corporation to participate in any business of the Managers or their respective affiliates, and waives any claim against a Covered Manager Person and shall indemnify a Covered Manager Person against any claim that such Covered Manager Person is liable to the Corporation or its stockholders for breach of any fiduciary duty solely by reason of such person's or entity's participation in any such business.

In the event that a Covered Manager Person acquires knowledge of a potential transaction or matter which may constitute a corporate opportunity for both (x) the Covered Manager Person, in his or her Apollo, JFL or HCC-related capacity, as applicable, as the case may be, or any of Apollo, JFL or HCC, or their respective affiliates, as applicable, as the case may be, and (y) the Corporation, to the fullest extent permitted by law, the Covered Manager Person shall not have any duty to offer or communicate information regarding such corporate opportunity to the Corporation. To the fullest extent permitted by Section 122(17) of the DGCL, the Corporation hereby renounces any interest or expectancy of the Corporation in such corporate opportunity and waives any claim against each Covered Manager Person and shall indemnify a Covered Manager Person against any claim that such Covered Manager Person is liable to the Corporation or its stockholders for breach of any fiduciary duty solely by reason of the fact that such Covered Manager Person (i) pursues or acquires any corporate opportunity for its own account or the account of any affiliate, (ii) directs, recommends, sells, assigns or otherwise transfers such corporate opportunity to another person or (iii) does not communicate information regarding such corporate opportunity to the Corporation.

Any person or entity purchasing or otherwise acquiring or holding any interest in any shares of capital stock of the Corporation shall be deemed to have notice of and to have consented to the provisions of this Article ELEVENTH.

This Article ELEVENTH may not be amended, modified or repealed without the prior written consent of each of the Managers.

In the event of a conflict between this Article ELEVENTH and any other Article or provision of this Amended and Restated Certificate of Incorporation, this Article ELEVENTH shall prevail under all circumstances. Notwithstanding anything to the contrary herein, under no circumstances shall any employee of the Corporation or any of its subsidiaries be deemed to be a "Covered Manager Person", and under no circumstances shall the Corporation waive or renounce any interest or expectancy of the Corporation in, or in being offered any opportunity to participate in, any business opportunities that are presented to any Manager who is also an employee of the Corporation or any of its subsidiaries, irrespective of whether such employee is a director or officer of the Corporation of any of its affiliates.

**TWELFTH**: Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of a fiduciary duty owed by any director, officer, stockholder, employee or agent of the Corporation to the Corporation or the Corporation's stockholders, (c) any action asserting a claim arising pursuant to any provision of the DGCL or (d) any action asserting a claim governed by the internal affairs doctrine. Any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article TWELFTH.

**THIRTEENTH:** The Corporation expressly elects not to be governed by Section 203 of the DGCL.

**FOURTEENTH:** Meetings of stockholders may be held within or without the State of Delaware, as the Bylaws may provide. Any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding Common Stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares of Common Stock entitled to vote thereon were present and voted, and shall be delivered to the Corporation. The books of the Corporation may be kept (subject to any provision contained in the DGCL) within or outside of the State of Delaware at such place or places as may be designated from time to time by the Board or in the Bylaws.

[*Remainder of the page intentionally left blank*.]

IN WITNESS WHEREOF, the Corporation has caused this Amended and Restated Certificate of Incorporation to be executed by its duly authorized officer this 17th day of March, 2023.

---

| | |
|:---|:---|
| **ATLAS AIR WORLDWIDE HOLDINGS, INC.** | **ATLAS AIR WORLDWIDE HOLDINGS, INC.** |
| By: | /s/ Adam R. Kokas |
| Name: | Adam R. Kokas |
| Title: | Executive Vice President, General Counsel and Secretary |

---

[*Signature Page to Atlas Air Worldwide Holdings, Inc. – Amended and Restated Certificate of Incorporation*]

## Exhibit 3.2

**Exhibit 3.2**

**Effective as of March 17, 2023**

**BYLAWS**

**OF**

**ATLAS AIR WORLDWIDE HOLDINGS, INC.**

**Article I**

**OFFICES**

Section 1.01 <u>Registered Office</u>. The address of the registered office of Atlas Air Worldwide Holdings, Inc. (hereinafter the "<u>Corporation</u>") in the State of Delaware, and the name of its registered agent at such address, shall be as set forth in the Amended and Restated Certificate of Incorporation of the Corporation, as the same may be further amended and/or restated from time to time (the "<u>Certificate of Incorporation</u>").

Section 1.02 <u>Other Offices</u>. The Corporation may have a principal or other office or offices at such other place or places, either within or without the State of Delaware, as the Board of Directors may from time to time determine or as shall be necessary or appropriate for the conduct of the business of the Corporation.

**Article II**

**STOCKHOLDERS**

Section 2.01 <u>Place of Meetings</u>. All meetings of stockholders shall be held at the principal office of the Corporation or at such other place, if any, within or without the State of Delaware, as may be designated by the Board of Directors and stated in the notice of the meeting. In the absence of any such designation, stockholders' meetings shall be held at the principal executive office of the corporation.

Section 2.02 <u>Annual Meetings</u>. The annual meeting of stockholders shall be held each year on a date and a time designated by the Board of Directors. At each annual meeting directors shall be elected and any other proper business may be transacted.

Section 2.03 <u>Special Meetings</u>. Special meetings of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute or by the Certificate of Incorporation, may be called by the President or the Chief Executive Officer and shall be called by the President or the Secretary at the request in writing of a majority of the Board of Directors, or at the request in writing of stockholders owning a majority in amount of the entire capital stock of the Corporation issued and outstanding, and entitled to vote. Such request shall state the purpose or purposes of the proposed meeting. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.04 <u>Notice of Meetings</u>. Except as otherwise provided by the Certificate of Incorporation or applicable law, notice, stating the place, if any, date and time of the meeting, the means of remote communication, if any, by which stockholders and proxyholders not physically present may be deemed to be present and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called, shall be given not less than ten (10) days nor more than sixty (60) days before the date on which the meeting is to be held, to each stockholder entitled to vote at such meeting. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail with postage thereon prepaid, addressed to the stockholder at such stockholder's address as it appears on the records books of the Corporation.

Section 2.05 <u>Quorum; Adjournment of Meetings</u>. Except as otherwise provided by law or by the Certificate of Incorporation, the holders of a majority in voting power of the outstanding capital stock entitled to vote at the meeting, represented in person or by proxy, shall constitute a quorum at a meeting of stockholders. The chairman of the meeting may adjourn the meeting from time to time, whether or not there is such a quorum. No notice of an adjourned meeting need be given except as required by law. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. The stockholders present at a duly called meeting at which a quorum is present may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

Section 2.06 <u>Required Vote</u>. At all meetings of the stockholders at which directors are to be elected, a plurality of the votes cast by stockholders entitled to vote for the election of such directors shall be sufficient to elect such directors. Except as otherwise provided by applicable law, the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any regulation applicable to the Corporation or its stockholders, in all matters other than the election of directors, the affirmative vote of a majority in voting power of the shares present in person or represented by proxy at the meeting and entitled to vote on the matter shall be the act of the stockholders.

Section 2.07 <u>Proxies</u>. Each stockholder entitled to vote at a meeting of stockholders or to express consent to corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy in any manner provided by applicable law, but no such proxy shall be voted or acted upon after three years from its date, unless the proxy provides for a longer period. All proxies must be filed with the Secretary of the Corporation at the beginning of each meeting in order to be counted in any vote at the meeting.

Section 2.08 <u>Action Without a Meeting</u>. Unless prohibited by the Certificate of Incorporation, any action permitted or required to be taken at a meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by or on behalf of the holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation in accordance with applicable law. Prompt notice of the taking of corporate action without a meeting by less than a unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for notice of such meeting had been the date that written consents signed by a sufficient number of the holders to take the action were delivered to the Corporation.

Section 2.09 <u>Maintenance and Inspection of Stockholder List</u>. The officer who has charge of the stock ledger of the Corporation shall prepare and make, at least ten (10) days before every meeting of stockholders, a complete list of the stockholders entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each stockholder and the number of shares registered in the name of each stockholder. Such list shall be open to the examination of any stockholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the meeting, either at a place within the city where the meeting is to be held, which place shall be specified in the notice of the meeting, or, if not so specified, at the place where the meeting is to be held. The list shall also be produced and kept at the time and place of the meeting during the whole time thereof, and may be inspected by any stockholder who is present.

**Article III**

**BOARD OF DIRECTORS**

Section 3.01 <u>General Powers</u>. Except as otherwise provided in the General Corporation Law of the State of Delaware or the Certificate of Incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 3.02 <u>Citizenship of Directors</u>. Notwithstanding anything to the contrary in these Bylaws, at least two-thirds of directors serving on the Board of Directors and the Chairman of the Board shall be "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time).

Section 3.03 <u>Number of Directors</u>. The total number of directors shall be as determined from time to time by resolution of the Board of Directors. The directors need not be stockholders. The directors shall be elected at the annual meeting of the stockholders, except as provided in <u>Section 3.04</u> of these Bylaws, and each director shall hold office until his or her successor is elected and qualified; <u>provided</u>, <u>however</u>, that unless otherwise restricted by the Certificate of Incorporation, <u>Section 3.02</u> of these Bylaws or otherwise by law, any director or the entire Board of Directors may be removed, either with or without cause, by the stockholders entitled to vote.

Section 3.04 <u>Vacancies on Board of Directors</u>. Except as otherwise provided in the Certificate of Incorporation, any vacancy resulting from the death, resignation, removal or disqualification of any director or other cause, or any newly created directorship resulting from any increase in the authorized number of directors, shall be filled by a majority of the directors then in office, although less than a quorum, or a sole remaining director. Each director so appointed shall hold office until the next annual meeting of stockholders and until his or her successor has been duly elected qualified, subject, however, to such director's earlier death, resignation, retirement, removal or disqualification.

Section 3.05 <u>Place of Meetings</u>. The Board of Directors may hold its meetings at such place or places, if any, within or without the State of Delaware, as the Board of Directors may from time to time determine.

Section 3.06 <u>Regular Meetings</u>. Regular meetings of the Board of Directors may be held at such time and place, if any, within or without the State of Delaware, as shall from time to time be determined by the Board of Directors.

Section 3.07 <u>Special Meetings</u>. Special meetings of the Board of Directors shall be held whenever called by the Chairman of the Board, if any, the President, the Chief Executive Officer or by a majority of the directors.

Section 3.08 <u>Telephonic Participation</u>. All or any one or more directors may participate in a meeting of the Board of Directors or of any committee thereof by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other at the same time, and participation in a meeting pursuant to such communications equipment shall constitute presence in person at such meeting.

Section 3.09 <u>Quorum; Required Vote</u>. Except as otherwise provided by law or the Certificate of Incorporation, a majority of the total number of directors then in office shall constitute a quorum for the transaction of business at any meeting of the Board of Directors; <u>provided</u>, that in no event shall a quorum be less than one-third of the total number of directors if there were no vacancies. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present. Except as otherwise provided by law or the Certificate of Incorporation, the vote of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

Section 3.10 <u>Action Without Meeting</u>. Unless otherwise restricted by the Certificate of Incorporation, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting if all members of the Board of Directors or any committee thereof, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmissions or transmissions are filed with the minutes or proceedings of the Board of Directors or committee.

Section 3.11 <u>Resignation</u>. Any director of the Corporation may resign at any time by giving notice in writing or by electronic transmission thereof to the Corporation. The resignation of any director shall be effective when the resignation is delivered, unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.12 <u>Committees of Directors</u>. The Board of Directors may designate one or more committees, each such committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members thereof present at any meeting and not disqualified from voting, whether or not he or they constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation (if any) to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to approving or adopting, or recommending to the stockholders, any action (other than the election or removal of directors) expressly required by the DGCL to be submitted to the stockholders or adopting, amending of repealing the Bylaws. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required. Notwithstanding anything to the contrary in these Bylaws, at least two-thirds of the members of each of the executive committee, audit committee, compensation committee and nominating and corporate governance committee of the Board of Directors shall be "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time).

Section 3.13 <u>Fees and Compensation</u>. The Board of Directors shall have the authority to fix the compensation, including fees, reimbursement of expenses and equity compensation, of directors for services to the Corporation in any capacity, including for attendance of meetings of the Board of Directors or participation on any committees. Nothing herein contained shall be construed to preclude any director from serving the Corporation in any other capacity and receiving compensation therefor.

**Article IV**

**OFFICERS**

Section 4.01 <u>Officers</u>. The elected officers of the Corporation shall be chosen by the Board of Directors and may include a Chairman of the Board, a Chief Executive Officer or a President, or both, a Chief Financial Officer, and a Secretary, all of whom shall be elected by the Board of Directors. The Chairman of the Board, if any, shall be chosen from among the directors. All officers elected by the Board of Directors shall each have such powers and duties as generally pertain to their respective offices, subject to the specific provisions of this <u>Article IV</u>. Such officers shall also have such powers and duties as from time to time may be conferred by the Board of Directors or by any committee thereof. In addition, the Board of Directors or any duly appointed committee thereof may from time to time elect such other officers (including one or more Vice Presidents, Assistant Secretaries, Treasurers and Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the Corporation. Any number of offices may be held by the same person. Such other officers and agents shall have such duties and shall hold their offices for such terms as shall be provided in these Bylaws or as may be prescribed by the Board or such committee, as the case may be.

Section 4.02 <u>Citizenship of Officers</u>. Notwithstanding anything to the contrary in these Bylaws, the Chief Executive Officer, the President, if any, and at least two-thirds of the other managing officers of the Corporation shall be "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time).

Section 4.03 <u>Term of Office</u>. Each principal officer of the Corporation shall hold office until his or her successor shall have been duly chosen and shall qualify, or until his or her earlier death, resignation, retirement, removal or disqualification.

Section 4.04 <u>Removal</u>. Any officer may be removed, either with or without cause, at any time, by the Board of Directors. No elected officer shall have any contractual rights against the Corporation for compensation by virtue of such election beyond the date of the election of his or her successor or his or her earlier death, resignation, removal or disqualification, whichever event shall first occur, except as otherwise provided in an employment contract.

Section 4.05 <u>Resignations</u>. Any officer may resign at any time by giving notice in writing or by electronic transmission thereof to the Corporation. The resignation of any officer shall be effective when the resignation is delivered, unless the resignation specifies a later effective date or an effective date determined upon the happening of an event or events; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06 <u>Vacancies</u>. A vacancy in any office may be filled in the manner prescribed in these Bylaws for appointment to such office.

Section 4.07 <u>Powers and Duties</u>. Subject to the control of the Board of Directors, the officers shall each have such authority and perform such duties in the management of the Corporation as from time to time may be prescribed by the Board of Directors or duly appointed committee thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Chairman of the Board</u>. The Chairman of the Board, if any, shall preside at all meetings of the Board of Directors and he or she shall have and perform such other duties as from time to time may be assigned to him or her by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Chief Executive Officer. The Chief Executive Officer of the Corporation shall, subject to the control of the Board of Directors, have general supervision, direction and control of the business and officers of the Corporation. The Chief Executive Officer shall preside at all meetings of the stockholders and, in the absence of a Chairman of the Board, at all meetings of the Board of Directors. Unless there shall have been elected one or more Presidents of the Corporation, the Chief Executive Officer shall be the President of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) President. Each President shall have such general powers and duties of supervision and management as shall be assigned to him or her by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Vice Presidents</u>. Each Vice President, if any, shall have such powers and shall perform such duties as shall be assigned to him or her by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Chief Financial Officer</u>. The Chief Financial Officer shall have the custody of the corporate funds and securities and shall keep full and accurate account of receipts and disbursements in books belonging to the Corporation. He or she shall deposit all moneys and other valuables in the name and to the credit of the Corporation in such depositaries as may be designated by the Board of Directors. He or she shall disburse the funds of the Corporation as may be ordered by the Board of Directors, the Chairman of the Board, Chief Executive Officer or a President, taking proper vouchers for such disbursements. He or she shall render to the Chairman of the Board, Chief Executive Officer, each President and the Board of Directors at the regular meetings of the Board of Directors, or whenever they may request it, an account of all his or her transactions as Chief Financial Officer and of the financial condition of the Corporation. If required by the Board of Directors, he or she shall give the Corporation a bond for the faithful discharge of his or her duties in such amount and with such surety as the Board of Directors shall prescribe. The Chief Executive Officer may direct the Treasurer to assume and perform the duties of the Chief Financial Officer in the absence or disability of the Chief Financial Officer, and the Treasurer shall perform other duties commonly incident to his or her office and shall also perform such other duties and have such other powers as the Board of Directors shall designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Secretary. The Secretary, if present, shall act as secretary at all meetings of the Board of Directors or any committee thereof and of the stockholders and keep the minutes thereof in a book or books to be provided for that purpose. He or she shall see that all notices required to be given by the Corporation are duly given and served; he or she shall have charge of the stock records of the Corporation; he or she shall see that all reports, statements and other documents required by law are properly kept and filed; and in general, he or she shall perform all the duties incident to the office of Secretary and such other duties as from time to time may be assigned to him or her by the Board of Directors.

**Article V**

**CAPITAL STOCK**

Section 5.01 <u>Certificates</u>. At the option of the Board of Directors, the stock of the Corporation may be (i) uncertificated, evidenced by entries into the corporation's stock ledger or other appropriate corporate books and records, as the Board of Directors may determine from time to time, or (ii) evidenced by a certificate signed by, or in the name of, the Corporation by any two authorized officers, certifying the number of shares represented by the certificate owned by such stockholder in the Corporation.

Section 5.02 <u>Transfers of Stock</u>. The shares of the stock of the Corporation shall be transferable in the manner prescribed by law and in these Bylaws. In the case of certificated shares of stock, transfers shall be made on the books of the Corporation only by the holder thereof or by such holder's attorney duly authorized in writing, upon surrender for cancellation of certificate(s) for at least the same number of shares, with an assignment and power of transfer endorsed thereon or attached thereto, duly executed, with such proof of the authenticity of the signature as the Corporation or its agents may reasonably require. In the case of uncertificated shares of stock, transfers shall be made on the books of the Corporation only upon receipt of proper transfer instructions from the registered holder of the shares or by such person's attorney duly authorized in writing, and upon compliance with appropriate procedures for transferring shares in uncertificated form. Notwithstanding anything to the contrary herein, no transfer of stock shall be valid as against the Corporation for any purpose (a) unless such transfer is in compliance with <u>Article VI</u> of these Bylaws and Article Sixth of the Certificate of Incorporation, and (b) until it shall have been entered in the stock records of the Corporation by an entry showing from and to whom transferred. For the avoidance of doubt, any transfer or attempted transfer that results in Non-Citizens (as defined in <u>Section 6.02</u>) owning or controlling more than 24.9% of the voting interest of the Corporation shall be void *ab initio* and of no effect.

Section 5.03 <u>Record Owners</u>. The stock ledger shall be the only evidence as to who are the stockholders of the Corporation and the Corporation shall be entitled to recognize the exclusive right of a person registered on its stock ledger as the owner of shares to receive dividends, to vote and to receive notice, and otherwise to exercise all of the rights and powers of an owner of such shares, and shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise required by law.

Section 5.04 <u>Transfer and Registry Agents</u>. The Corporation may from time to time maintain one or more transfer offices or agencies and registry offices or agencies at such place or places as may be determined from time to time by the Board of Directors.

Section 5.05 <u>Lost, Stolen, Mutilated or Destroyed Certificates</u>. As a condition to the issue of a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued and alleged to have been lost, stolen, mutilated or destroyed, the Corporation may require the owner of any such certificate, or such owner's legal representatives, to give the Corporation a bond in such sum and in such form as it may direct or to otherwise indemnify the Corporation against any claim that may be made against it on account of the alleged loss, theft, mutilation or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

Section 5.06 <u>Record Date</u>. In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of the stockholders, or any adjournment thereof, or entitled to receive payment of any dividend or other distribution or allotment of any rights, or entitled to exercise any rights in respect of any change, conversion or exchange of stock or for the purpose of any other lawful action, the Board of Directors may fix a record date which shall not be more than sixty (60) nor less than ten (10) days before the date of such meeting, nor more than sixty (60) days prior to any other action. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; provided, however, that the Board of Directors may fix a new record date for the adjourned meeting. In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date which shall not be more than ten days after the date upon which the resolution fixing the record date is adopted by the Board of Directors.

**Article VI**

**LIMITATIONS ON OWNERSHIP BY NON-CITIZENS**

Section 6.01 <u>Equity Securities</u>. All capital stock of the Corporation (collectively, "<u>Equity Securities</u>") shall be subject to the limitations set forth in this <u>Article VI</u>.

Section 6.02 <u>Non-U.S. Citizen Voting and Ownership Limitations</u>. At no time shall more than 24.9% of the voting interest of the Corporation be owned or controlled by persons who are not "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time) (such persons, "<u>Non-Citizens</u>"). In the event that Non-Citizens shall own (beneficially or of record) or have voting control over stock of the Corporation, the voting rights of such persons shall be subject to automatic suspension to the extent required to ensure that the Corporation is in compliance with the applicable provisions of law and regulation relating to the ownership and control of a U.S. air carrier. Any determination as to ownership, control or citizenship made by the Board of Directors shall be conclusive and binding as between the Corporation and any holder of stock of the Corporation for the purposes of this <u>Section 6.02</u>.

Section 6.03 <u>Foreign Stock Record</u>. The Corporation or any transfer agent designated by it shall maintain a separate stock record (the "<u>Foreign Stock Record</u>") in which shall be registered stock of the Corporation known to the Corporation to be owned or controlled by persons who are Non-Citizens. The Foreign Stock Record shall include (i) the name and nationality of each such Non-Citizen, (ii) the number of shares of stock owned or controlled by such Non-Citizen, and (iii) the date of registration of such stock in the Foreign Stock Record. In no event shall shares of stock of the Corporation in excess of 24.9% of the voting interest of the Corporation be entered on the Foreign Stock Record. In the event that the Corporation shall determine that the shares of stock of the Corporation registered on the Foreign Stock Record exceeds 24.9% of the voting interest of the Corporation, sufficient shares of stock of the Corporation shall be removed from the Foreign Stock Record so that the number of shares of stock of the Corporation entered therein does not exceed 24.9% of the voting interest of the Corporation. Shares of stock of the Corporation shall be removed from the Foreign Stock Record in reverse chronological order based upon the date of registration therein (i.e., last on, first off).

Section 6.04 <u>Suspension of Voting Rights</u> . If at any time the number of shares of stock of the Corporation known to the Corporation to be owned or controlled by Non-Citizens exceeds 24.9% of the voting interest of the Corporation, the voting rights of such shares of stock owned or controlled by Non-Citizens and not registered on the Foreign Stock Record at the time of any vote or action of the stockholders shall, without further action by the Corporation, be suspended. Such suspension of the voting rights shall automatically terminate upon the earlier of the (i) transfer of such stock to a person or entity who is a "citizen of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time), or (ii) registration of such shares of stock on the Foreign Stock Record, subject to the last two sentences of <u>Section 6.03</u>.

Section 6.05 <u>Restrictions on Transfer to Non-Citizens</u>. Any transfer or attempted transfer that results in Non-Citizens owning or controlling more than 24.9% of the voting interest of the Corporation shall be void *ab initio* and of no effect. Any person who transfers or attempts or intends to transfer beneficial ownership of its stock that will or may violate the foregoing sentence shall immediately give written notice to the Corporation of such event, or in the case of such a proposed or attempted transfer, give at least fifteen (15) days prior written notice, and shall provide to the Corporation such other information as the Corporation may request in order to determine the effect, if any, of such transfer on the ownership or control of the Corporation by Non-Citizens. Each person who is a beneficial owner of shares of stock of the Corporation and each person (including the stockholder of record) who is holding shares of stock of the Corporation for a beneficial owner shall provide to the Corporation such information as the Corporation may request, in good faith, in order to determine the Corporation's compliance with requirements of <u>Sections 6.02</u> and <u>6.03</u> of these Bylaws.

Section 6.06 <u>Certification of Shares</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation may by notice in writing (which may be included in the form of proxy or ballot distributed to stockholders in connection with the annual meeting or any special meeting of the stockholders of the Corporation, or otherwise) require a person that is a holder of record of shares or that the Corporation knows to have, or has reasonable cause to believe has beneficial ownership or control of shares to certify in such manner as the Corporation shall deem appropriate (including by way of execution of any form of proxy or ballot of such person) that, to the knowledge of such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all shares as to which such person has record ownership or beneficial ownership are owned and controlled only by "citizens of the United States" (as such term is defined in 49 U.S.C. § 40102(a)(15) as interpreted by the U.S. Department of Transportation, or as the same may be amended from time to time); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of shares of record or beneficially owned by such person that are owned and/or controlled by Non-Citizens is as set forth in such certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any shares identified in response to clause (a) above, the Corporation may require such person to provide such further information as the Corporation may reasonably require in order to implement the provisions of this <u>Article VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of applying the provisions of this <u>Article VI</u> with respect to any shares, in the event of the failure of any person to provide the certificate or other information to which the Corporation is entitled pursuant to this <u>Section 6.06</u>, the Corporation may presume that the shares in question are owned and/or controlled by Non-Citizens.

Section 6.07 <u>Legend</u>. Each certificate or other representative document for capital stock of the Corporation (including each such certificate or representative document for such capital stock issued upon any permitted transfer of capital stock) shall contain a legend in substantially the following form:

THE SECURITIES OF ATLAS AIR WORLDWIDE HOLDINGS, INC. REPRESENTED BY THIS CERTIFICATE OR DOCUMENT ARE SUBJECT TO OWNERSHIP, CONTROL, AND VOTING RESTRICTIONS WITH RESPECT TO CERTAIN SECURITIES HELD BY PERSONS OR ENTITIES THAT FAIL TO QUALIFY AS "CITIZENS OF THE UNITED STATES" (AS SUCH TERM IS DEFINED IN 49 U.S.C. § 40102(A)(15) AS INTERPRETED BY THE U.S. DEPARTMENT OF TRANSPORTATION, OR AS THE SAME MAY BE AMENDED FROM TIME TO TIME). SUCH OWNERSHIP, CONTROL, AND VOTING RESTRICTIONS ARE CONTAINED IN THE CERTIFICATE OF INCORPORATION AND THE BYLAWS OF ATLAS AIR WORLDWIDE HOLDINGS, INC., AS THE SAME MAY BE AMENDED OR RESTATED FROM TIME TO TIME. A COMPLETE AND CORRECT COPY OF SUCH CERTIFICATE OF INCORPORATION AND BYLAWS SHALL BE FURNISHED FREE OF CHARGE TO THE HOLDER OF THE SECURITIES REPRESENTED HEREBY UPON WRITTEN REQUEST TO THE SECRETARY OF ATLAS AIR WORLDWIDE HOLDINGS, INC.

**Article VII**

**INDEMNIFICATION OF DIRECTORS AND OFFICERS**

Section 7.01 <u>Proceedings Other Than Those Brought by the Corporation</u>. The Corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he or she is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with such action, suit or proceeding if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.

Section 7.02 <u>Proceedings Brought by the Corporation</u>. The Corporation shall indemnify to the maximum extent permitted by law any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by or in the right of the Corporation to procure a judgment in its favor by reason of the fact that he or she is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection with the defense or settlement of such action or suit if he or she acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Corporation and except that no such indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable to the Corporation unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.

Section 7.03 <u>Indemnification and Expenses</u>. To the extent that a director or officer of the Corporation shall be successful on the merits or otherwise in defense of any action, suit or proceeding referred to in <u>Section 7.01</u> or <u>Section 7.02</u>, or in defense of any claim, issue or matter therein, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith.

Section 7.04 <u>Authorization for Indemnification Against Expenses</u>. Any indemnification under <u>Section 7.01</u> or <u>Section 7.02</u> (unless ordered by a court) shall be made by the Corporation only as authorized in the specific case upon a determination that indemnification of the director or officer is proper in the circumstances because he or she has met the applicable standard of conduct set forth in <u>Section 7.01</u> or <u>Section 7.02</u>. Such determination shall be made (1) by a majority vote of the directors who are not parties to such action, suit or proceeding, even though less than a quorum, or (2) if there are no such directors, or if such directors so direct, by independent legal counsel in a written opinion, or (3) by the stockholders. The Corporation, acting through its Board of Directors or otherwise, shall cause such determination to be made if so requested by any person who is indemnifiable under this <u>Article VII</u>.

Section 7.05 <u>Advancement of Expenses</u>. Expenses (including attorneys' fees) incurred by an officer or director in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Corporation as they are incurred and in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Corporation as authorized in this <u>Article VII</u>.

Section 7.06 <u>Indemnification of Expenses not Exclusive</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, the other paragraphs of this <u>Article VII</u> shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in his or her official capacity and as to action in another capacity while holding such office.

Section 7.07 <u>Directors and Officers Insurance</u>. The Board of Directors may authorize the Corporation to purchase and maintain insurance on behalf of any person who is or was a director or officer of the Corporation, or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him and incurred by him or her in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify him or her against such liability under the provisions of this <u>Article VII</u>.

Section 7.08 <u>Corporation Defined, Effects of Merger or Consolidation</u>. For the purposes of this <u>Article VII</u>, references to "the Corporation" shall include, in addition to the resulting Corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate existence had continued, would have had power and authority to indemnify its directors or officers so that any person who is or was a director or officer of such constituent corporation, or is or was serving at the request of such constituent corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall stand in the same position under the provisions of this <u>Article VII</u> with respect to the resulting or surviving corporation as he or she would have with respect to such constituent corporation if its separate existence had continued.

Section 7.09 <u>Other Enterprises Defined</u>. For purposes of this section, references to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise taxes assessed on a person with respect to an employee benefit plan; and references to "serving at the request of the Corporation" shall include service as a director or officer of the Corporation which imposes duties on, or involves services by, such director or officer with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the Corporation" as referred to in this section.

Section 7.10 <u>Cessation of Director or Officer Status</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this <u>Article VII</u> shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 7.11 <u>Proceeding Initiated by Individual</u>. The Corporation shall be required by these Bylaws to indemnify a person in connection with an action, suit or proceeding (or part thereof) initiated by such person only if the action, suit or proceeding (or part thereof) was authorized by the Board of Directors of the Corporation. If a claim for indemnification or advancement of expenses under this <u>Article VII</u> is not paid in full within 30 days after a written claim therefor by any person having indemnification rights under this <u>Article VII</u> has been received by the Corporation, such person may file suit to recover the unpaid amount of such claim and, if successful in whole or in part, shall be entitled to be paid the expense of prosecuting such claim. In any such action the Corporation shall have the burden of proving that such person is not entitled to the requested indemnification or advancement of expenses under applicable law.

**Article VIII**

**AMENDMENTS**

Section 8.01 <u>Amendments by Stockholders</u>. These Bylaws may be altered, amended or repealed and new Bylaws may be added by the stockholders.

Section 8.02 <u>Amendments by the Board of Directors</u>. The Board of Directors may adopt, amend or repeal these Bylaws as provided in the Certificate of Incorporation.

**Article IX**

**DEFINITIONS**

Section 9.01 <u>Definitions</u>. Terms used in these Bylaws and not defined herein shall have the meanings assigned to such terms in the Certificate of Incorporation.

**Article X**

**MISCELLANEOUS PROVISIONS**

Section 10.01 <u>Fiscal Year</u>. The fiscal year of the Corporation shall be fixed by resolution of the Board of Directors.

Section 10.02 <u>Dividends</u>. Dividends upon the capital stock of the Corporation, subject to the provisions of the Certificate of Incorporation, if any, may be declared by the Board of Directors at any regular or special meeting, pursuant to law. Dividends may be paid in cash, in property, or in shares of the capital stock, subject to the provisions of the Certificate of Incorporation

Section 10.03 <u>Payment of Dividends; Directors' Duties</u>. Before payment of any dividend there may be set aside out of any funds of the Corporation available for dividends such sum or sums as the Board of Directors from time to time, in their absolute discretion, think proper as a reserve fund to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall think conducive to the interests of the Corporation, and the Board of Directors may abolish any such reserve.

Section 10.04 <u>Waiver of Notice</u>. Whenever any notice is required to be given under the provisions of the General Corporation Law of the State of Delaware, the Certificate of Incorporation or these Bylaws, a written waiver, signed by the person or persons entitled to such notice, or a waiver by electronic transmission by the person entitled to notice, whether before or after the event for which notice was so required, shall be deemed equivalent to the giving of such notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends a meeting for the express purpose of objecting at the beginning of the meeting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the stockholders or the Board of Directors or committee thereof need be specified in any waiver of notice of such meeting.

Section 10.05 <u>Contracts</u>. Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, any contracts or other instruments may be executed and delivered in the name and on the behalf of the Corporation by such officer or officers of the Corporation as the Board of Directors may from time to time direct. Such authority may be general or confined to specific instances as the Board of Directors may determine. The Chairman of the Board, the Chief Executive Officer, each President, the Chief Financial Officer or any Vice President may execute bonds, contracts, deeds, leases and other instruments to be made or executed for or on behalf of the Corporation. Subject to any restrictions imposed by the Board of Directors or the Chairman of the Board, the Chief Executive Officer, each President, the Chief Financial Officer or any Vice President of the Corporation may delegate contractual powers to others under his or her jurisdiction, it being understood, however, that any such delegation of power shall not relieve such officer of responsibility with respect to the exercise of such delegated power

Section 10.06 <u>Actions with Respect to Securities of Other Entities</u>. All stock and other securities of other entities owned or held by the Corporation for itself, or for other parties in any capacity, shall be voted (including by written consent), and all proxies with respect thereto shall be executed, by the person or persons authorized to do so by resolution of the Board of Directors or, in the absence of such authorization, by the Chairman, Chief Executive Officer, President, Chief Financial Officer or Secretary.

## Exhibit 4.1

**Exhibit 4.1**

**THIRD SUPPLEMENTAL INDENTURE**

THIRD SUPPLEMENTAL INDENTURE, dated as of March 17, 2023 (this "**Third Supplemental Indenture**"), between ATLAS AIR WORLDWIDE HOLDINGS, INC., a Delaware corporation, as issuer (the "**Company**"), and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association under the laws of the United States, as trustee (the "**Trustee**"), supplementing the Indenture, dated as of June 3, 2015 (the "**Base Indenture**" and, as amended and supplemented by the Second Supplemental Indenture, dated as of May 23, 2017 (the "**Second Supplemental Indenture**") and as it may be further amended or supplemented from time to time with respect to the Notes (as defined below), the "**Indenture**").

**WITNESSETH:**

WHEREAS, the Company and the Trustee are parties to the Base Indenture, as supplemented by the Second Supplemental Indenture, pursuant to which the Company issued its 1.875% Convertible Senior Notes due 2024 (the "**Notes**");

WHEREAS, the Company is a party to that certain Agreement and Plan of Merger, dated as of August 4, 2022 (as amended, supplemented or otherwise modified, the "**Merger Agreement**"), by and among the Company, Rand Parent, LLC, a Delaware limited liability company ("**Parent**"), and Rand Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("**Merger Sub**"), pursuant to which, and subject to the terms and conditions contained in the Merger Agreement, each share of Common Stock, par value $0.01 per share, of the Company (a "**Share**") issued and outstanding immediately prior to the effective time of the Merger (as defined below) (other than certain Shares as set forth in the Merger Agreement), will be converted into and shall thereafter represent only the right to receive an amount in cash equal to $102.50 per Share, without interest and less any applicable withholding taxes (the "**Merger Consideration**");

WHEREAS, the merger of Merger Sub with and into the Company, with the Company as the surviving entity (the "**Merger**"), has been consummated on the date hereof in accordance with the Merger Agreement, substantially concurrently with the execution and delivery of this Third Supplemental Indenture;

WHEREAS, the Merger constitutes a Fundamental Change, a Make-Whole Fundamental Change and a Merger Event;

WHEREAS, in connection with the foregoing, Section 12.07(a) of the Second Supplemental Indenture provides that the Company shall execute with the Trustee a supplemental indenture permitted under Section 10.02(g) of the Second Supplemental Indenture providing that the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into the Applicable Consideration (as defined below);

WHEREAS, Section 10.02(g) of the Second Supplemental Indenture provides that the Company and the Trustee may enter into a supplemental indenture, without the notice or consent of the holders of any of the Notes at the time outstanding, in connection with any Merger Event, providing the right to convert, subject to provisions of Section 12.02 of the Second Supplemental Indenture, and make such related changes to the terms of the Notes to the extent expressly required by Section 12.07 of the Second Supplemental Indenture;

WHEREAS, the Company has requested that the Trustee execute this Third Supplemental Indenture; and

WHEREAS, all conditions provided for in the Base Indenture and Second Supplemental Indenture relating to the execution of this Third Supplemental Indenture have been complied with.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, receipt of which is hereby acknowledged, the Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the holders of the Notes:

ARTICLE I

<u>Definitions</u>

Section 1.01 <u>General</u>. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Second Supplemental Indenture. In accordance with Section 12.07 of the Second Supplemental Indenture and pursuant to the terms of the Merger,

"**Daily VWAP**" shall mean $102.50;

"**Last Reported Sale Price**" shall mean $102.50;

"**Reference Property**" shall mean cash;

"**Stock Price**" shall mean $102.50; and

"**unit of Reference Property**" shall mean $102.50 in cash.

ARTICLE II

<u>Agreements of Parties</u>

Section 2.01 <u>Conversion of Notes</u>. In accordance with Section 12.07 of the Second Supplemental Indenture and the Officers' Certificate, dated March 17, 2023, from and after the date of this Third Supplemental Indenture, the right to convert each $1,000 principal amount of Notes will be changed to a right to convert such principal amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the Conversion Rate immediately prior to the Merger would have owned or been entitled to receive (the "**Applicable Consideration**"), which shall be cash equal to $1,678.05825 per $1,000 principal amount of Notes based on a Conversion Rate of 16.3713 and reflecting the right to receive $102.50 in cash for each Share. Notwithstanding the foregoing, holders that elect to convert their Notes at any time from March 17, 2023 (being the Effective Date of the Merger) until the end of the Business Day immediately prior to the Fundamental Change Repurchase Date to be specified in a Fundamental Change Company Notice to be delivered in connection with the Merger, shall be entitled to receive cash equal to $1,700.03425 per $1,000 principal amount of converted Notes based on an increased Conversion Rate of 16.5857, as adjusted in accordance with Section 12.03 of the Second Supplemental Indenture as a result of the Merger, which constitutes a Fundamental Change, a Make-Whole Fundamental Change and a Merger Event. Accordingly, any reference in respect of a holders' conversion rights to a share of Common Stock in the Indenture shall be deemed a reference to a right to receive a cash amount equal to $102.50 and the provisions of the Indenture, as modified herein, shall continue to apply, *mutatis mutandis*, to the holders' right to convert the Notes into the Applicable Consideration. For the avoidance of doubt, holders will not have the right to convert Notes into shares of common stock or other securities of the Company.

ARTICLE III

<u>Miscellaneous Provisions</u>

Section 3.01 <u>Effectiveness; Construction</u>. This Third Supplemental Indenture shall become effective upon its execution and delivery by the Company and the Trustee as of the date hereof. Upon such effectiveness, the Indenture shall be supplemented in accordance herewith. Upon the execution of this Third Supplemental Indenture pursuant to Article IX of the Base Indenture and Section 10.02(g) of the Second Supplemental Indenture, the Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under the Indenture of the Trustee, the Company and the holders shall hereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of the Third Supplemental Indenture shall be and be deemed to be part of the terms and conditions of the Indenture for any and all purposes. The Indenture and this Third Supplemental Indenture shall henceforth be read and construed together.

Section 3.02 <u>Indenture Remains in Full Force and Effect</u>. Except as supplemented hereby, all provisions in the Indenture shall remain in full force and effect.

Section 3.03 <u>Trustee Matters</u>. The Trustee accepts the Indenture, as supplemented hereby, and agrees to perform the same upon the terms and conditions set forth therein, as supplemented hereby. The Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording a right, privilege, protection, indemnity or benefit to the Trustee, whether or not elsewhere herein so provided. The recitals contained in this Third Supplemental Indenture shall be taken as the statements of the Company and the Trustee assumes no responsibility or liability for the correctness of the same. The Trustee makes no representation as to and shall not be responsible for the validity or sufficiency of this Third Supplemental Indenture or the determination or calculation of the Applicable Consideration or any other transaction or transaction document described or referred to herein.

Section 3.04 <u>Benefits of Indenture</u>. Nothing in this Third Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Third Supplemental Indenture.

Section 3.05 <u>Effect of Headings</u>. The Article and Section headings herein are for convenience only and shall not affect the construction hereof.

Section 3.06 <u>Execution in Counterparts</u>. This Third Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

Section 3.07 <u>Separability Clause</u>. In case any provision in this Third Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

Section 3.08 <u>Governing Law; Jurisdiction</u>. This Third Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with the Indenture brought in the courts of the State of New York or the courts of the United States located in The Borough of Manhattan, New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.

Section 3.09 <u>Waiver of Jury Trial</u>. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

[*Signature page follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed as of the date first written above.

---

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

---

[Signature Page to the Third Supplemental Indenture]

---

| | |
|:---|:---|
| WILMINGTON TRUST, NATIONAL ASSOCIATION,<br> as Trustee | WILMINGTON TRUST, NATIONAL ASSOCIATION,<br> as Trustee |
| By: | /s/ Barry D. Somrock |
|  | Name: Barry D. Somrock |
|  | Title: Vice President |

---

[Signature Page to the Third Supplemental Indenture]

## Exhibit 99.1

**Exhibit 99.1**

---

| |
|:---|
| ![](tm239235d1_ex99-1img01.jpg) |
| ![](tm239235d1_ex99-1img02.jpg) |

---

2000 Westchester Avenue, Purchase, New York 10577 • (914) 701-8000

**FOR IMMEDIATE RELEASE**

Contacts: Investors – <u>InvestorRelations@atlasair.com</u>

Media – <u>CorpCommunications@atlasair.com</u>

**Investor Group Led by Apollo, Together With J.F. Lehman & Company and Hill City Capital, Completes Acquisition of Atlas Air Worldwide**

***Atlas Air Worldwide Becomes Privately Held Company***

**PURCHASE, N.Y., March 17, 2023** – Atlas Air Worldwide ("Atlas," "AAWW" or the "Company"), a leading global provider of outsourced aircraft and aviation operating services, today announced that the investor group led by funds managed by affiliates of Apollo (NYSE: APO), together with investment affiliates of J.F. Lehman & Company ("J.F. Lehman") and Hill City Capital ("Hill City"), has completed its previously announced acquisition of the Company.

The Company will continue to maintain its global presence, continue to operate under the Atlas Air Worldwide name and be led by President and Chief Executive Officer John Dietrich and the Company's current executive leadership team.

"Today marks the start of an exciting new chapter for Atlas, and we are eager to begin our partnership with Apollo, J.F. Lehman and Hill City," Mr. Dietrich said. "With the support and resources of our investor partners, we are well-positioned to achieve our growth objectives while continuing to serve the increasingly complex global supply chain. I want to thank the entire Atlas team, whose customer focus and dedication made this milestone possible. I look forward to the opportunities this next phase provides for our Company and our employees."

On behalf of the investor group, Apollo Partners Antoine Munfakh and Jason Scheir, J.F. Lehman Partner Alex Harman and Hill City Capital Chief Investment Officer Chip Frazier said: "We are thrilled to partner with the talented Atlas team and build on the Company's strong foundation as a leader in the airfreight industry. We have long admired Atlas' reputation of providing high-quality service to its customers, as well as the financial and operational excellence the team has established. Atlas is poised for continued growth and expansion as it capitalizes on the long-term demand for global air cargo services."

Pursuant to the terms of the transaction announced on August 4, 2022, the investor group acquired all of the outstanding shares of Atlas Air Worldwide stock. Atlas Air Worldwide shareholders are entitled to receive $102.50 in cash for each share of Atlas Air Worldwide (AAWW) common stock owned. As a result of the transaction completion, Atlas Air Worldwide's common stock no longer trades on the NASDAQ stock exchange.

Morgan Stanley & Co. LLC served as exclusive financial advisor to Atlas. Cravath, Swaine & Moore LLP served as Atlas' legal advisor. Evercore acted as lead financial advisor to the investor group. Barclays, Goldman Sachs, and Mizuho Bank served as financial advisors to the investor group, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor to Apollo and the investor group entity, and Jones Day provided legal advice to J.F. Lehman & Company and Hill City Capital.

**About Atlas Air Worldwide**

Atlas Air Worldwide is a leading global provider of outsourced aircraft and aviation operating services. It is the parent company of Atlas Air, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the world's largest fleet of 747 freighter aircraft and provide customers the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.

**About Apollo**

Apollo is a high-growth, global alternative asset manager. In the asset management business, Apollo seeks to provide its clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, Apollo's investing expertise across its fully integrated platform has served the financial return needs of its clients and provided businesses with innovative capital solutions for growth. Through Athene, Apollo's retirement services business, it specializes in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Apollo's patient, creative, and knowledgeable approach to investing aligns its clients, businesses it invests in, its team members, and the communities it impacts, to expand opportunity and achieve positive outcomes. As of December 31, 2022, Apollo had approximately $548 billion of assets under management. To learn more, please visit <u>www.apollo.com</u>.

**About J.F. Lehman & Company**

J.F. Lehman & Company is a private equity investment firm focused on the aerospace, defense, maritime and environmental sectors. This investment strategy reflects the firm's deep experience in and commitment to these sectors since the firm's founding three decades ago. Headquartered in New York, NY, the firm currently has approximately $4 billion of assets under management as of December 31, 2022. To learn more, please visit www.jflpartners.com.

**About Hill City Capital**

Hill City Capital is an investment firm led by Chief Investment Officer Chip Frazier. With investment research focused primarily in Industrial, Aerospace and Transportation, Hill City's investment strategy is characterized by a long-duration investment horizon, a rigorous fundamental investment process and active engagement with management. Hill City Capital was founded in 2019, with its principal place of business is Boston, MA.

<u>Forward-Looking Statements</u>

This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. AAWW intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Those statements are based on management's beliefs, plans, expectations and assumptions, and on information currently available to management. Generally, the words "will," "may," "should," "could," "would," "expect," "anticipate," "intend," "plan," "continue," "believe," "seek," "project," "estimate," and similar expressions used in this communication that do not relate to historical facts are intended to identify forward-looking statements.

Such forward-looking statements speak only as of the date of this communication. They are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of AAWW and its subsidiaries that may cause the actual results of AAWW or its subsidiaries to be materially different from any future results, express or implied, in such forward-looking statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, (i) the risks discussed in AAWW's annual report on Form 10-K for the fiscal year ended December 31, 2022 (the "Annual Report") filed by AAWW with the U.S. Securities and Exchange Commission (the "SEC"), and, in particular, the risk factors set forth under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Annual Report and (ii) other risk factors identified from time to time in other filings with the SEC. Filings with the SEC are available on the SEC's website at <u>http://www.sec.gov</u>. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

Other factors and assumptions not identified above may also affect the forward-looking statements, and these other factors and assumptions may also cause actual results to differ materially from those discussed.

AAWW assumes no obligation to update such statements contained in this communication to reflect actual results, changes in assumptions or changes in other factors affecting such estimates other than as required by law and expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect future events or circumstances.

**Contacts**

Atlas Air Worldwide

Eric Camadeco

Director, Investor Relations

<u>InvestorRelations@atlasair.com</u>

Meghan Glynn

Senior Director, Corporate Communications

CorpCommunications@atlasair.com

Apollo on behalf of the investor group

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

<u>Communications@apollo.com</u>

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

<u>IR@apollo.com</u>

J.F. Lehman & Company, LLC

Karina Perelmuter

Head of Marketing & Investor Relations

(212) 634-1197

<u>IR@jflpartners.com</u> 

\* \* \*

## Exhibit 99.2

**Exhibit 99.2**

![](tm239235d1_ex99-2img01.jpg)

**Atlas Air Worldwide Holdings, Inc. Announces**

**Fundamental Change Offer to Repurchase and Right to Convert**

March 17, 2023

Atlas Air Worldwide Holdings, Inc. ("*Atlas Air*" or the "*Company*") today notified holders (each, a "*Holder*," and collectively, the "*Holders*") of its 1.875% Convertible Senior Notes due 2024 (the "*Notes*") that in connection with the Merger (as defined below) each Holder of the Notes has the right (the "*Fundamental Change Repurchase Right*"), at its option, to require the Company to repurchase for cash all of such Holder's Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000 in excess thereof, in accordance with the terms and conditions of (i) the Indenture, dated as of June 3, 2015 (the "*Original Indenture*"), as supplemented by the Second Supplemental Indenture, dated as of May 23, 2017 (the "*Second Supplemental Indenture*") and the Third Supplemental Indenture, dated as of March 17, 2023 (the "*Third Supplemental Indenture*" and, the Original Indenture as supplemented by the Second Supplemental Indenture and the Third Supplemental Indenture, the "*Indenture*"), by and between Atlas Air and Wilmington Trust, National Association, as trustee (the "*Trustee*"), and (ii) the Notes, on April 6, 2023 (as the same may be extended, the "*Fundamental Change Repurchase Date*") at a repurchase price (the "*Fundamental Change Repurchase Price*") to be paid by the Company for Notes validly tendered and not validly withdrawn that is equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest thereon to, but excluding, the Fundamental Change Repurchase Date. The Fundamental Change Repurchase Right will expire at 5:00 p.m., New York City time, on April 5, 2023, unless extended as described in the Fundamental Change Company Notice, Notice of Right to Convert, Notice of Make-Whole Fundamental Change, Notice of Entry Into Supplemental Indenture and Offer to Repurchase that Holders received today (such date, as the same may be extended, the "*Expiration Date*"). Tenders of Notes may be validly withdrawn (in whole or in part) at any time prior to 5:00 p.m., New York City time, on the Expiration Date.

The Fundamental Change Repurchase Right relates to the consummation of the merger on March 17, 2023 of a wholly owned subsidiary of Rand Parent, LLC ("*Parent*"), Rand Merger Sub, Inc. ("*Sub*"), with and into Atlas Air, with Atlas Air surviving the transaction as a wholly owned subsidiary of Parent (such transaction, the "*Merger*"), and the conversion of each issued and outstanding share of common stock of Atlas Air (other than certain shares as set forth in the Merger Agreement (as defined below)) into the right to receive an amount in cash equal to $102.50, without interest (the "*Per Share Merger Consideration*"), pursuant to that certain Agreement and Plan of Merger, dated as of August 4, 2022 (as amended, supplemented or otherwise modified, the "*Merger Agreement*"), by and among Parent, Sub and Atlas Air. The Merger constitutes a Fundamental Change, a Make-Whole Fundamental Change and a Merger Event under the Second Supplemental Indenture.

Each $1,000 principal amount of the Notes is convertible into approximately $1,678.05825, which is equal to the Conversion Rate (16.3713), multiplied by the Per Share Merger Consideration ($102.50 per share). Holders electing to convert their Notes in connection with the Make-Whole Fundamental Change are entitled to Additional Shares equal to 0.2144 (rounded to the nearest one-ten thousandth of a share) shares of common stock, par value $0.01 per share, of Atlas Air (the "*Common Stock*") as described in Section 12.03 of the Second Supplemental Indenture. Accordingly, for conversion of Notes made in connection with the Make-Whole Fundamental Change, each $1,000 principal amount of the Notes is convertible into $1,700.03425, which is equal to the Conversion Rate (16.3713) plus the Additional Shares (0.2144), multiplied by the Per Share Merger Consideration ($102.50 per share). Conversion of Notes will be deemed to be "in connection with" the Make-Whole Fundamental Change <u>only</u> if the appropriate instruction form is delivered pursuant to The Depository Trust Company's ("*DTC*") book-entry conversion program to Wilmington Trust, National Association, as conversion agent (the "*Conversion Agent*") during the period from, and including, the effective time of the Merger up to, and including, the Expiration Date (which is the Business Day immediately prior to the Fundamental Change Repurchase Date) (the "*Make-Whole Fundamental Change Period*"). If a Holder does not deliver the appropriate instruction form pursuant to DTC's book-entry conversion program to the Conversion Agent by the Expiration Date, such Holder will not be eligible to receive the Additional Shares upon conversion. For the avoidance of doubt, Holders who choose to convert their Notes will receive only cash and will not receive any shares of Common Stock upon conversion.

The right of Holders to convert their Notes is separate from the Fundamental Change Repurchase Right. The amount of cash that a Holder will receive if such Holder validly exercises the Fundamental Change Repurchase Right is substantially less than the amount of cash such Holder will receive if such Holder converts its Notes in connection with the Make-Whole Fundamental Change. If a Holder delivers a Fundamental Change Repurchase Notice to Wilmington Trust, National Association, as the Paying Agent, such Holder may not surrender such Notes for conversion unless such Holder validly withdraws such Fundamental Change Repurchase Notice.

In connection with the closing of the Merger, the Company and the Trustee entered into the Third Supplemental Indenture providing that, at and after the effective time of the Merger, the right to convert each $1,000 principal amount of Notes shall be changed into a right to convert such principal amount of Notes into $102.50 in cash (the Per Share Merger Consideration) multiplied by the Conversion Rate (subject to increase for any Additional Shares, if applicable). Accordingly, subject to and upon compliance with the provisions of the Indenture, for all conversions for which the relevant Conversion Date occurs from and after the effective time of the Merger, the consideration due upon conversion of each $1,000 principal amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased by the Additional Shares pursuant to Section 12.03 of the Second Supplemental Indenture, if applicable), multiplied by the Per Share Merger Consideration.

Holders may exercise their Fundamental Change Repurchase Right to have the Company repurchase their Notes and to receive payment of the Fundamental Change Repurchase Price by validly delivering their Notes through DTC's transmittal procedures, in each case, prior to 5:00 p.m., New York City time, on the Expiration Date.

Holders who wish to convert their Notes in connection with the Make-Whole Fundamental Change must deliver the appropriate instruction form pursuant to DTC's book-entry conversion program to the Conversion Agent through the transmittal procedures of DTC during the Make-Whole Fundamental Change Period, in order to receive the Additional Shares.

Additional information concerning the Fundamental Change Repurchase Right, the conversion right in connection with the Make-Whole Fundamental Change and the procedures to be taken in connection therewith can be found in the Fundamental Change Company Notice, Notice of Right to Convert, Notice of Make-Whole Fundamental Change, Notice of Entry Into Supplemental Indenture and Offer to Purchase that was distributed to the Holders today.

Capitalized terms used herein but not otherwise defined herein have the definitions ascribed thereto in the Second Supplemental Indenture.

------

The Trustee, Paying Agent and Conversion Agent is:

**Wilmington Trust, National Association**

<u>Regular Mail or Air Courier:</u>

Wilmington Trust, National Association Global Capital Markets Attention: Workflow Management Rodney Square North 1100 North Market Street, 5th Floor Wilmington, DE 19890-1600