Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
 STOCKHOLDERS
AGREEMENT 
 Dated as of May 4, 2016 

by and between 
 ATLAS AIR
WORLDWIDE HOLDINGS, INC. 
 and 

AMAZON.COM, INC. 
  

 

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	
	ARTICLE I	  
	
	Governance	  
	1.1	  	Composition of the Board of Directors	  	 	1	  
	1.2	  	Objection to Amazon Designee	  	 	3	  
	1.3	  	No Adverse Action; Voting Agreement	  	 	3	  
	1.4	  	Board Observer	  	 	4	  
	1.5	  	Termination of Board Designation Rights	  	 	5	  
	1.6	  	Information Rights	  	 	5	  
	1.7	  	Tax Reporting Requirements	  	 	9	  
	
	ARTICLE II	  
	
	Transfers; Standstill Provisions	  
	2.1	  	Transfer Restrictions	  	 	9	  
	2.2	  	Standstill Provisions	  	 	11	  
	2.3	  	Outside Activities	  	 	14	  
	
	ARTICLE III	  
	
	Representations and Warranties	  
	3.1	  	Representations and Warranties of Amazon	  	 	15	  
	3.2	  	Representations and Warranties of the Company	  	 	16	  
	
	ARTICLE IV	  
	
	Registration	  
	4.1	  	Demand Registrations	  	 	16	  
	4.2	  	Piggyback Registrations	  	 	19	  
	4.3	  	Shelf Registration Statement	  	 	21	  
	4.4	  	Withdrawal Rights	  	 	24	  
	4.5	  	[Reserved]	  	 	24	  
	4.6	  	Holdback Agreements	  	 	24	  
	4.7	  	Registration Procedures	  	 	25	  
	4.8	  	Registration Expenses	  	 	32	  

  
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	4.9	  	Miscellaneous	  	 	33	  
	4.10	  	Registration Indemnification	  	 	33	  
	4.11	  	Free Writing Prospectuses	  	 	36	  
	
	ARTICLE V	  
	
	Definitions	  
	5.1	  	Defined Terms	  	 	36	  
	5.2	  	Interpretation	  	 	45	  
	
	ARTICLE VI	  
	
	Miscellaneous	  
	6.1	  	Term	  	 	46	  
	6.2	  	Notices	  	 	46	  
	6.3	  	Amendment	  	 	47	  
	6.4	  	Waivers	  	 	47	  
	6.5	  	Successors and Assigns	  	 	47	  
	6.6	  	Severability	  	 	48	  
	6.7	  	Counterparts	  	 	48	  
	6.8	  	Entire Agreement	  	 	48	  
	6.9	  	Governing Law; Submission to Jurisdiction; WAIVER OF JURY TRIAL	  	 	48	  
	6.10	  	Specific Performance	  	 	49	  
	6.11	  	No Third Party Beneficiaries	  	 	50	  

  
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 This STOCKHOLDERS AGREEMENT, dated as of May 4, 2016 (this “Agreement”), is
by and between Atlas Air Worldwide Holdings, Inc., a Delaware corporation (the “Company”), and Amazon.com, Inc., a Delaware corporation (“Amazon”). 

W I T N E S S E T H: 

WHEREAS, on the date hereof, the Company and Amazon entered into an Investment Agreement (as it may be amended from time to time, the
“Investment Agreement”) pursuant to which, among other things, the Company issued on the date hereof Warrant-A and Warrant-B (each as defined in the Investment Agreement and together, the “Warrants”) to Amazon,
subject to the terms and conditions therein; and 
 WHEREAS, each of the parties wishes to set forth in this Agreement certain terms and
conditions regarding, among other things, Amazon’s ownership of the Warrants and the Warrant Shares; 
 NOW, THEREFORE, in
consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be legally bound, the parties agree as follows: 

ARTICLE I 
 Governance 

1.1 Composition of the Board of Directors. 

(a) Upon the occurrence of the Amazon Investor Rights Initiation Event, the Company’s board of directors (the “Board”)
shall promptly (and in any case within ten (10) Business Days) after receiving an Amazon Investor Rights Initiation Event Notice take all action necessary (including by amending the organizational documents of the Company, if necessary) to
cause one (1) Amazon Designee to be appointed to the Board. For the avoidance of doubt, the Amazon Investor Rights Initiation Event Notice shall be delivered in Amazon’s sole discretion, and nothing herein obligates Amazon to deliver such
notice or to have any Amazon Designee appointed to the Board. 
 (b) During the Amazon Investor Rights Period, provided that Amazon
has delivered the Amazon Investor Rights Initiation Event Notice in accordance with Section 1.1(a) above, and subject to the other provisions of this Section 1.1, including Section 1.1(c), and
Section 1.2, at each annual or special meeting of the stockholders of the Company at which directors are to be elected to the Board, the Company shall nominate and use its reasonable best efforts (which shall, subject to Applicable Law,
include including in any proxy statement used by the Company to solicit the vote of its stockholders in connection with any such meeting the recommendation of the Board that stockholders of the Company vote in favor of the slate of directors) to
cause the election to the Board of a slate of directors that includes one (1) Amazon Designee. 

 (c) Amazon shall notify the Company of the identity of any proposed Amazon Designee, in writing,
at or before the time such information is reasonably requested by the Board or the Nominating and Governance Committee for inclusion in a proxy statement for a meeting of stockholders, and shall furnish all information about such proposed Amazon
Designee as shall be reasonably requested by the Board or the Nominating and Governance Committee (including, at a minimum, any information regarding such proposed Amazon Designee to the extent required by applicable securities laws or for any other
person nominated for election to the Board). 
 (d) Subject to Section 1.1(c) and Section 1.2, so long as no Amazon
Investor Rights Termination Event has occurred, in the event of (i) the death, disability, removal or resignation of an Amazon Director, the Board shall promptly appoint as a replacement Amazon Director the Amazon Designee designated by
Amazon to fill the resulting vacancy, or (ii) the failure of an Amazon Designee to be elected to the Board at any annual or special meeting of the stockholders of the Company at which such Amazon Designee stood for election but was
nevertheless not elected (such Amazon Designee, an “Amazon Specified Designee”), the Board shall promptly appoint another Amazon Designee designated by Amazon to serve in lieu of such Amazon Specified Designee as an Amazon Director
during the term that such Amazon Specified Designee would have served had such Amazon Specified Designee been elected at such meeting of the stockholders of the Company, and, in each case of clause (i) and clause (ii), such individual
shall then be deemed an Amazon Director for all purposes hereunder. Neither the Company nor the Board shall remove any Amazon Director without the prior written consent of Amazon, unless (A) such Amazon Director is no longer eligible for
designation as a member of the Board pursuant to Section 1.2, (B) to the extent necessary to remedy a breach of Section 1.5 or (C) as a result of the acceptance of such Amazon Director’s
resignation tendered in accordance with the Company’s bylaws and corporate governance guidelines requiring the resignation of a director upon the failure to obtain the requisite majority vote for such director’s election to the Board
pursuant to the Company’s bylaws. 
 (e) The Company shall at all times provide each Amazon Director (in his or her capacity as a
member of the Board) with the same rights to indemnification and exculpation that it provides to the other members of the Board. The Company acknowledges and agrees that any such obligations to indemnify or advance expenses to each Amazon Director,
in his or her capacity as such, for the matters covered by such obligations, shall be the primary source of indemnification and advancement of such Amazon Director in connection therewith, and any obligation on the part of any Amazon Indemnitor
under any Amazon Indemnification Agreement to indemnify or advance expenses to such Amazon Director shall be secondary to the Company’s obligation and 

  
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shall be reduced by any amount that such Amazon Director may collect as indemnification or advancement from the Company. In the event that the Company fails to indemnify or advance expenses to
such Amazon Director as required by such indemnification obligations and this Agreement (such unpaid amounts, the “Unpaid Indemnitee Amounts”), and any Amazon Indemnitor makes any payment to such Amazon Director in respect of
indemnification or advancement of expenses under any Amazon Indemnification Agreement on account of such Unpaid Indemnitee Amounts, such Amazon Indemnitor shall be subrogated to the rights of such Amazon Director under this Agreement in respect of
such Unpaid Indemnitee Amounts. 
 1.2 Objection to Amazon Designee. Notwithstanding the provisions of this Article I, Amazon
shall not be entitled to designate a particular Amazon Designee (or, for the avoidance of doubt, any particular Amazon Director) to the Board pursuant to this Article I in the event that the Board reasonably determines that
(i) the appointment or election of such Amazon Designee to the Board would cause the Company to not be in compliance with Applicable Law; provided that, absent legally binding action by any Governmental Authority, such a
determination will not be made solely because Amazon has designated or appointed an individual other than such Amazon Designee to be a director or board observer of a competitor of the Company, (ii) such Amazon Designee would be required
to disclose any of the events enumerated in Item 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Securities Act or is subject to any
order, decree or judgment of any Governmental Authority prohibiting service as a director of any public company, (iii) such Amazon Designee is a director, board observer, officer, employee, equityholder or other Affiliate of a competitor
of the Company, or (iv) such Amazon Designee is not reasonably acceptable to the independent members of the Board. Until the occurrence of the Amazon Investor Rights Termination Event, the Company shall deliver annually to Amazon a list
of its competitors for purposes of clause (iii) of the preceding sentence which, in no event, shall include Amazon. Amazon and the Company shall cooperate in good faith to agree upon an appropriate list of competitors in the event of any
disagreement over such list. In any such case described in clauses (i) through (iv) of the first sentence of this Section 1.2, Amazon shall withdraw the designation of such proposed Amazon Designee and, so long as no Amazon
Investor Rights Termination Event has occurred, be permitted to designate a replacement therefor (which replacement Amazon Designee shall also be subject to the requirements of this Section 1.2). 

1.3 No Adverse Action; Voting Agreement. 

(a) From the date hereof until the occurrence of the Amazon Investor Rights Termination Event, without the prior consent of Amazon, except as
required by Applicable Law, neither the Company nor the Board shall (i) increase the size of the Board such that the number of directors on the Board is greater than eleven (11) (the “Maximum Board Size”) or
(ii) take any action to cause the amendment of its charter, bylaws or other organizational documents such that Amazon’s rights under this Article I would not be given effect. 

  
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 (b) Amazon shall be entitled to vote the shares of Common Stock owned by it or any of its
Permitted Transferees or over which it or any of its Permitted Transferees has voting control, up to 14.9% of the Company’s outstanding shares of Common Stock (the “Voting Threshold”), in its sole and absolute discretion.
During any time in which the Standstill Period is in effect, Amazon shall cause the shares of Common Stock owned by it or any of its Permitted Transferees or over which it or any of its Permitted Transferees has voting control in excess of the
Voting Threshold to be voted (including, if applicable, through the execution of one or more written consents if stockholders of the Company are requested to vote through the execution of an action by written consent in lieu of any such annual or
special meeting of stockholders of the Company): (x) in favor of all those persons nominated to serve as directors of the Company by the Board or its Nominating and Governance Committee and (y) with respect to any other
action, proposal or other matter to be voted upon by the stockholders of the Company, in accordance with the recommendation of the Board. 

(c) For so long as it is subject to the voting requirements of Section 1.3(b), Amazon hereby appoints the Chairman of the Board
and any designee thereof, and each of them individually, its proxy and attorney-in-fact, with full power of substitution and resubstitution, to vote or act by written consent during the term of this Agreement with respect to shares of Company Common
Stock in excess of the Voting Threshold that are owned by Amazon or any of its Permitted Transferees or over which Amazon or any of its Permitted Transferees has voting control to be voted in accordance with Section 1.3(b). This proxy
and power of attorney is given to secure the performance of the duties of Amazon under this Agreement. Amazon shall take such further action or execute such other instruments as may be necessary to effectuate the intent of this proxy; this proxy and
power of attorney granted by Amazon shall be irrevocable during the term of this Agreement (but subject to Section 1.3(b)), shall be deemed to be coupled with an interest sufficient under Applicable Law to support an irrevocable proxy
and shall revoke any and all prior proxies granted by Amazon with respect to shares of Company Common Stock. The power of attorney granted by Amazon herein is a durable power of attorney and shall survive the dissolution or bankruptcy of Amazon.

 1.4 Board Observer . During the period from the date of this Agreement until the Amazon Investor Rights Initiation Event, Amazon
shall have the right to designate one individual (the “Amazon Observer”) to attend all meetings of the Board in a non-voting, observer capacity. The Amazon Observer shall be subject to the same criteria for acceptability as that of
the Amazon Designee set forth in Section 1.2. The Company shall provide to the Amazon Observer notice of such meetings and, subject to Section 1.6, a copy of all materials provided to the members of the Board in their
capacity as such, and shall provide the Amazon Observer with the same rights to expense 

  
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reimbursement that it provides to independent members of the Board. During the Amazon Investor Rights Period, Amazon shall be entitled to designate an Amazon Observer to the Board in lieu of the
Amazon Director. 
 1.5 Termination of Board Designation Rights. Promptly upon the occurrence of the Amazon Investor Rights
Termination Event, all obligations of the Company with respect to, and all rights of, Amazon and the Amazon Director, Amazon Designee or Amazon Observer pursuant to this Article I (other than rights to indemnification, advancement and
reimbursement of expenses and subrogation) shall terminate and, unless otherwise consented to by a majority of the members of the Board (in each case, excluding the Amazon Director, if any), Amazon shall cause the Amazon Director to immediately
resign from the Board and the Amazon Observer to cease attending meetings of the Board. 
 1.6 Information Rights. 

(a) For the avoidance of doubt, subject to Applicable Law, prior to the Amazon Investor Rights Termination Event, the Company and its
Subsidiaries shall prepare and provide, or cause to be prepared and provided, to the Amazon Director (in his or her capacity as such) or the Amazon Observer, if applicable, any materials or other information generally prepared for or given to other
members of the Board (excluding any such materials or other information prepared for and given solely to the Chief Executive Officer or the Chairman and no other member of the Board), as and when prepared for or given to any such other members, or
any other materials or other information relating to the management, operations and finances of the Company and its Subsidiaries as and when generally provided to directors of the Company or as and when reasonably requested by the Amazon Director
(in his or her capacity as such) or the Amazon Observer (in his or her capacity as such), as applicable; provided, however, that the Amazon Director or the Amazon Observer shall not be entitled to attend and otherwise participate in,
and shall, to the extent applicable, waive notice of and recuse themselves from, such meetings or portions thereof, and shall not be entitled to receive any information, in each case (i) to the extent relating to Amazon, this Agreement,
any other Transaction Documents or the transactions contemplated hereby or thereby, (ii) to the extent such information involves company pricing data or competitively sensitive information, in each case, about specific Company customers,
(iii) if providing such information would violate Department of Defense regulations, (iv) if the Company believes that providing such information would violate Applicable Law (in which case the Company shall notify Amazon of
such belief and the Company and Amazon shall consult and cooperate in good faith in determining whether the Company is legally prohibited from providing such information to the Amazon Director or the Amazon Observer, as applicable) or
(v) with respect to information to be provided to the Amazon Observer, where the Company determines based upon advice from outside counsel that providing such information (A) would reasonably be expected to jeopardize an
attorney-

  
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client privilege or cause a loss of attorney work product protection or (B) would violate a contractual confidentiality obligation to any third party; provided, that, with
respect to clauses (ii) through (v), the Company uses reasonable best efforts and cooperates in good faith with the Amazon Director or Amazon Observer, if applicable, to develop and implement reasonable alternative arrangements to provide the
Amazon Director or the Amazon Observer, if applicable, with the intended benefits of this Section 1.6. The Amazon Director and the Amazon Observer, if applicable, shall be bound by and subject to the same confidentiality obligations as
each other director of the Company; provided, however, that the Amazon Director or the Amazon Observer may share such materials or other information with Amazon, subject to the provisions of Section 1.6(d). During the term
of this Agreement, the Company shall provide to Amazon within ten (10) Business Days after the end of each fiscal quarter a capitalization table of the Company setting forth the number of outstanding shares at the end of such fiscal quarter
calculated on a fully diluted basis without regard to exercise or conversion prices of derivative securities. If the Company is at any time not subject to Section 13(a) or 15(d) under the Exchange Act other than during the Amazon Investor
Rights Period, it shall furnish Amazon with the information set forth on Schedule 1.6(a) hereto. 
 (b) During the Amazon
Investor Rights Period: 
 (i) The Company and its Subsidiaries shall prepare and provide, or cause to be prepared and
provided, to Amazon: 
 (A) within the time periods applicable to the Company under Section 13(a) or 15(d) of the
Exchange Act, all quarterly and annual financial statements required to be contained in a filing with the Commission on Forms 10-Q and 10-K; and 

(B) if the Company is at any time not subject to Section 13(a) or 15(d) under the Exchange Act, the information set forth
on Schedule 1.6(b)(i)(B) hereto. 
 (ii) The Company shall consider and respond in good faith to reasonable
requests for information, to the extent already existing or that can be prepared without excessive cost or management time, regarding the Company and its Subsidiaries from Amazon (to the extent such requests are made in its capacity as a stockholder
of the Company), it being understood that the Company shall have discretion as to (1) whether or not to provide, in whole or in part, any such requested information and (2) whether or not to impose restrictions on Amazon with
respect to the types or categories of Representatives or other Persons to whom such information may be disclosed (including, for example, requiring that any such information be disclosed only to corporate staff of Amazon, and not to employees with
operational responsibility), in each case in light of the nature of the request and the facts and circumstances at the time. Without limiting the 

  
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generality of the foregoing, the Company and its Subsidiaries shall not be required to provide any such information if (i) the Company determines that such information is
competitively sensitive, (ii) the Company determines in good faith that providing such information would adversely affect the Company (taking into account the nature of the request and the facts and circumstances at such time) or
(iii) providing such information (A) would reasonably be expected to jeopardize an attorney-client privilege or cause a loss of attorney work product protection, (B) would violate a confidentiality obligation to
any Person or (C) would violate any Applicable Law; provided, that, with respect to clauses (i)-(iii), the Company uses reasonable efforts, and cooperates in good faith with Amazon, to develop and implement reasonable
alternative arrangements to provide Amazon (and its Representatives) with the intended benefits of this Section 1.6. 
 (c) In
furtherance and not in limitation of the foregoing, during the Amazon Investor Rights Period, the Company shall, and shall cause its Subsidiaries to, use reasonable best efforts to prepare and provide, or to cause to be prepared and provided,
including, if requested and reasonably available, in electronic data format, to Amazon, or to assist Amazon with preparing (at the expense of Amazon), in a reasonably timely fashion upon reasonable prior request by Amazon, any
(i) financial information (including those described in clauses (A)-(B) of Section 1.6(b)(i)) or other data relating to the Company and its Subsidiaries and (ii) any other relevant information or data,
in each case to the extent necessary, as reasonably determined in good faith by Amazon for Amazon to (x) comply with GAAP or to comply with its reporting, filing, tax, accounting or other obligations under Applicable Law or
(y) apply the equity method of accounting, in the event Amazon is required to account for its investment in the Company under the equity method of accounting under GAAP. The Company shall use reasonable best efforts to cause its and its
Subsidiaries’ representatives to cooperate in good faith with Amazon in connection with the foregoing; provided, however, that notwithstanding anything in this Agreement to the contrary, in no event shall Amazon or its Affiliates
disclose (including by reflecting such information on their financial statements) any financial information or other financial data provided to Amazon pursuant to this Section 1.6 prior to the Company’s first publicly disclosing
such information in its ordinary course of business, other than pursuant to the terms of Section 1.6(d)(i) or Section 1.6(d)(iv) (solely to the extent required by subpoena, order or other compulsory legal process). Amazon
shall promptly, upon request by the Company, reimburse the Company for all reasonable out of pocket costs and expenses incurred by the Company or any of its Subsidiaries in connection with any actions taken by the Company or any of its Subsidiaries
pursuant to this Section 1.6(c). 
 (d) In furtherance of and not in limitation of any other similar agreement Amazon or any of
its Representatives may have with the Company or its Subsidiaries, Amazon hereby agrees that all Confidential Information with respect to the Company shall be kept confidential by it and shall not be disclosed (including by reflecting such
information on its financial statements) by it in any manner whatsoever, except as permitted by this Section 1.6(d). Any Confidential Information may be disclosed: 

  
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 (i) by Amazon (x) to any of its Subsidiaries or (y) to
its or its Subsidiaries’ respective directors, managers, officers, employees and authorized representatives (including attorneys, accountants, consultants, bankers and financial advisors thereof) (each of the Persons described in
clauses (x) and (y), collectively, for purposes of this Section 1.6 and the definition of Confidential Information, “Representatives” of Amazon), in each case, solely if and to the extent any such Person needs to be
provided such Confidential Information to assist Amazon or its Subsidiaries in evaluating or reviewing its existing or prospective direct or indirect investment in the Company, including in connection with the disposition thereof. Each
Representative shall be deemed to be bound by the provisions of this Section 1.6(d) and Amazon shall be responsible for any breach of this Section 1.6(d) (or such other agreement or obligation, as applicable) by any of its
Representatives; 
 (ii) by Amazon or any of its Representatives to the extent the Company consents in writing; 

(iii) by Amazon or any of its Representatives to a potential Transferee (so long as such Transfer is permitted hereunder and
such potential Transferee is not on the list of competitors of the Company described in Section 1.2); provided, that such Transferee agrees to be bound by the provisions of this Section 1.6(d) (or a confidentiality
agreement having restrictions substantially similar to this Section 1.6(d)) and Amazon shall be responsible for any breach of this Section 1.6(d) (or such confidentiality agreement) by any such Transferee; or 

(iv) by Amazon or any of its Representatives, after notice to the Company (to the extent practicable and permitted by
Applicable Law), to the extent that Amazon or such Representative has been advised by its outside counsel that such disclosure is required to be made by it under Applicable Law or by a Governmental Authority; provided, that prior to making
such disclosure, such Person uses reasonable best efforts to preserve the confidentiality of the Confidential Information to the extent permitted by Applicable Law, including, to the extent practicable and permitted by Applicable Law, consulting
with the Company regarding such disclosure and, if reasonably requested by the Company, assisting the Company, at the Company’s expense, in seeking a protective order to prevent the requested disclosure; provided, further, that
Amazon or such Representative, as the case may be, uses reasonable best efforts to disclose only that portion of the Confidential Information as is requested by the applicable Governmental Authority or as is, based on the advice of its outside
counsel, legally required or compelled; and provided, further, that the parties hereto expressly agree that notwithstanding anything in the Confidentiality Agreement or 

  
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any other confidentiality agreement between or among the Company, Amazon or its Subsidiaries or Representatives, to the contrary, any Confidential Information that is permitted to be disclosed or
used in any manner pursuant to this Agreement can be so disclosed or used. 
 1.7 Tax Reporting Requirements. The Company shall
comply with all reporting requirements under Sections 6038, 6038B, and 6046 of the U.S. Internal Revenue Code of 1986 (or any successor thereto) in connection with and to the extent applicable to the transactions contemplated by the Transaction
Documents. To the extent that Amazon is subject to the same reporting requirements, the Company shall, insofar as permitted by Applicable Law, file on Amazon’s behalf. The Company also shall provide Amazon with any filings related to the
transactions contemplated by the Transaction Documents under such sections for Amazon’s review two months prior to the due date for filing (including extensions). To the extent that the Company does not have a filing requirement under such
sections, the Company shall, upon a request from Amazon, provide such information to Amazon as may be necessary to fulfill Amazon’s obligations thereunder in connection with the transactions contemplated by the Transaction Documents. 

ARTICLE II 
 Transfers;
Standstill Provisions 
 2.1 Transfer Restrictions. 

(a) Other than solely in the case of a Permitted Transfer of the type described in Sections 2.1(b)(i), Section 2.1(b)(ii)
or Section 2.1(b)(iii), Amazon shall not Transfer: 
 (i) the Warrants at any time; 

(ii) any Warrant Shares to any Person that, as of the time of entry into the agreement governing the Transfer is, to
Amazon’s actual knowledge (with no obligation of inquiry, other than to review the Section 13(d) and Section 13(g) filings made with respect to the Company Common Stock), the Beneficial Owner of more than 5% of the Company Common
Stock; provided that this Section 2.1(a)(ii) shall not apply to any open market sale of Company Common Stock through a brokerage transaction or any sale of Company Common Stock pursuant to a bona fide Underwritten Offering;
provided, further, that the Company may instruct the underwriter(s) of any such Underwritten Offering to exclude any Person that has filed a Schedule 13D or Schedule 13G with respect to the Company Common Stock; or 

(iii) Warrant Shares representing more than 10% of the outstanding Company Common Stock in any single transaction;
provided that this 

  
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Section 2.1(a)(iii) shall not apply to any open market sale of Company Common Stock through a brokerage transaction or any sale of Company Common Stock pursuant to a bona fide
Underwritten Offering. 
 (b) “Permitted Transfers” means, in each case so long as such Transfer is in accordance with
Applicable Law (including with respect to U.S. citizenship of air carriers) and the provisions of the Company’s certificate of incorporation and bylaws that are in effect as of the date hereof or are modified to comply with Applicable Law: 

(i) a Transfer of the Warrants or Warrant Shares to a wholly owned Subsidiary of Amazon, so long as such Transferee, to the
extent it has not already done so, executes a customary joinder to this Agreement, in form and substance reasonably acceptable to the Company, in which such Transferee agrees to be subject to all covenants and agreements of Amazon under this
Agreement and makes all the representations and warranties set forth in Section 3.1(b) (although the representation and warranty in the first sentence thereof shall be made with respect to the applicable jurisdiction of incorporation and
to the extent the concept is applicable in that jurisdiction) through (e) (a “Permitted Transferee”); 

(ii) a Transfer of Warrant Shares in connection with an Acquisition Transaction approved by the Board (including if the Board
(A) recommends that its stockholders tender in response to a tender or exchange offer that, if consummated, would constitute an Acquisition Transaction, or (B) does not recommend that its stockholders reject any such tender
or exchange offer within the ten (10) Business Day period specified in Rule 14e-2(a) under the Exchange Act); 

(iii) a Transfer of Warrant Shares that constitutes a tender into a tender or exchange offer commenced by the Company or any
of its Affiliates; 
 (iv) a Transfer of Warrant Shares if required by, or reasonably necessary in order for, Amazon to
obtain Governmental Approval for any acquisition of any entity or business (whether direct or indirect, including by way of merger, share exchange, share purchase, consolidation or any similar transaction); or 

(v) a Transfer of Warrant Shares to the extent required under Applicable Law. 

(c) Any Transfer or attempted Transfer of the Warrants or shares of Common Stock in violation of this Section 2.1 shall, to the
fullest extent permitted by law, be null and void ab initio, and the Company shall not, and shall instruct its transfer agent and other third parties not to, record or recognize any such purported transaction on the share register or other
books and records of the Company. 

  
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 2.2 Standstill Provisions. 

(a) Amazon agrees that from the date of this Agreement until the later of (x) the expiration or termination of the ATSA, and
(y) an Amazon Investor Rights Termination Event (such period, the “Standstill Period”), without the prior written approval of the Board, Amazon shall not, directly or indirectly, and shall cause its Subsidiaries not to:

 (i) acquire, agree to acquire, propose or offer to acquire, by purchase or otherwise, Equity Securities or Derivative
Instruments of the Company, other than: 
 (A) Warrant Shares acquired by Amazon in accordance with the Investment
Agreement; 
 (B) as a result of any stock split, stock dividend or distribution, other subdivision, reorganization,
reclassification or similar capital transaction involving Equity Securities of the Company; or 
 (C) pursuant to and in
accordance with Section 2.1(b)(i) and Section 2.1(b)(ii); 
 (ii) make, or in any way participate or
engage in, any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Commission) (whether or not relating to the election or removal of directors) to vote any Voting Securities, or disclose how Amazon
intends to vote its Warrant Shares on any contested election of directors or any contested proposal relating to an Acquisition Proposal; 

(iii) call, or seek to call, a meeting of the stockholders of the Company or initiate any stockholder proposal for action by
stockholders of the Company; 
 (iv) nominate or seek to nominate, directly or indirectly, any person to the Board (except
pursuant to Article I); 
 (v) deposit any Voting Securities in a voting trust or similar contract or agreement or
subject any Voting Securities to any voting agreement, pooling arrangement or similar arrangement, or grant any proxy with respect to any Voting Securities (in each case, other than (A) pursuant to Section 1.3(b) and
Section 1.3(c), or (B) otherwise to the Company or a Person specified by the Company in a proxy card (paper or electronic) provided to stockholders of the Company by or on behalf of the Company); 

  
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 (vi) make any public announcement with respect to, enter, agree to enter, propose
or offer to enter into any merger, business combination, recapitalization, restructuring, change in control transaction or other similar extraordinary transaction involving the Company or any of its Subsidiaries, or purchase of a material portion of
the assets, properties or Equity Securities of the Company, other than acquisitions of Equity Securities as follows: 
 (A)
Warrant Shares acquired by Amazon in accordance with the Investment Agreement; 
 (B) as a result of any stock split, stock
dividend or distribution, other subdivision, reorganization, reclassification or similar capital transaction involving Equity Securities of the Company; or 

(C) pursuant to and in accordance with Section 2.1(b)(i) and Section 2.1(b)(ii); 

(vii) otherwise act, alone or in concert with others, to seek to control or influence the management or the policies of the
Company (for the avoidance of doubt, excluding (A) any such act to the extent in its capacity as a commercial counterparty, customer, supplier, industry participant or the like and (B) any such act by the Amazon Director or
the Amazon Observer, in their capacity as such, pursuant to the rights granted to such Person under Article I); 

(viii) take any action that would reasonably be expected to require the Company to make a public announcement regarding any of
the events described above; 
 (ix) advise or knowingly assist or knowingly encourage or enter into any discussions,
negotiations, agreements or arrangements with any other Persons in connection with the foregoing; 
 (x) form, join or in
any way participate in a Group (other than with its Subsidiary that is bound by the restrictions of this Section 2.2(a) or a Group that consists solely of Amazon and/or any of its Affiliates), with respect to any Voting Securities
or otherwise in connection with any of the foregoing; or 
 (xi) publicly disclose any intention, plan or proposal with
respect to any of the foregoing. 
 In addition, Amazon shall not, directly or indirectly, and shall not permit any of its Subsidiaries, directly or
indirectly, to, contest the validity of this Section 2.2 or, subject to Section 2.2(b), seek a waiver, amendment or release of any provisions of this Section 2.2 (including this sentence) (whether by legal action
or otherwise). 

  
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 (b) Notwithstanding anything to the contrary contained herein or in any of the other Transaction
Documents, including Section 2.2(a) hereof, Amazon shall not be prohibited or restricted from making and submitting: 

(i) to the Company and/or the Board, any Acquisition Proposal that is intended by Amazon to be made and submitted on a
non-publicly disclosed or announced basis, or any confidential request for the Company and/or the Board to waive, amend or provide a release of any provision of this Section 2.2 (whether or not in connection with such Acquisition
Proposal); and 
 (ii) to the Company, the Board, and/or the Company’s stockholders, following any Acquisition Proposal
received (or entered into) by the Company, the Board or the Company’s stockholders by any Person or Group other than Amazon or any of its Subsidiaries that is, was or becomes, publicly disclosed or announced (including as a result of being
approved by the Board or otherwise the subject of any agreement, contract or understanding with the Company) (the “Original Public Acquisition Proposal”), a Qualifying Public Acquisition Proposal (which such Qualifying Public
Acquisition Proposal may, for the avoidance of doubt, include requests for the Company and/or the Board to waive, amend or provide a release of any provision of this Section 2.2), or from taking any other action, whether or not otherwise
restricted by Section 2.2(a), in connection with evaluating, making, submitting, negotiating, effectuating or implementing any such Qualifying Public Acquisition Proposal (or any amendment, supplement or modification thereto)
provided that, in the case of this sub-clause (ii), the right of Amazon to evaluate, make, submit, negotiate, effectuate or implement a Qualifying Public Acquisition Proposal on a publicly disclosed and announced basis shall terminate with
respect to the Original Public Acquisition Proposal if such Original Public Acquisition Proposal is publicly withdrawn (or terminated) (for the avoidance of doubt, an amendment, supplement or modification to, or replacement Acquisition Proposal in
respect of, such Original Public Acquisition Proposal, shall not be deemed to be a withdrawal (or termination)) before Amazon initially publicly discloses or announces such Qualifying Public Acquisition Proposal; provided, further,
that the immediately preceding proviso shall not prohibit or restrict Amazon from continuing, amending, supplementing or modifying, publicly or otherwise, any such Qualifying Public Acquisition Proposal that was initially publicly disclosed or
announced prior to the public withdrawal (or termination) of the Original Public Acquisition Proposal, or limit in any respect the rights of Amazon with respect to any subsequent Original Public Acquisition Proposal (whether or not made by the same
Person or Group, and whether or not related in any manner to any previously withdrawn (or terminated) Original Public Acquisition Proposal). 

  
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 (c) Notwithstanding the foregoing, the provisions of this Section 2.2 shall not, and
are not intended to, restrict the manner in which any Amazon Director may (i) vote on any matter submitted to the Board, (ii) participate in deliberations or discussions of the Board (including making suggestions or raising
issues to the Board) in his or her capacity as a member of the Board, or (iii) take actions required by his or her exercise of legal duties and obligations as a member of the Board or refrain from taking any action prohibited by his or
her legal duties and obligations as a member of the Board. For purposes of clarity, subject to Section 1.6, any Amazon Director may participate fully in discussions, deliberations, negotiations or determinations, or other actions or
matters with respect to which any other members of the Board participate, regarding any Acquisition Proposal or any Acquisition Transaction; provided, that (x) such Acquisition Proposal or Acquisition Transaction is not made or
submitted by Amazon and (y) Amazon has committed to the Company in writing not to make (directly or through its Subsidiaries) a Qualifying Public Acquisition Proposal with respect to such Acquisition Proposal or Acquisition Transaction.

 (d) Notwithstanding anything to the contrary herein, the provisions of this Section 2.2 shall become void and of no further
force and effect upon the Company’s publicly announcing the commencement of a process, or its intention to commence a process, to evaluate strategic alternatives for the Company. 

2.3 Outside Activities. 

(a) Subject to the provisions of Section 1.6 of this Agreement, each of Amazon, any of its Affiliates, the Amazon Director and the
Amazon Observer may engage in or possess any interest in other investments, business ventures or Persons of any nature or description, independently or with others, similar or dissimilar to, or that competes with, the investments or business of the
Company, and may provide advice and other assistance to any such investment, business venture or Person. The Company shall have no rights by virtue of this Agreement in and to such investments, business ventures or Persons or the income or profits
derived therefrom. 
 (b) The pursuit of any such investment or venture, including any investment or venture relating to any air freight,
air charter or air transportation services, even if competitive with the business of the Company, shall not be deemed wrongful or improper and shall not constitute a conflict of interest or breach of fiduciary or other duty in respect of the
Company, its Subsidiaries or Amazon. None of Amazon, any of its Affiliates, the Amazon Director and the Amazon Observer shall be obligated to present any particular investment or business opportunity to the Company, including any opportunity
relating to any air freight, air charter or air transportation services, even if such opportunity is of a character that, if presented to the Company, could be pursued by the Company, and each of Amazon, any of its Affiliates, the Amazon Director
and the Amazon Observer shall have the right to pursue for its own account (individually or as a partner or a fiduciary) or to recommend to any other Person any such investment opportunity. 

  
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 ARTICLE III 

Representations and Warranties 

3.1 Representations and Warranties of Amazon. Amazon hereby represents and warrants to the Company as follows as of the date hereof:

 (a) Amazon does not Beneficially Own any shares of Company Common Stock or any Derivative Instruments of the Company.

 (b) Amazon has been duly incorporated, is validly existing and is in good standing under the laws of the State of
Delaware. Amazon has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement. 

(c) The execution and delivery by Amazon of this Agreement and the performance by it of its obligations under this Agreement
do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under (x) Applicable Law or (y) the
organizational documents of Amazon. 
 (d) The execution and delivery by Amazon of this Agreement and the performance by it
of its obligations under this Agreement have been duly authorized by all necessary corporate action on the part of it. This Agreement has been duly executed and delivered by Amazon and, assuming the due authorization, execution and delivery by the
Company, constitutes a legal, valid and binding obligation of Amazon, enforceable against it in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights and
to general principles of equity. 
 (e) Amazon: (i) is acquiring the Warrants and the Warrant Shares, as
applicable, for its own account, solely for investment and not with a view toward, or for sale in connection with, any distribution thereof in violation of any foreign, federal, state or local securities or “blue sky” laws, or with any
present intention of distributing or selling such Warrants or Warrant Shares, as applicable, in violation of any such laws, (ii) has such knowledge and experience in financial and business matters and in investments of this type that it
is capable of evaluating the merits and risks of its investment in the Warrants and the Warrant Shares, as applicable, and of making an informed investment decision and (iii) is an “accredited investor” within the meaning of
Rule 501 of Regulation D under the Securities Act. Amazon understands that the Company is relying on the statements contained herein to establish an exemption from registration under the Securities Act and under foreign, federal, state and
local securities laws and acknowledges that the Warrants and the Warrant Shares are not registered under 

  
 15 

 
the Securities Act or any other Applicable Law and that such Warrants and Warrant Shares may not be Transferred except pursuant to the registration provisions of the Securities Act (and in
compliance with any other Applicable Law) or pursuant to an applicable exemption therefrom. 
 3.2 Representations and Warranties of the
Company. The Company hereby represents and warrants to Amazon as of the date hereof as follows: 
 (a) The Company has
been duly incorporated, is validly existing and is in good standing under the laws of the State of Delaware. The Company has all requisite power and authority to execute and deliver this Agreement and to perform its obligations under this Agreement.

 (b) The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company
under this Agreement do not and will not conflict with or violate any provision of, or require the consent or approval of any Person (except for any such consents or approvals which have been obtained) under, (x) Applicable Law,
(y) the organizational documents of the Company (following any actions taken pursuant to Section 1.1(a) or Section 1.1(b)) or (z) any contract or agreement to which the Company is a party. 

(c) The execution and delivery by the Company of this Agreement and the performance of the obligations of the Company under
this Agreement have been duly authorized by all necessary corporate action on the part of the Company. This Agreement has been duly executed and delivered by the Company and, assuming the due authorization, execution and delivery by Amazon,
constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to bankruptcy, insolvency and other laws of general applicability relating to or affecting creditors’ rights
and to general principles of equity. 
 ARTICLE IV 

Registration 
 4.1
Demand Registrations. 
 (a) Subject to the terms and conditions hereof, (x) solely during any period that the Company is
then ineligible under Applicable Law to register Registrable Securities on Form S-3, or if the Company is so eligible but has failed to comply with its obligations under Section 4.3 or
(y) following the expiration of the Company’s obligation to keep the Shelf Registration Statement continuously effective pursuant to Section 4.3(c), but only if there is no Shelf Registration Statement then in effect,
any Demand Shareholders (“Requesting Shareholders”) shall be entitled to make an unlimited 

  
 16 

 
number of written requests of the Company (each, a “Demand”) for registration under the Securities Act of an amount of Registrable Securities then held by such Requesting
Shareholders that equals or is greater than the Registrable Amount (a “Demand Registration” and such registration statement, a “Demand Registration Statement”). Thereupon, the Company shall, subject to the terms of
this Agreement, use its reasonable best efforts to effect the registration as promptly as practicable (including reasonable best efforts to effect the registration no less than 30 days after receipt of the Demand) under the Securities Act of: 

(i) the Registrable Securities which the Company has been so requested to register by the Requesting Shareholders for
disposition in accordance with the intended method of disposition stated in such Demand; 
 (ii) all other Registrable
Securities which the Company has been requested to register pursuant to Section 4.1(b), but subject to Section 4.1(g); and 

(iii) all shares of Company Common Stock which the Company may elect to register in connection with any offering of
Registrable Securities pursuant to this Section 4.1, but subject to Section 4.1(g); 
 all to the extent necessary to permit the
disposition (in accordance with the intended methods thereof) of the Registrable Securities and the additional shares of Company Common Stock, if any, to be so registered. 

(b) A Demand shall specify: (i) the aggregate number of Registrable Securities requested to be registered in such Demand
Registration, (ii) the intended method of disposition in connection with such Demand Registration, to the extent then known, and (iii) the identity of the Requesting Shareholder(s). Within five (5) days after receipt of
a Demand, the Company shall give written notice of such Demand to all other holders of Registrable Securities. The Company shall include in the Demand Registration covered by such Demand all Registrable Securities with respect to which the Company
has received a written request for inclusion therein within five (5) days after the Company’s notice required by this paragraph has been given, subject to Section 4.1(g). Each such written request shall comply with the
requirements of a Demand as set forth in this Section 4.1(b). 
 (c) A Demand Registration shall not be deemed to have been
effected (i) unless the Demand Registration Statement with respect thereto has become effective and has remained effective for a period of at least one hundred twenty (120) days or such shorter period in which all Registrable
Securities included in such Demand Registration have actually been sold or otherwise disposed of thereunder (provided, that such period shall be extended for a period of time equal to the period the holders of Registrable Securities refrain
from selling any securities included in such registration statement at the request of the Company or the lead managing underwriter(s) pursuant to the provisions of 

  
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this Agreement) or (ii) if, after it has become effective, such Demand Registration becomes subject, prior to one hundred twenty (120) days after effectiveness, to any stop
order, injunction or other order or requirement of the Commission or other Governmental Authority, other than by reason of any act or omission by the applicable Selling Shareholders. 

(d) Demand Registrations shall be on such appropriate registration form of the Commission as shall be selected by the Company and reasonably
acceptable to the Requesting Shareholders. 
 (e) The Company shall not be obligated to (i) subject to
Section 4.1(c), maintain the effectiveness of a registration statement under the Securities Act filed pursuant to a Demand Registration for a period longer than one hundred eighty (180) days or (ii) effect any Demand
Registration (A) within ninety (90) days of a “firm commitment” Underwritten Offering in which all Demand Shareholders were offered “piggyback” rights pursuant to Section 4.2 (subject to
Section 4.2(b)) and at least fifty percent (50%) of the number of Registrable Securities requested by such Demand Shareholders to be included in such Demand Registration were included, (B) within ninety (90) days of
the completion of any other Demand Registration (including, for the avoidance of doubt, any Underwritten Offering pursuant to any Shelf Registration Statement) or (C) if, in the Company’s reasonable judgment, it is not feasible for
the Company to proceed with the Demand Registration because of the unavailability of audited or other required financial statements of the Company or any other Person; provided, that the Company shall use its reasonable best efforts to obtain
such financial statements as promptly as practicable. 
 (f) The Company shall be entitled to (i) postpone (upon written notice
to the Demand Shareholders) the filing or the effectiveness of a registration statement for any Demand Registration, (ii) cause any Demand Registration Statement to be withdrawn and its effectiveness terminated and
(iii) suspend the use of the prospectus forming the part of any registration statement, in each case in the event of a Blackout Period until the expiration of the applicable Blackout Period. In the event of a Blackout Period under
clause (ii) of the definition thereof, the Company shall deliver to the Demand Shareholders requesting registration a certificate signed by either the chief executive officer or the chief financial officer of the Company certifying that, in the
good faith judgment of the Company, the conditions described in clause (ii) of the definition of Blackout Period are met. Such certificate shall contain an approximation of the anticipated delay. Upon notice by the Company to the Demand
Shareholders of any such determination, each Demand Shareholder covenants that, subject to Applicable Law, it shall keep the fact of any such notice strictly confidential, and, in the case of a Blackout Period pursuant to clause (ii)(y) of the
definition of Blackout Period, promptly halt any offer, sale, trading or other Transfer by it or any of its Affiliates of any Registrable Securities for the duration of the Blackout Period set forth in such notice (or until such

  
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Blackout Period shall be earlier terminated in writing by the Company) and promptly halt any use, publication, dissemination or distribution of the Demand Registration Statement, each prospectus
included therein, and any amendment or supplement thereto by it and any of its Affiliates for the duration of the Blackout Period set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and, if
so directed in writing by the Company, will deliver to the Company any copies then in the Demand Shareholder’s possession of the prospectus covering such Registrable Securities that was in effect at the time of receipt of such notice. 

(g) If, in connection with a Demand Registration that involves an Underwritten Offering, the lead managing underwriter(s) advise(s) the
Company that, in its (their) good faith opinion, the inclusion of all of the securities sought to be registered in connection with such Demand Registration would adversely affect the success thereof, then the Company shall include in such
registration statement only such securities as the Company is advised by such lead managing underwriter(s) can be sold without such adverse effect as follows and in the following order of priority: (i) first, up to the number of
Registrable Securities requested to be included in such Demand Registration by the Demand Shareholders, which, in the good faith opinion of the lead managing underwriter(s), can be sold without adversely affecting the success thereof, pro rata among
such Demand Shareholders on the basis of the number of such Registrable Securities requested to be included by such Demand Shareholders; (ii) second, securities the Company proposes to sell; and (iii) third, all other
securities of the Company duly requested to be included in such registration statement, pro rata on the basis of the amount of such other securities requested to be included or such other allocation method determined by the Company. 

(h) Any time that a Demand Registration involves an Underwritten Offering, the Requesting Shareholder(s) shall select the investment banker(s)
and manager(s) that will serve as managing underwriters (including which such managing underwriters will serve as lead or co-lead) and underwriters with respect to the offering of such Registrable Securities; provided, that such investment
banker(s) and manager(s) shall be reasonably acceptable to the Company (such acceptance not to be unreasonably withheld, conditioned or delayed). 

4.2 Piggyback Registrations. 

(a) Subject to the terms and conditions hereof, whenever the Company proposes to register any Company Common Stock (or any other securities
that are of the same class or series as any Registrable Securities that are not shares of Company Common Stock) under the Securities Act (other than a registration by the Company (i) on
Form S-4 or any successor form thereto, (ii) on Form S-8 or any successor form thereto, (iii) on a Shelf Registration Statement or
(iv) pursuant to Section 4.1) (a “Piggyback Registration”), whether for its own account or for the account of others, the Company shall give all Demand Shareholders prompt written notice thereof (but not less
than five 

  
 19 

 
(5) Business Days prior to the filing by the Company with the Commission of any registration statement with respect thereto). Such notice (a “Piggyback Notice”) shall specify the
number of shares of Company Common Stock (or other securities, as applicable) proposed to be registered, the proposed date of filing of such registration statement with the Commission, the proposed means of distribution and the proposed managing
underwriter(s) (if any) and a good faith estimate by the Company of the proposed minimum offering price of such shares of Company Common Stock (or other securities, as applicable), in each case to the extent then known. Subject to
Section 4.2(b), the Company shall include in each such Piggyback Registration all Registrable Securities held by Demand Shareholders (a “Piggyback Seller”) with respect to which the Company has received written requests
(which written requests shall specify the number of Registrable Securities requested to be disposed of by such Piggyback Seller) for inclusion therein within five (5) days after such Piggyback Notice is received by such Piggyback Seller. 

(b) If, in connection with a Piggyback Registration that involves an Underwritten Offering, the lead managing underwriter(s) advise(s) the
Company that, in its opinion, the inclusion of all the securities sought to be included in such Piggyback Registration by (w) the Company, (x) other Persons who have sought to have shares of Company Common Stock registered in
such Piggyback Registration pursuant to rights to demand (other than pursuant to so-called “piggyback” or other incidental or participation registration rights) such registration (such Persons being “Other Demanding
Sellers”), (y) the Piggyback Sellers and (z) any other proposed sellers of shares of Company Common Stock (such Persons being “Other Proposed Sellers”), as the case may be, would adversely affect the
success thereof, then the Company shall include in the registration statement applicable to such Piggyback Registration only such securities as the Company is so advised by such lead managing underwriter(s) can be sold without such an effect, as
follows and in the following order of priority: 
 (i) if the Piggyback Registration relates to an offering for the
Company’s own account, then (A) first, such number of shares of Company Common Stock (or other securities, as applicable) to be sold by the Company as the Company, in its reasonable judgment, shall have determined,
(B) second, Registrable Securities of Piggyback Sellers, pro rata on the basis of the number of Registrable Securities proposed to be sold by such Piggyback Sellers, (C) third, shares of Company Common Stock sought to be
registered by Other Demanding Sellers, pro rata on the basis of the number of shares of Company Common Stock proposed to be sold by such Other Demanding Sellers and (D) fourth, other shares of Company Common Stock proposed to be sold by
any Other Proposed Sellers; or 
 (ii) if the Piggyback Registration relates to an offering other than for the
Company’s own account, then (A) first, such number of shares of Company 

  
 20 

 
Common Stock (or other securities, as applicable) sought to be registered by each Other Demanding Seller pro rata in proportion to the number of securities sought to be registered by all such
Other Demanding Sellers, (B) second, Registrable Securities of Piggyback Sellers, pro rata on the basis of the number of Registrable Securities proposed to be sold by such Piggyback Sellers, (C) third, shares of Company
Common Stock to be sold by the Company and (D) fourth, other shares of Company Common Stock proposed to be sold by any Other Proposed Sellers. 

(c) For clarity, in connection with any Underwritten Offering under this Section 4.2 for the Company’s account, the Company
shall not be required to include the Registrable Securities of a Piggyback Seller in the Underwritten Offering unless such Piggyback Seller accepts the terms of the underwriting as agreed upon between the Company and the lead managing
underwriter(s), which shall be selected by the Company. 
 (d) If, at any time after giving written notice of its intention to register any
shares of Company Common Stock (or other securities, as applicable) as set forth in this Section 4.2 and prior to the time the registration statement filed in connection with such Piggyback Registration is declared effective, the Company
shall determine for any reason not to register such shares of Company Common Stock (or other securities, as applicable), the Company may, at its election, give written notice of such determination to the Piggyback Sellers within five
(5) Business Days thereof and thereupon shall be relieved of its obligation to register any Registrable Securities in connection with such particular withdrawn or abandoned Piggyback Registration; provided, that, if permitted pursuant to
Section 4.1, the Demand Shareholders may continue the registration as a Demand Registration pursuant to the terms of Section 4.1. 

4.3 Shelf Registration Statement. 

(a) Subject to the terms and conditions hereof, and further subject to the availability of a registration statement on Form S-3 or any successor form thereto (“Form S-3”) to the Company, any of the Demand Shareholders may by written notice delivered to the Company
(the “Shelf Notice”) require the Company to file as soon as reasonably practicable, and to use reasonable best efforts to cause to be declared effective by the Commission as soon as reasonably practicable after such filing date, a Form S-3 providing for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act relating to the offer and sale, from time to time, of an amount of Registrable Securities
then held by such Demand Shareholders that equals or is greater than the Registrable Amount (the “Shelf Registration Statement”). To the extent the Company is a well-known seasoned issuer (as defined in Rule 405 under the
Securities Act), the Company shall file the Shelf Registration Statement in the form of an automatic shelf registration statement (as defined in Rule 405 under the Securities Act) or any successor form thereto. If registering a number of
Registrable Securities, the Company shall pay the registration fee for all Registrable Securities to be registered pursuant to an automatic shelf registration statement at the time of filing of the automatic shelf registration statement and shall
not elect to pay any portion of the registration fee on a deferred basis. 

  
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 (b) Within five (5) days after receipt of a Shelf Notice pursuant to
Section 4.3(a), the Company will deliver written notice thereof to all other holders of Registrable Securities. Each other holder of Registrable Securities may elect to participate with respect to its Registrable Securities in the Shelf
Registration Statement in accordance with the plan and method of distribution set forth, or to be set forth, in such Shelf Registration Statement by delivering to the Company a written request to so participate within five (5) days after the
Shelf Notice is received by any such holder of Registrable Securities. 
 (c) Subject to Section 4.3(d), the Company shall use
its reasonable best efforts to keep the Shelf Registration Statement continuously effective until the earlier of (i) three (3) years after the Shelf Registration Statement has been declared effective; and (ii) the date
on which all Registrable Securities covered by the Shelf Registration Statement have been sold thereunder in accordance with the plan and method of distribution disclosed in the prospectus included in the Shelf Registration Statement, or otherwise
cease to be Registrable Securities. 
 (d) Notwithstanding anything to the contrary contained in this Agreement, the Company shall be
entitled, from time to time, by providing written notice to the holders of Registrable Securities who elected to participate in the Shelf Registration Statement, to require such holders of Registrable Securities to suspend the use of the prospectus
for sales of Registrable Securities under the Shelf Registration Statement during any Blackout Period. In the event of a Blackout Period under clause (ii) of the definition thereof, the Company shall deliver to the Demand Shareholders
requesting registration a certificate signed by either the chief executive officer or the chief financial officer of the Company certifying that, in the good faith judgment of the Company, the conditions described in clause (ii) of the
definition of Blackout Period are met. Such certificate shall contain an approximation of the anticipated delay. Upon notice by the Company to the Demand Shareholders of any such determination, each Demand Shareholder covenants that it shall,
subject to Applicable Law, keep the fact of any such notice strictly confidential, and, in the case of a Blackout Period pursuant to clause (ii)(y) of the definition of Blackout Period, promptly halt any offer, sale, trading or other Transfer
by it or any of its Affiliates of any Registrable Securities for the duration of the Blackout Period set forth in such notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and promptly halt any use,
publication, dissemination or distribution of the Shelf Registration Statement, each prospectus included therein, and any amendment or supplement thereto by it and any of its Affiliates for the duration of the Blackout Period set forth in such
notice (or until such Blackout Period shall be earlier terminated in writing by the Company) and, if so directed in writing by the Company, will deliver to the Company any copies then in the Demand Shareholder’s possession of the prospectus
covering such Registrable Securities that was in effect at the time of receipt of such notice. 

  
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 (e) After the expiration of any Blackout Period and without any further request from a holder of
Registrable Securities, the Company, to the extent necessary, shall as promptly as reasonably practicable prepare a post-effective amendment or supplement to the Shelf Registration Statement or the prospectus, or any document incorporated therein by
reference, or file any other required document so that, as thereafter delivered to purchasers of the Registrable Securities included therein, the prospectus will not include an untrue statement of a material fact or omit to state any material fact
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. 
 (f) At any time
that a Shelf Registration Statement is effective, if any Demand Shareholder delivers a notice to the Company (a “Take-Down Notice”) stating that it intends to sell all of part of its Registrable Securities included by it on the
Shelf Registration Statement (a “Shelf Offering”), then the Company shall amend or supplement the Shelf Registration Statement as may be necessary in order to enable such Registrable Securities to be distributed pursuant to the
Shelf Offering (taking into account, solely in connection with a Marketed Underwritten Shelf Offering, the inclusion of Registrable Securities by any other holders pursuant to this Section 4.3). In connection with any Shelf Offering that
is an Underwritten Offering and where the plan of distribution set forth in the applicable Take-Down Notice includes a customary “road show” (including an “electronic road show”) or other substantial marketing effort by the
Company and the underwriters (a “Marketed Underwritten Shelf Offering”): 
 (i) such proposing Demand
Shareholder(s) shall also deliver the Take-Down Notice to all other Demand Shareholders included on the Shelf Registration Statement and permit each such holder to include its Registrable Securities included on the Shelf Registration Statement in
the Marketed Underwritten Shelf Offering if such holder notifies the proposing Demand Shareholder(s) and the Company within two (2) days after delivery of the Take-Down Notice to such holder; and 

(ii) if the lead managing underwriter(s) advises the Company and the proposing Demand Shareholder(s) that, in its opinion, the
inclusion of all of the securities sought to be sold in connection with such Marketed Underwritten Shelf Offering would adversely affect the success thereof, then there shall be included in such Marketed Underwritten Shelf Offering only such
securities as the proposing Demand Shareholder(s) is advised by such lead managing underwriter(s) can be sold without such adverse effect, and such number of Registrable Securities shall be allocated in the same manner as described in
Section 4.1(g). Except as otherwise expressly specified in this Section 4.3, any Marketed Underwritten Shelf Offering shall be subject to the same requirements, 

  
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limitations and other provisions of this Article IV as would be applicable to a Demand Registration (i.e., as if such Marketed Underwritten Shelf Offering were a Demand
Registration), including Section 4.1(e)(ii) and Section 4.1(g). 
 (g) Notwithstanding any other provision of this
Agreement, if the requesting Demand Shareholder wishes to engage in a block sale (including a block sale off of a Shelf Registration Statement or an effective automatic shelf registration statement, or in connection with the registration of the
Registrable Securities under an automatic shelf registration statement for purposes of effectuating a block sale), then notwithstanding the foregoing or any other provisions hereunder, no Demand Shareholder shall be entitled to receive any notice of
or have its Registrable Securities included in such block sale. 
 4.4 Withdrawal Rights. Any holder of Registrable Securities having
notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the Registrable
Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such Registrable
Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this Agreement (subject to the other terms and conditions of this Agreement). No such withdrawal shall affect
the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities sought to be
included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each Demand Shareholder seeking to register Registrable Securities notice to such effect and, within five (5) days following the
mailing of such notice, such Demand Shareholder still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities to satisfy the Registrable Amount or elect that such registration statement not
be filed or, if theretofore filed, be withdrawn. During such five (5) day period, the Company shall not file such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall
not seek, and shall use reasonable best efforts to prevent, the effectiveness thereof. 
 4.5 [Reserved]. 

4.6 Holdback Agreements. 

(a) Amazon shall enter into customary agreements restricting the sale or distribution of Equity Securities of the Company (including sales
pursuant to Rule 144 under the Securities Act) to the extent required in writing by the lead managing underwriter(s) with respect to an applicable Underwritten Offering during the period commencing on the date of the request (which shall be no
earlier than fourteen (14) days 

  
 24 

 
prior to the expected “pricing” of such Underwritten Offering) and continuing for not more than ninety (90) days after the date of the “final” prospectus (or
“final” prospectus supplement if the Underwritten Offering is made pursuant to a Shelf Registration Statement), pursuant to which such Underwritten Offering shall be made, plus an extension period, as may be proposed by the lead managing
underwriter(s) to address FINRA regulations regarding the publishing of research, or such lesser period as is required by the lead managing underwriter(s). The Company shall not include Registrable Securities of any other Demand Shareholder in such
an Underwritten Offering unless such other Demand Shareholder enters into a customary agreement restricting the sale or distribution of Equity Securities of the Company (including sales pursuant to Rule 144 under the Securities Act) if
requested by the lead managing underwriter(s). 
 (b) If any Demand Registration or Shelf Offering involves an Underwritten Offering, the
Company will not effect any sale or distribution of Company Common Stock (or securities convertible into or exchangeable or exercisable for Company Common Stock) (other than a registration statement on
Form S-4, Form S-8 or any successor forms thereto) for its own account, within sixty (60) days (plus an extension period as may be proposed by the lead
managing underwriter(s) for such Underwritten Offering to address FINRA regulations regarding the publication of research, or such shorter periods as the lead managing underwriter(s) may agree with the Company), after the date of the
“final” prospectus (or “final” prospectus supplement if the Underwritten Offering is made pursuant to a Shelf Registration Statement), pursuant to which such Underwritten Offering shall be made, except as may otherwise be agreed
between the Company and the lead managing underwriter(s) of such Underwritten Offering. 
 4.7 Registration Procedures. 

(a) If and whenever the Company is required to use reasonable best efforts to effect the registration of any Registrable Securities under the
Securities Act as provided in Section 4.1, Section 4.2 or Section 4.3, the Company shall as expeditiously as reasonably practicable: 

(i) prepare and file with the Commission a registration statement to effect such registration in accordance with the intended
method or methods of distribution of such securities and thereafter use reasonable best efforts to cause such registration statement to become and remain effective pursuant to the terms of this Article IV; provided,
however, that the Company may discontinue any registration of its securities which are not Registrable Securities at any time prior to the effective date of the registration statement relating thereto; provided, further, that
before filing such registration statement or any amendments thereto, the Company will furnish to the Demand Shareholders which are including Registrable Securities in such registration (“Selling Shareholders”), their counsel and the
lead managing underwriter(s), if any, copies of all such documents 

  
 25 

 
proposed to be filed, which documents will be subject to the review and reasonable comment of such counsel, and other documents reasonably requested by such counsel, including any comment letter
from the Commission, and, if requested by such counsel, provide such counsel reasonable opportunity to participate in the preparation of such registration statement and each prospectus included therein and such other opportunities to conduct a
reasonable investigation within the meaning of the Securities Act, including reasonable access to the Company’s books and records, officers, accountants and other advisors. The Company shall not file any such registration statement or
prospectus or any amendments or supplements thereto with respect to a Demand Registration to which the holders of a majority of Registrable Securities held by the Requesting Shareholder(s), their counsel or the lead managing underwriter(s), if any,
shall reasonably object, in writing, on a timely basis, unless, in the opinion of the Company, such filing is necessary to comply with Applicable Law; 

(ii) except in the case of a Shelf Registration Statement, prepare and file with the Commission such amendments, including
post-effective amendments, and supplements to such registration statement and the prospectus used in connection therewith as may be necessary to keep such registration statement effective pursuant to the terms of this Article IV, and
comply in all material respects with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement; 

(iii) in the case of a Shelf Registration Statement, prepare and file with the Commission such amendments, including
post-effective amendments, and supplements to such Shelf Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Shelf Registration Statement effective and to comply in all material respects with the
provision of the Securities Act with respect to the disposition of the Registrable Securities subject thereto for a period ending on the earlier of (x) thirty-six (36) months after the initial effective date of such Shelf
Registration Statement, (y) the date when all restrictive legends on the Registrable Securities have been removed or (z) the date on which all the Registrable Securities held by the Demand Shareholders cease to be Registrable
Securities; 
 (iv) if requested by the lead managing underwriter(s), if any, or the holders of a majority of the then
outstanding Registrable Securities being sold in connection with an Underwritten Offering, promptly include in a prospectus supplement or post-effective amendment such information as the lead managing underwriter(s), if any, and such holders may
reasonably request in order to permit the intended method of distribution of such securities and make all required filings of such prospectus supplement or such post-effective amendment as soon as reasonably practicable after the Company has
received such request; provided, 

  
 26 

 
however, that the Company shall not be required to take any actions under this Section 4.7(a)(iv) that are not, in the opinion of counsel for the Company, in compliance with
Applicable Law; 
 (v) furnish to the Selling Shareholders and each underwriter, if any, of the securities being sold by
such Selling Shareholders such number of conformed copies of such registration statement and of each amendment and supplement thereto, such number of copies of the prospectus contained in such registration statement (including each preliminary
prospectus and any summary prospectus) and each free writing prospectus (as defined in Rule 405 of the Securities Act) (a “Free Writing Prospectus”) utilized in connection therewith and any other prospectus filed under
Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents as such Selling Shareholders and underwriter, if any, may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities owned by such Selling Shareholders; 
 (vi) use reasonable best efforts to
register or qualify or cooperate with the Selling Shareholders, the underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such Registrable
Securities covered by such registration statement under such other securities laws or “blue sky” laws of such jurisdictions as the Selling Shareholders and any underwriter of the securities being sold by such Selling Shareholders shall
reasonably request, and to keep each such registration or qualification (or exemption therefrom) effective during the period such registration statement is required to be kept effective and take any other action which may be necessary or reasonably
advisable to enable such Selling Shareholders and underwriters to consummate the disposition in such jurisdictions of the Registrable Securities owned by such Selling Shareholders, except that the Company shall not for any such purpose be required
to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (vi) be obligated to be so qualified, (B) subject itself to taxation in
any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; 
 (vii) use
reasonable best efforts to cause such Registrable Securities (if such Registrable Securities are shares of Company Common Stock) to be listed on each securities exchange on which shares of Company Common Stock are then listed; 

(viii) use reasonable best efforts to provide and cause to be maintained a transfer agent and registrar for all Registrable
Securities covered by such registration statement from and after a date not later than the effective date of such registration statement; 

  
 27 

 (ix) enter into such agreements (including an underwriting agreement) in form,
scope and substance as is customary in underwritten offerings of Company Common Stock by the Company and use its reasonable best efforts to take all such other actions reasonably requested by the holders of a majority of the Registrable Securities
being sold in connection therewith (including those reasonably requested by the lead managing underwriter(s), if any) to expedite or facilitate the disposition of such Registrable Securities, and in such connection, whether or not an underwriting
agreement is entered into and whether or not the registration is an Underwritten Offering (A) make such representations and warranties to the holders of such Registrable Securities and the underwriters, if any, with respect to the
business of the Company and its Subsidiaries, and the registration statement, prospectus and documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, in form, substance and scope as are customarily made by
issuers in underwritten offerings, and, if true, confirm the same if and when requested, (B) if any underwriting agreement has been entered into, the same shall contain customary indemnification provisions and procedures with respect to
all parties to be indemnified pursuant to Section 4.10, except as otherwise agreed by the holders of a majority of the Registrable Securities being sold and (C) deliver such documents and certificates as reasonably requested
by the holders of a majority of the Registrable Securities being sold, their counsel and the lead managing underwriter(s), if any, to evidence the continued validity of the representations and warranties made pursuant to sub-clause (A) above
and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by the Company. The above shall be done at each closing under such underwriting or similar agreement, or as and to the
extent required thereunder; 
 (x) in connection with an Underwritten Offering, use reasonable best efforts to obtain for
the underwriter(s) (A) opinions of counsel for the Company, covering the matters customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably requested by such underwriters and
(B) “comfort” letters and updates thereof (or, in the case of any such Person which does not satisfy the conditions for receipt of a “comfort” letter specified in Statement on Auditing Standards No. 72, an
“agreed upon procedures” letter) signed by the independent public accountants who have certified the Company’s financial statements included in such registration statement, covering the matters customarily covered in
“comfort” letters in connection with underwritten offerings; 
 (xi) make available for inspection by the Selling
Shareholders, any underwriter participating in any disposition pursuant to any registration statement, and any attorney, accountant or other agent or representative retained in connection with such offering by such Selling Shareholders or
underwriter 

  
 28 

 
(collectively, the “Inspectors”), financial and other records, pertinent corporate documents and properties of the Company (collectively, the “Records”), as
shall be reasonably necessary, or as shall otherwise be reasonably requested, to enable them to exercise their due diligence responsibility, and cause the officers, directors and employees of the Company and its Subsidiaries to supply all
information in each case reasonably requested by any such representative, underwriter, attorney, agent or accountant in connection with such registration statement; provided, however, that the Company shall not be required to provide
any information under this Section 4.7(a)(xi) if (A) the Company believes, after consultation with counsel for the Company, that to do so would cause the Company to forfeit an attorney-client privilege that was applicable to
such information or (B) either (1) the Company has requested and been granted from the Commission confidential treatment of such information contained in any filing with the Commission or documents provided supplementally or
otherwise or (2) the Company reasonably determines in good faith that such Records are confidential and so notifies the Inspectors in writing; unless prior to furnishing any such information with respect to clause (1) or
(2) such Selling Shareholder requesting such information enters into, and causes each of its Inspectors to enter into, a confidentiality agreement on terms and conditions reasonably acceptable to the Company; provided, further,
that each Selling Shareholder agrees that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction or by another Governmental Authority, give notice to the Company and allow the Company, at its expense,
to undertake appropriate action seeking to prevent disclosure of the Records deemed confidential; 
 (xii) as promptly as
practicable notify in writing the Selling Shareholders and the underwriters, if any, of the following events: (A) the filing of the registration statement, any amendment thereto, the prospectus or any prospectus supplement related
thereto or post-effective amendment to the registration statement or any Free Writing Prospectus utilized in connection therewith, and, with respect to the registration statement or any post-effective amendment thereto, when the same has become
effective; (B) any request by the Commission or any other U.S. or state governmental authority for amendments or supplements to the registration statement or the prospectus or for additional information; (C) the issuance by
the Commission of any stop order suspending the effectiveness of the registration statement or the initiation of any proceedings by any Person for that purpose; (D) the receipt by the Company of any notification with respect to the
suspension of the qualification of any Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction or the initiation or threat of any proceeding for such purpose; (E) if at any time the
representations and warranties of the Company contained in any mutual agreement (including any underwriting agreement) contemplated by Section 4.7(a)(ix) cease to be true and correct in any material respect; and (F) upon the
happening of any event that 

  
 29 

 
makes any statement made in such registration statement or related prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that
requires the making of any changes in such registration statement, prospectus or documents so that, in the case of the registration statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein not misleading, and that in the case of the prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading, and, at the request of any Selling Shareholder, promptly prepare and furnish to such Selling Shareholder a reasonable number of copies of a supplement to
or an amendment of such registration statement or prospectus as may be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(xiii) use reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such registration
statement, or the lifting of any suspension of the qualification (or exemption from qualification) of any of the Registrable Securities for sale in any jurisdiction at the earliest reasonable practicable date, except that, subject to the
requirements of Section 4.7(a)(vi), the Company shall not for any such purpose be required to (A) qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of
this clause (xiii) be obligated to be so qualified, (B) subject itself to taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; 

(xiv) cooperate with the Selling Shareholders and the lead managing underwriter(s) to facilitate the timely preparation and
delivery of certificates (which shall not bear any restrictive legends unless required under Applicable Law) representing securities sold under any registration statement, and enable such securities to be in such denominations and registered in such
names as the lead managing underwriter(s) or such Selling Shareholders may request and keep available and make available to the Company’s transfer agent prior to the effectiveness of such registration statement a supply of such certificates;

 (xv) cooperate with each seller of Registrable Securities and each underwriter or agent participating in the disposition
of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA; 

  
 30 

 (xvi) have appropriate officers of the Company prepare and make presentations at
a reasonable number of “road shows” and before analysts and rating agencies, as the case may be, and other information meetings reasonably organized by the underwriters, take other actions to obtain ratings for any Registrable Securities
(if they are eligible to be rated) and otherwise use its reasonable best efforts to cooperate as reasonably requested by the Selling Shareholders and the underwriters in the offering, marketing or selling of the Registrable Securities;
provided, however, that the scheduling of any such “road shows” and other meetings shall not unduly interfere with the normal operations of the business of the Company; and 

(xvii) take all other customary actions reasonably requested by Amazon or the lead managing underwriter(s) pursuant to this
Article IV to effect the intent of this Article IV. 
 (b) The Company may require each Selling Shareholder and each
underwriter, if any, to furnish the Company in writing such information regarding each Selling Shareholder or underwriter and the distribution of such Registrable Securities as the Company may from time to time reasonably request in writing to
complete or amend the information required by such registration statement. 
 (c) Each Selling Shareholder agrees that upon receipt of any
notice from the Company of the happening of any event of the kind described in clauses (B), (C), (D), (E) and (F) of Section 4.7(a)(xii), such Selling Shareholder shall forthwith discontinue such Selling Shareholder’s
disposition of Registrable Securities pursuant to the applicable registration statement and prospectus relating thereto until such Selling Shareholder’s receipt of the copies of the supplemented or amended prospectus contemplated by
Section 4.7(a)(xii), or until it is advised in writing by the Company that the use of the applicable prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated or deemed to be
incorporated by reference in such prospectus; provided, however, that the Company shall extend the time periods under Section 4.1(c) with respect to the length of time that the effectiveness of a registration statement must
be maintained by the amount of time the holder is required to discontinue disposition of such securities. 
 (d) With a view to making
available to the holders of Registrable Securities the benefits of Rule 144 under the Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the Company to the public without
registration, the Company shall: 
 (i) use reasonable best efforts to make and keep public information available, as those
terms are understood and defined in Rule 144 under the Securities Act; 

  
 31 

 (ii) use reasonable best efforts to file with the Commission in a timely manner
all reports and other documents required of the Company under the Exchange Act, at any time when the Company is subject to such reporting requirements; and 

(iii) furnish to any holder of Registrable Securities, promptly upon request, a written statement by the Company as to its
compliance with the reporting requirements of Rule 144 under the Securities Act and of the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished by the
Company with the Commission as such holder may reasonably request in connection with the sale of Registrable Securities without registration (in each case to the extent not readily publicly available). 

4.8 Registration Expenses. All fees and expenses incident to the Company’s performance of its obligations under this
Article IV, including (a) all registration and filing fees, including all fees and expenses of compliance with securities and “blue sky” laws (including the reasonable and documented fees and disbursements of
counsel for the underwriters in connection with “blue sky” qualifications of the Registrable Securities pursuant to Section 4.7(a)(vi)) and all fees and expenses associated with filings required to be made with FINRA
(including, if applicable, the fees and expenses of any “qualified independent underwriter” as such term is defined in FINRA Rule 5121, except in the event that Requesting Shareholders select the underwriters) (b) all
printing (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with the Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by Amazon) and copying
expenses, (c) all messenger, telephone and delivery expenses, (d) all fees and expenses of the Company’s independent certified public accountants and counsel (including with respect to “comfort” letters and
opinions), (e) expenses of the Company incurred in connection with any “road show”, other than any expense paid or payable by the underwriters and (f) reasonable and documented fees and disbursements of one counsel
for all holders of Registrable Securities whose Registrable Securities are included in a registration statement, which counsel shall be selected by, in the case of a Demand Registration, the Requesting Shareholders, in the case of a Shelf Offering,
the Demand Shareholder(s) requesting such offering, or in the case of any other registration, the holders of a majority of the Registrable Securities being sold in connection therewith, shall be borne solely by the Company whether or not any
registration statement is filed or becomes effective. In connection with the Company’s performance of its obligations under this Article IV, the Company will pay its internal expenses (including all salaries and expenses of its
officers and employees performing legal or accounting duties and the expense of any annual audit) and the expenses and fees for listing the securities to be registered on the primary securities exchange or over-the-counter market on which similar
securities issued by the Company are then listed or traded. Each Selling Shareholder shall pay its portion of all underwriting discounts and commissions and transfer taxes, if any, relating to the sale of such Selling Shareholder’s Registrable
Securities pursuant to any registration. 

  
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 4.9 Miscellaneous. 

(a) Not less than five (5) Business Days before the expected filing date of each registration statement pursuant to this Agreement, the
Company shall notify each holder of Registrable Securities who has timely provided the requisite notice hereunder entitling such holder to register Registrable Securities in such registration statement of the information, documents and instruments
from such holder that the Company or any underwriter reasonably requests in connection with such registration statement, including a questionnaire, custody agreement, power of attorney, lock-up letter and underwriting agreement (the
“Requested Information”). If the Company has not received, on or before the second Business Day before the expected filing date, the Requested Information from such holder, the Company may file the registration statement without
including Registrable Securities of such holder. The failure to so include in any registration statement the Registrable Securities of a holder of Registrable Securities (with regard to that registration statement) shall not result in any liability
on the part of the Company to such holder. 
 (b) The Company shall not grant any demand, piggyback or shelf registration rights the terms
of which are senior to or conflict with the rights granted to Amazon hereunder to any Person without the prior written consent of Amazon. 

4.10 Registration Indemnification. 

(a) The Company agrees, without limitation as to time, to indemnify and hold harmless, to the fullest extent permitted by law, each Selling
Shareholder and its Affiliates and their respective officers, directors, members, stockholders, employees, managers and partners and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the
Exchange Act) such Selling Shareholder or such other indemnified Person and the officers, directors, members, stockholders, employees, managers and partners of each such controlling Person, each underwriter, if any, and each Person who controls
(within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such underwriter, from and against all losses, claims, damages, liabilities, costs, expenses (including reasonable expenses of investigation and
reasonable attorneys’ fees and expenses), judgments, fines, penalties, charges and amounts paid in settlement (collectively, the “Losses”), as incurred, arising out of, caused by, resulting from or relating to any untrue
statement (or alleged untrue statement) of a material fact contained in any registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto or any omission (or alleged omission) of a
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading and (without limitation of the preceding portions

  
 33 

 
of this Section 4.10(a)) will reimburse each such Selling Shareholder, each of its Affiliates, and each of their respective officers, directors, members, stockholders, employees,
managers and partners and each such Person who controls each such Selling Shareholder and the officers, directors, members, stockholders, employees, managers, partners, accountants, attorneys and agents of each such controlling Person, each such
underwriter and each such Person who controls any such underwriter, for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, Loss, damage, liability or action, except insofar
as the same are caused by any information furnished in writing to the Company by any Selling Shareholder or underwriter expressly for use therein. 

(b) In connection with any registration statement in which a Selling Shareholder is participating, without limitation as to time, each such
Selling Shareholder shall, severally and not jointly, indemnify the Company, its directors, officers and employees, and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act)
the Company, from and against all Losses, as incurred, arising out of, caused by, resulting from or relating to any untrue statement (or alleged untrue statement) of material fact contained in the registration statement, prospectus or preliminary
prospectus or Free Writing Prospectus or any amendment or supplement thereto or any omission (or alleged omission) of a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading, and (without limitation of the preceding portions of this Section 4.10(b)) will reimburse the Company, its directors, officers and employees and each Person who controls the Company (within the
meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) for any legal and any other expenses reasonably incurred in connection with investigating and defending or settling any such claim, Loss, damage, liability or
action, in each case solely to the extent, but only to the extent, that such untrue statement or omission is made in such registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or supplement thereto
in reliance upon and in conformity with written information furnished to the Company by such Selling Shareholder for inclusion in such registration statement, prospectus or preliminary prospectus or Free Writing Prospectus or any amendment or
supplement thereto. Notwithstanding the foregoing, no Selling Shareholder shall be liable under this Section 4.10(b) for amounts in excess of the net proceeds received by such holder in the offering giving rise to such liability. 

(c) Any Person entitled to indemnification hereunder shall give prompt written notice to the indemnifying party of any claim with respect to
which it seeks indemnification; provided, however, the failure to give such notice shall not release the indemnifying party from its obligation, except to the extent that the indemnifying party has been actually and materially
prejudiced by such failure to provide such notice on a timely basis. 

  
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 (d) In any case in which any such action is brought against any indemnified party, and it
notifies an indemnifying party of the commencement thereof, the indemnifying party will be entitled to participate therein, and, to the extent that it may wish, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party, and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof and acknowledging the obligations of the indemnifying party with respect to such proceeding, the indemnifying party will
not (so long as it shall continue to have the right to defend, contest, litigate and settle the matter in question in accordance with this paragraph) be liable to such indemnified party hereunder for any legal or other expense subsequently incurred
by such indemnified party in connection with the defense thereof other than reasonable costs of investigation, supervision and monitoring (unless (i) such indemnified party reasonably objects to such assumption on the grounds that
(A) there may be defenses available to it which are different from or in addition to the defenses available to such indemnifying party and, as a result, a conflict of interest exists or (B) such action involves, or is
reasonably likely to have an effect beyond, the scope of matters that are subject to indemnification pursuant to this Section 4.10 or (ii) the indemnifying party shall have failed within a reasonable period of time to assume
such defense and the indemnified party is or would reasonably be expected to be materially prejudiced by such delay, in either event the indemnified party shall be promptly reimbursed by the indemnifying party for the expenses incurred in connection
with retaining one separate legal counsel (for the avoidance of doubt, for all indemnified parties in connection therewith)). For the avoidance of doubt, notwithstanding any such assumption by an indemnifying party, the indemnified party shall have
the right to employ separate counsel in any such matter and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such indemnified party except as provided in the previous sentence. An indemnifying
party shall not be liable for any settlement of an action or claim effected without its consent (which consent shall not be unreasonably withheld, conditioned or delayed). No matter shall be settled by an indemnifying party without the consent of
the indemnified party (which consent shall not be unreasonably withheld, conditioned or delayed), unless such settlement (x) includes as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a
release from all liability in respect to such claim or litigation, (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any indemnified party and (z) is
settled solely for cash for which the indemnified party would be entitled to indemnification hereunder. 
 (e) The indemnification provided
for under this Agreement shall survive the Transfer of the Registrable Securities and the termination of this Agreement. 
 (f) If recovery
is not available under the foregoing indemnification provisions for any reason or reasons other than as specified therein, any Person who would otherwise be entitled to indemnification by the terms thereof shall nevertheless be entitled

  
 35 

 
to contribution with respect to any Losses with respect to which such Person would be entitled to such indemnification but for such reason or reasons, in such proportion as is appropriate to
reflect the relative fault of the indemnifying party, on the one hand, and such indemnified party, on the other hand, in connection with the actions, statements or omissions that resulted in such Losses as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to state a material
fact relates to information supplied by the indemnifying party or by the indemnified party, the Persons’ relative knowledge and access to information concerning the matter with respect to which the claim was asserted, the opportunity to correct
and prevent any statement or omission, and other equitable considerations appropriate under the circumstances. It is hereby agreed that it would not necessarily be equitable if the amount of such contribution were determined by pro rata or per
capita allocation. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not found guilty of such fraudulent misrepresentation.
Notwithstanding the foregoing, no Selling Shareholder shall be required to make a contribution in excess of the amount received by such Selling Shareholder from its sale of Registrable Securities in connection with the offering that gave rise to the
contribution obligation. 
 4.11 Free Writing Prospectuses. Amazon shall not use any “free writing prospectus” (as defined
in Rule 405 under the Securities Act) in connection with the sale of Registrable Securities pursuant to this Article IV without the prior written consent of the Company (which consent shall not be unreasonably withheld, conditioned
or delayed). Notwithstanding the foregoing, Amazon may use any free writing prospectus prepared and distributed by the Company. 

ARTICLE V 
 Definitions

 5.1 Defined Terms. Capitalized terms when used in this Agreement have the following meanings: 

“Acquisition Proposal” means any proposal, offer, inquiry, indication of interest or expression of intent (whether binding or
non-binding, and whether communicated to the Company, the Board or publicly announced to the Company’s stockholders or otherwise) by any Person or Group relating to an Acquisition Transaction. 

“Acquisition Transaction” means (a) any transaction or series of related transactions as a result of which any
Person or group of Persons within the meaning of Section 13(d)(3) of the Exchange Act (excluding Amazon or any of its Affiliates) becomes the Beneficial Owner, directly or indirectly, of 30% or more of the outstanding

  
 36 

 
Equity Securities (measured by either voting power or economic interests) of the Company, (b) any transaction or series of related transactions in which the stockholders of the
Company immediately prior to such transaction or series of related transactions (the “Pre-Transaction Stockholders”) cease to Beneficially Own, directly or indirectly, at least 70% of the outstanding Equity Securities (measured by
either voting power or economic interests) of the Company or in the surviving or resulting entity of such transaction; provided that this clause (b) shall not apply if (i) such transaction or series of related transactions is
an acquisition by the Company effected, in whole or in part, through the issuance of Equity Securities of the Company, (ii) such acquisition does not result in a Person or group of Persons within the meaning of Section 13(d)(3) of
the Exchange Act Beneficially Owning, directly or indirectly, a greater percentage of the outstanding Equity Securities (measured by either voting power or economic interests) of the Company than Amazon and its Affiliates, and (iii) the
Pre-Transaction Stockholders continue to Beneficially Own, directly or indirectly, at least 60% of the outstanding Equity Securities (measured by voting power and economic interests) of the Company, (c) individuals who constitute the
Continuing Directors, taken together, ceasing for any reason to constitute at least a majority of the Board or (d) any sale or lease or exchange, transfer, license or disposition of a business, deposits or assets that constitute 30% or
more of the consolidated assets, revenues, net income or deposits of the Company in any transaction or series of related transactions (other than (i) sales or leases of aircraft in the ordinary course of business or (ii) with
respect to Polar Air Cargo Worldwide, Inc. or any of its subsidiaries or any of their assets or businesses). 
 “Affiliate”
has the meaning set forth in the Investment Agreement. 
 “Agreement” has the meaning set forth in the preamble. 

“Amazon” has the meaning set forth in the preamble. 

“Amazon Designee” means an individual designated in writing by Amazon for nomination for election or for appointment to the
Board. 
 “Amazon Director” means an Amazon Designee who has been elected or appointed to the Board. 

“Amazon Indemnification Agreements” means each and every certificate, memorandum or articles of incorporation or association,
bylaws, limited liability company operating agreement, limited partnership agreement and any other organizational document of, and each and every insurance policy maintained by Amazon or its Affiliates, as applicable, providing for, among other
things, indemnification of and advancement of expenses for an Amazon Director for, among other things, the same matters that are subject to indemnification and advancement of expenses under this Agreement. 

  
 37 

 “Amazon Indemnitors” means Amazon or its Affiliates in their capacity as
indemnitors of an Amazon Director under the applicable Amazon Indemnification Agreements. 
 “Amazon Investor Rights Initiation
Event” shall be deemed to occur upon Amazon’s owning (directly or through any of its Permitted Transferees) at least ten percent (10%) of the shares of Company Common Stock then issued and outstanding, with the number of shares of
Company Common Stock issued and outstanding being calculated on a fully diluted basis. 
 “Amazon Investor Rights Initiation Event
Notice” means a notice in writing from Amazon to the Company certifying that an Amazon Investor Rights Initiation Event has occurred, together with reasonable evidence that an Amazon Investor Rights Initiation Event has occurred, including
evidence of Amazon’s ownership of Company Common Stock. 
 “Amazon Investor Rights Period” means the period beginning
upon the occurrence of the Amazon Investor Rights Initiation Event and ending upon the occurrence of the Amazon Investor Rights Termination Event. 

“Amazon Investor Rights Termination Event” shall be deemed to occur if, as of the end of any Business Day following the
occurrence of the Amazon Investor Rights Initiation Event, Amazon owns (directly or through any of its Permitted Transferees) shares of Company Common Stock collectively representing less than five percent (5%) of the then issued and
outstanding Company Common Stock, with the number of shares of Company Common Stock issued and outstanding being calculated on a fully diluted basis. 

“Amazon Observer” has the meaning set forth in Section 1.4. 

“Amazon Specified Designee” has the meaning set forth in Section 1.1(d). 

“Applicable Law” means, with respect to any Person, any federal, national, state, local, municipal, international,
multinational or SRO statute, law, ordinance, secondary and subordinate legislation, directives, rule (including rules of common law), regulation, ordinance, treaty, Order, permit, authorization or other requirement applicable to such Person, its
assets, properties, operations or business, including the requirement that U.S. certificated air carriers be Citizens of the United States. 

“ATSA” has the meaning set forth in the Investment Agreement. 

“Beneficial Owner”, “Beneficially Own” or “Beneficial Ownership” has the meaning assigned
to such term in Rule 13d-3 under the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of

  
 38 

 
such Rule (in each case, irrespective of whether or not such Rule is actually applicable in such circumstance); provided that, except as otherwise specified herein, such calculations shall
be made inclusive of all Warrant Shares subject to issuance pursuant to the Warrants. 
 “Blackout Period” means
(i) any regular quarterly period during which directors and executive officers of the Company are not permitted to trade under the insider trading policy of the Company then in effect and (ii) in the event that the Company
determines in good faith that a registration of securities would (x) reasonably be expected to materially adversely affect or materially interfere with any bona fide material financing of the Company or any material transaction under
consideration by the Company or (y) would require disclosure of information that has not been, and is not otherwise required to be, disclosed to the public, the premature disclosure of which would adversely affect the Company in any
material respect, a period of the shorter of the ending of the condition creating a Blackout Period and up to seventy-five (75) days; provided, that a Blackout Period described in this clause (ii) may not occur more than twice in
any period of eighteen (18) consecutive months. 
 “Board” has the meaning set forth in Section 1.1(a).

 “Business Day” means a day on which banks are generally open for normal business in New York, New York, which day is not
a Saturday or a Sunday. 
 “Citizen of the United States” has the meaning set forth in the Investment Agreement. 

“Commission” means the Securities and Exchange Commission or any other federal agency administering the Securities Act. 

“Company” has the meaning set forth in the preamble. 

“Company Common Stock” means the common stock, par value $0.01 per share, of the Company. 

“Confidential Information” means all information (irrespective of the form of communication, and irrespective of whether
obtained prior to or after the date hereof) obtained by or on behalf of Amazon or its Representatives from the Company, its Affiliates or their respective representatives, through the Beneficial Ownership of Equity Securities or through the rights
granted pursuant hereto, other than information which (i) was or becomes generally available to the public other than as a result of a breach of this Agreement by Amazon, its Affiliates or their respective Representatives,
(ii) was or becomes available to Amazon, its Affiliates or their respective Representatives on a non-confidential basis from a source other than the Company, its Affiliates or their respective representatives, provided, that the
source thereof is not known by Amazon or such of its 

  
 39 

 
Affiliates or their respective Representatives to be bound by an obligation of confidentiality, or (iii) is independently developed by Amazon, its Affiliates or their respective
Representatives without the use of any such information that would otherwise be Confidential Information hereunder. Subject to clauses (i)-(iii) above, Confidential Information also includes (a) all non-public information
previously provided by the Company, its Affiliates or their respective Representatives under the provisions of the Confidentiality Agreement, including all information, documents and reports referred to thereunder, (b) subject to any
disclosures permitted by Section 3.2 of the Investment Agreement, all non-public understandings, agreements and other arrangements between and among the Company and Amazon, and (c) all other non-public information received from, or
otherwise relating to, the Company or its Subsidiaries. 
 “Confidentiality Agreement” means the Mutual Nondisclosure
Agreement, dated as of June 11, 2015, by and between Amazon Fulfillment Services, Inc. and the Company. 
 “Continuing
Directors” means the directors of the Company on the date hereof and each other director if, in each case, (a) such other director’s appointment or nomination for election to the Board is recommended by more than 50% of the
Continuing Directors or more than 50% of the members of the Nominating and Governance Committee of the Board that are Continuing Directors or (b) Amazon and its subsidiaries shall have voted any shares of Common Stock in favor of the
election of such other director to the Board. 
 “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“conversion” has the meaning set forth in the definition of Equity Securities. 

“Convertible Notes due 2022” has the meaning set forth in the Investment Agreement. 

“convertible securities” has the meaning set forth in the definition of Equity Securities. 

“Demand” has the meaning set forth in Section 4.1(a). 

“Demand Registration” has the meaning set forth in Section 4.1(a). 

“Demand Registration Statement” has the meaning set forth in Section 4.1(a). 

“Demand Shareholder” means Amazon or any Permitted Transferee, in either case that holds Registrable Securities. 

  
 40 

 “Derivative Instruments” means any and all derivative securities (as defined
under Rule 16a-1 under the Exchange Act) that increase in value as the value of any Equity Securities of the Company increases, including a long convertible security, a long call option and a short put
option position, in each case, regardless of whether (x) such interest conveys any voting rights in such security, (y) such interest is required to be, or is capable of being, settled through delivery of such security or
(z) other transactions hedge the economic effect of such interest. 
 “Equity Securities” means any and all
(i) shares, interests, participations or other equivalents (however designated) of capital stock or other voting securities of a corporation, any and all equivalent or analogous ownership (or profit) or voting interests in a Person
(other than a corporation), (ii) securities convertible into or exchangeable for shares, interests, participations or other equivalents (however designated) of capital stock or voting securities of (or other ownership or profit or voting
interests in) such Person, and (iii) any and all warrants, rights or options to purchase any of the foregoing, whether voting or nonvoting, and, in each case, whether or not such shares, interests, participations, equivalents,
securities, warrants, options, rights or other interests are authorized or otherwise existing on any date of determination (clauses (ii) and (iii), collectively “convertible securities” and any conversion, exchange or exercise
of any convertible securities, a “conversion”). 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended, and the rules and regulations promulgated thereunder. 
 “Existing Warrants” has the meaning set forth in
the Investment Agreement. 
 “FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Form S-3” has the meaning set forth in Section 4.3(a). 

“Free Writing Prospectus” has the meaning set forth in Section 4.7(a)(v). 

“fully diluted basis” means, on any date of determination, the aggregate number of shares of Company Common Stock issued and
outstanding on such date, plus the aggregate number of shares of Company Common Stock issuable upon the exercise, conversion or vesting of all outstanding options, warrants and other rights to purchase or acquire shares of Company Common Stock on
such date (including, for the avoidance of doubt, all Warrant Shares), other than upon conversion of the Convertible Notes due 2022 or the exercise of the Existing Warrants. 

“GAAP” has the meaning set forth in the Investment Agreement. 

“Governmental Approval” means any authorization, consent, approval, waiver, exception, variance, order, exemption,
publication, filing, declaration, concession, grant, 

  
 41 

 
franchise, agreement, permission, permit or license of, from or with any Governmental Authority, the giving of notice to or registration with any Governmental Authority or any other action in
respect of any Governmental Authority. 
 “Governmental Authority” means any federal, national, state, local, municipal,
international or multinational government or political subdivision thereof, governmental department, commission, board, bureau, agency, taxing or regulatory authority, instrumentality or judicial or administrative body, or arbitrator or SRO, having
jurisdiction over the matter or matters in question. 
 “Group” has the meaning assigned to such term in
Section 13(d)(3) of the Exchange Act. 
 “Inspectors” has the meaning set forth in Section 4.7(a)(xi).

 “Investment Agreement” has the meaning set forth in the recitals. 

“Losses” has the meaning set forth in Section 4.10(a). 

“Marketed Underwritten Shelf Offering” has the meaning set forth in Section 4.3(f). 

“Order” means any judgment, decision, decree, order, settlement, injunction, writ, stipulation, determination or award issued
by any Governmental Authority. 
 “Original Public Acquisition Proposal” has the meaning set forth in
Section 2.2(b)(ii). 
 “Other Demanding Sellers” has the meaning set forth in Section 4.2(b). 

“Other Proposed Sellers” has the meaning set forth in Section 4.2(b). 

“Permitted Transferee” has the meaning set forth in Section 2.1(b)(i). 

“Permitted Transfers” has the meaning set forth in Section 2.1(b). 

“Person” means an individual, company, corporation, partnership, limited liability company, trust, body corporate (wherever
located) or other entity, organization or unincorporated association, including any Governmental Authority. 
 “Piggyback
Notice” has the meaning set forth in Section 4.2(a). 
 “Piggyback Registration” has the meaning set
forth in Section 4.2(a). 
 “Piggyback Seller” has the meaning set forth in Section 4.2(a). 

  
 42 

 “Qualifying Public Acquisition Proposal” means, as it relates to any Original
Public Acquisition Proposal under Section 2.2(b), any proposal, offer, inquiry or indication of interest (whether binding or non-binding, and whether communicated to the Company, the Board or publicly announced to the Company’s
stockholders or otherwise) by Amazon relating to an alternative Acquisition Proposal. 
 “Records” has the meaning set
forth in Section 4.7(a)(xi). 
 “Registrable Amount” means an amount of Registrable Securities having an
aggregate value of at least $30 million (based on the anticipated offering price (as reasonably determined in good faith by the Company)), without regard to any underwriting discount or commission, or such lesser amount of Registrable Securities as
would result in the disposition of all of the Registrable Securities Beneficially Owned by the applicable Requesting Shareholder(s); provided, that such lesser amount shall have an aggregate value of at least $5 million (based on the
anticipated offering price (as reasonably determined in good faith by the Company)), without regard to any underwriting discount or commission. 

“Registrable Securities” means any and all (i) Warrant Shares, (ii) other stock or securities that
Amazon may be entitled to receive, or will have received, pursuant to its ownership of the Warrant Shares, in lieu of or in addition to shares of Common Stock, and (iii) Equity Securities issued or issuable or distributed or
distributable by the Company or a successor thereto directly or indirectly with respect to the securities referred to in the foregoing clause or by way of conversion or exchange thereof or share dividend or share split or in connection with a
combination of shares, recapitalization, reclassification, merger, amalgamation, arrangement, consolidation or other reorganization. As to any particular securities constituting Registrable Securities, such securities shall cease to be Registrable
Securities when they have been (x) effectively registered or qualified for sale by prospectus filed under the Securities Act and disposed of in accordance with the Registration Statement covering therein, or (y) sold to the
public through a broker, dealer or market maker pursuant to Rule 144 or other exemption from registration under the Securities Act. For purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such
Person has the right to acquire directly or indirectly such Registrable Securities (upon conversion or exercise in connection with a transfer of securities or otherwise, but disregarding any restrictions or limitations upon the exercise of such
right), whether or not such acquisition has actually been effected. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities if (A) a registration statement with respect to the
sale of such securities has become effective under the Securities Act and such securities have been disposed of pursuant to such effective registration statement, (B) such securities have been distributed pursuant to Rule 144 (or any
similar provision then in force) under the Securities Act, (C) such securities have been otherwise transferred to any Person other than Amazon or its Permitted Transferees, if new certificates or other

  
 43 

 
evidences of ownership for them not bearing a legend restricting further transfer and not subject to any stop-transfer order or other restrictions on transfer have been delivered by the Company
and subsequent disposition of such securities does not require registration or qualification of such securities under the Securities Act or any other securities laws then applicable or (D) such securities shall cease to be outstanding.

 “Representatives” has the meaning set forth in Section 1.6(d)(i). 

“Requested Information” has the meaning set forth in Section 4.9(a). 

“Requesting Shareholders” has the meaning set forth in Section 4.1(a). 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Selling Shareholders” has the meaning set forth in Section 4.7(a)(i). 

“Shelf Notice” has the meaning set forth in Section 4.3(a). 

“Shelf Offering” has the meaning set forth in Section 4.3(f). 

“Shelf Registration Statement” has the meaning set forth in Section 4.3(a). 

“SRO” means any (i) “self-regulatory organization” as defined in Section 3(a)(26) of the Exchange
Act, (ii) other United States or foreign securities exchange, futures exchange, commodities exchange or contract market or (iii) other securities exchange. 

“Standstill Period” has the meaning set forth in Section 2.2(a). 

“Subsidiary” has the meaning set forth in the Investment Agreement. 

“Take-Down Notice” has the meaning set forth in Section 4.3(f). 

“Transaction Documents” has the meaning set forth in the Investment Agreement. 

“Transfer” means (i) any direct or indirect offer, sale, lease, assignment, encumbrance, pledge, grant of a
security interest, hypothecation, disposition or other transfer (by operation of law or otherwise), either voluntary or involuntary, or entry into any contract, option or other arrangement or understanding with respect to any offer, sale, lease,
assignment, encumbrance, pledge, hypothecation, disposition or other transfer (by operation of law or otherwise), of any capital stock or interest in any capital stock or (ii) in respect of any capital stock or interest in any capital
stock, the entry into any swap or any other agreement, transaction or series of transactions that hedges or transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of such capital stock or interest in capital
stock, whether any such swap, agreement, transaction 

  
 44 

 
or series of transactions is to be settled by delivery of securities, in cash or otherwise. “Transferor” means a Person that Transfers or proposes to Transfer; and
“Transferee” means a Person to whom a Transfer is made or is proposed to be made. 
 “Underwritten
Offering” means a sale of securities of the Company to an underwriter or underwriters for reoffering to the public. 

“Unpaid Indemnitee Amounts” has the meaning set forth in Section 1.1(e). 

“Voting Securities” means shares of Company Common Stock and any other securities of the Company entitled to vote generally
in the election of directors of the Company. 
 “Voting Threshold” has the meaning set forth in Section 1.3(b).

 “Warrants” has the meaning set forth in the recitals. 

“Warrant Shares” has the meaning set forth in the Investment Agreement. 

5.2 Interpretation. When a reference is made in this Agreement to “Recitals,” “Articles,” “Sections,”
“Annexes,” “Schedules” or “Exhibits” such reference shall be to a Recital, Article or Section of, or Annex, Schedule or Exhibit to, this Agreement unless otherwise indicated. The terms defined in the singular have a
comparable meaning when used in the plural, and vice versa. References to “herein,” “hereof,” “hereunder” and the like refer to this Agreement as a whole and not to any particular section or provision, unless the
context requires otherwise. References to “parties” refer to the parties to this Agreement. The table of contents and headings contained in this Agreement are for reference purposes only and are not part of this Agreement. Whenever the
words “include,” “includes” or “including” are used in this Agreement, they shall be deemed followed by the words “without limitation.” No rule of construction against the draftsperson shall be applied in
connection with the interpretation or enforcement of this Agreement, as this Agreement is the product of negotiation between sophisticated parties advised by counsel. Any reference to a “wholly owned subsidiary” of a Person shall mean such
subsidiary is directly or indirectly wholly owned by such Person. All references to “$” or “dollars” mean the lawful currency of the United States of America. Except as expressly stated in this Agreement, all references to any
statute, rule or regulation are to the statute, rule or regulation as amended, modified, supplemented or replaced from time to time (and, in the case of statutes, include any rules and regulations promulgated under the statute) and to any section of
any statute, rule or regulation include any successor to the section. With respect to the Warrant Shares, such term shall include any shares of Company Common Stock or other securities of the Company received by Amazon as a result of any stock
split, stock dividend or distribution, other subdivision, reorganization, reclassification or similar capital transaction. 

  
 45 

 ARTICLE VI 

Miscellaneous 
 6.1
Term. This Agreement shall be effective as of the date hereof and shall automatically terminate upon the date that the Beneficial Ownership of Amazon (directly or through any of its Permitted Transferees), in the aggregate, of the Company
Common Stock is less than two percent (2%) of the issued and outstanding shares of Company Common Stock, with the number of shares of Company Common Stock issued and outstanding being calculated on a fully diluted basis, so long as, as of such
date, all of the then-remaining Registrable Securities Beneficially Owned by Amazon may be sold in a single transaction without limitation under Rule 144 under the Securities Act; provided, however, that, unless otherwise agreed
to by the parties, this Agreement shall in no event terminate prior to the occurrence of an Amazon Investor Rights Termination Event. If this Agreement is terminated pursuant to this Section 6.1, this Agreement shall become void and of
no further force and effect, except for the provisions set forth in Section 1.1(e) (Composition of Board of Directors), Section 1.6(d) (Information Rights) (which shall survive termination of this Agreement for
a period of two (2) years), Section 4.9 (Miscellaneous), Section 5.2 (Interpretation) and this Article VI (Miscellaneous), and except that no termination hereof shall have the effect of
shortening the Standstill Period to the extent that the Standstill Period would continue in effect in the absence of such termination. 

6.2 Notices. Any notice, request, instruction or other document to be given hereunder by any party to the other shall be in writing and
shall be deemed to have been duly given (a) if sent by registered or certified mail in the United States, return receipt requested, upon receipt, (b) if sent by nationally recognized overnight air courier, one Business Day
after mailing, (c) if sent by email or facsimile transmission, with a copy mailed on the same day in the manner provided in clauses (a) or (b) of this Section 6.2 when transmitted and receipt is confirmed, or
(d) if otherwise actually personally delivered, when delivered. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 

 

					
	 (i)
	 	if to the Company, to:
			
		 	Name:	 	Atlas Air Worldwide Holdings, Inc.
		 	Address:	 	 2000 Westchester Avenue
 Purchase, NY
10577

		 	Fax:	 	(914) 701-8333
		 	Email:	 	Adam.Kokas@atlasair.com
		 	Attn:	 	Adam R. Kokas, EVP, General Counsel, CHRO & Secretary

  
 46 

					
		
		 	with a copy to (which shall not be considered notice):
			
		 	Name:	 	Cravath, Swaine & Moore LLP
		 	Address:	 	 Worldwide Plaza
 825 Eighth Avenue

New York, NY 10019

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

khallam@cravath.com

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

		
	 (ii)
	 	if to Amazon, to:
			
		 	Name:	 	Amazon.com, Inc.
		 	Address:	 	 410 Terry Avenue North
 Seattle, WA
98109-5210

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

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

 6.3 Amendment. Subject to Section 6.12, no amendment of any provision of this Agreement
shall be effective unless made in writing and signed by a duly authorized officer of each party. 
 6.4 Waivers. Subject to
Section 6.12, no waiver shall be effective unless it is in writing signed by a duly authorized officer of the waiving party that makes express reference to the provision or provisions subject to such waiver. 

6.5 Assignment. Neither this Agreement nor any right, remedy, obligation nor liability arising hereunder or by reason hereof shall be
assignable by any party without the prior written consent of the other party, and any attempt to assign any right, remedy, obligation or liability hereunder without such consent shall be void, except that Amazon may transfer or assign, in whole or
from time to time in part, to one or more Permitted Transferees (so long as they duly execute a customary joinder to this Agreement, in form 

  
 47 

 
and substance reasonably acceptable to the Company, in which such Permitted Transferee agrees to be subject to all covenants and agreements of Amazon under this Agreement and makes all the
representations and warranties set forth in Section 3.1(b) (second sentence only) through (e)), its rights and/or obligations under this Agreement, but any such transfer or assignment shall not relieve Amazon of its obligations
hereunder. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns. In the event that Amazon creates a holding company, Amazon
shall cause such holding company to agree to the restrictions set forth in Section 2.2. In the event that the Company creates a holding company in a transaction not involving a third party, references in this Agreement to Common Stock
shall be deemed references to the capital stock of such holding company that are issued in exchange for shares of Common Stock in the transaction creating such holding company. 

6.6 Severability. If any provision of this Agreement or a Transaction Document, or the application thereof to any Person or
circumstance, is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances other than those as to which it has been held
invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby or thereby is not affected in any
manner materially adverse to any party. Upon such determination, the parties shall negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 

6.7 Counterparts and Facsimile. This Agreement may be executed in any number of separate counterparts, each such counterpart being
deemed to be an original instrument, and all such counterparts shall together constitute the same agreement. Executed signature pages to this Agreement may be delivered by facsimile or transmitted electronically by “pdf” file and such
facsimiles or pdf files shall be deemed as sufficient as if actual signature pages had been delivered. 
 6.8 Entire Agreement. This
Agreement, the other Transaction Documents, and the Confidentiality Agreement constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties, both written and oral, between the parties, with
respect to the subject matter hereof. No party shall take, or cause to be taken, including by entering into agreements or other arrangements with provisions or obligations that conflict, or purport to conflict, with the terms of the Transaction
Documents or any of the transactions contemplated thereby, any action with either an intent or effect of impairing any such other Person’s rights under any of the Transaction Documents. 

6.9 Governing Law; Submission to Jurisdiction; WAIVER OF JURY TRIAL. This Agreement shall be governed by, and
construed and enforced in 

  
 48 

 
accordance with, the laws of the State of Delaware, without regard to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the laws of any jurisdiction other than the State of Delaware. In addition, each of the parties (a) submits to the personal jurisdiction of the Delaware Court of Chancery in and for New Castle County, or in the event
(but only in the event) that such Delaware Court of Chancery does not have subject matter jurisdiction over such dispute, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States
District Court also does not have jurisdiction over such dispute, any Delaware State court sitting in New Castle County, in the event any dispute (whether in contract, tort or otherwise) arises out of this Agreement or the transactions contemplated
hereby, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, and (c) agrees that it shall not bring any claim, action or proceeding
relating to this Agreement or the transactions contemplated hereby in any court other than the Delaware Court of Chancery in and for New Castle County, or in the event (but only in the event) that such Delaware Court of Chancery does not have
subject matter jurisdiction over such claim, action or proceeding, the United States District Court for the District of Delaware, or in the event (but only in the event) that such United States District Court also does not have jurisdiction over
such claim, action or proceeding, any Delaware State court sitting in New Castle County. Each party agrees that service of process upon such party in any such claim, action or proceeding shall be effective if notice is given in accordance with the
provisions of this Agreement. EACH PARTY HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM, ACTION OR PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN
CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (ii) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.9. 

6.10 Specific Performance. The parties agree that failure of any party to perform its agreements and covenants hereunder, including a
party’s failure to take all actions as are necessary on such party’s part in accordance with the terms and conditions of this Agreement to consummate the transactions contemplated hereby, will cause irreparable injury to the other party,
for which monetary damages, even if available, will not be an adequate remedy. It is agreed that the parties shall be entitled to equitable relief 

  
 49 

 
including injunctive relief and specific performance of the terms hereof, without the requirement of posting a bond or other security, and each party hereby consents to the issuance of injunctive
relief by any court of competent jurisdiction to compel performance of a party’s obligations and to the granting by any court of the remedy of specific performance of such party’s obligations hereunder, this being in addition to any other
remedies to which the parties are entitled at law or equity. 
 6.11 No Third Party Beneficiaries. Nothing contained in this
Agreement, expressed or implied, is intended to confer upon any Person other than the parties hereto (and any wholly owned subsidiary of Amazon to which an assignment is made in accordance with this Agreement) any benefits, rights, or remedies;
provided, that the Persons indemnified under Section 1.1(e) and Section 4.10 are intended third party beneficiaries of Section 1.1(e) and Section 4.10, respectively. 

6.12 Permitted Transferee Representative. The parties hereto acknowledge and agree that Amazon shall be the designated representative of
any and all Permitted Transferees with full authority to make all representations and warranties and agree to all covenants on behalf of and in the name of the Permitted Transferees, and to make all decisions and determinations, and to take all
actions (including giving consents and waivers or agreeing to any amendments to this Agreement or to the termination hereof) required or permitted hereunder on behalf of the Permitted Transferees, and any such action, decision or determination so
made or taken shall be deemed the action, decision or determination of the Permitted Transferee, and any notice, document, certificate or information required to be given, whether in writing or otherwise, to any Permitted Transferee shall be deemed
so given if given to Amazon and the Company shall be fully protected against liability in relying on the actions of Amazon as being authorized by the Permitted Transferees. Amazon shall ensure the due, prompt and faithful performance and discharge
by, and compliance with, all of the obligations, covenants, terms, conditions and undertakings of all Permitted Transferees under this Agreement and the other Transaction Documents in accordance with the terms hereof and thereof. 

6.13 Notification Obligations. Amazon hereby agrees that in connection with any acquisitions or Transfers of Equity Securities of the
Company in accordance with the terms of the Transaction Documents, upon the reasonable request of the Company, Amazon shall, as promptly as reasonably practicable, deliver to the Company a current, correct and complete list showing the number of
Warrants and Warrant Shares Beneficially Owned by Amazon and each of its subsidiaries at such time and/or owned of record by Amazon or any of its subsidiaries at such time. 

[The remainder of this page left intentionally blank.] 

  
 50 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly authorized
officers of the parties as of the date first herein above written. 
  

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

  

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

 Schedule 1.6(a) 

1. As soon as practicable, but in any event within ninety (90) days after the end of each fiscal year of the Company, an income statement
for such fiscal year, a balance sheet and statement of stockholders’ equity as of the end of such year and a statement of cash flows for such year, prepared in accordance with generally accepted accounting principles, consistently applied, and
audited by an independent public accounting firm. 
 2. As soon as practicable, and in any event within thirty (30) days after the
consummation of any third-party equity financing of the Company, a capitalization table for the Company as of the consummation date of such financing that provides detail as to each class of stock of the Company, which detail shall include related
voting rights, conversion features and any 409A valuations performed. 
 3. As soon as practicable, and in any event within twenty
(20) Business Days following the end of each fiscal year of the Company, a capitalization table for the Company as of the end of such fiscal year that (a) provides detail as to each class of stock of the Company and each
shareholder’s equity and voting interest (i) in each class of stock and (ii) in total (in the case of each of clauses (i) and (ii), calculated based on shares outstanding and fully diluted shares) and
(b) includes exercise price/fair value for options or other equity awards issued during such fiscal year and price per share information for any other equity transactions, including issuances, sales, repurchases and redemptions. 

4. As soon as practicable, but in any event within forty-five (45) days after the end of each of the first three quarters of each fiscal
year of the Company, unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet and statement of stockholders’ equity as of the end of such fiscal quarter, in each case, prepared in
accordance with generally accepted accounting principles, consistently applied. 
 5. On the earlier of the date it is first made available
to the Board and the end of the current fiscal year, a budget and business plan for the next fiscal year, prepared on a monthly basis, including balance sheets and sources and applications of funds statements for such months and, as soon as
prepared, any other budgets or revised budgets prepared by the Company. 

 Schedule 1.6(b)(i)(B) 

1. Basic Financial Information and Reporting. 

A. The Company shall maintain true books and records of account in which full and correct entries will be made of all its business
transactions pursuant to a system of accounting established and administered in accordance with United States generally accepted accounting principles consistently applied (except as noted therein), and shall set aside on its books all such proper
accruals and reserves as shall be required under GAAP consistently applied. The Company shall maintain, in all material respects, effective internal control over financial reporting based on criteria established in Internal Control – Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. 
 B. As soon as practicable after the end of each
fiscal year of the Company, and in any event within ninety (90) days thereafter, the Company shall furnish Amazon with a balance sheet of the Company, as at the end of such fiscal year, a statement of income, a statement of stockholders’
equity, and a statement of cash flows of the Company and accompanying notes to the financial statements, for such year, all audited and prepared in accordance with GAAP consistently applied (except as noted therein) and setting forth in each case in
comparative form the figures for the previous fiscal year, all in reasonable detail. Such financial statements shall be accompanied by an audit report and opinion thereon by independent public accountants of national standing selected by the Board.

 C. The Company shall furnish Amazon as soon as practicable after the end of the first, second and third quarterly accounting periods in
each fiscal year of the Company, and in any event within forty-five (45) days thereafter, a balance sheet of the Company as of the end of each such quarterly period, and a statement of income and a statement of cash flows of the Company for
such period and for the current fiscal year to date, prepared in accordance with GAAP consistently applied (except as noted therein or as disclosed to the recipients thereof), with the exception that no notes need be attached to such statements and
year-end audit adjustments may not have been made. The Company shall deliver the financial statements described in the first sentence of Schedule 1.6(b)(i)(B)(1)(C) above to Amazon, together with a certification that, to the Company’s
knowledge, (i) such interim financial statements are fairly stated, in all material respects, in accordance with GAAP for the periods presented, applied on the same basis as the Company’s audited financial statements as of and for
the most recent fiscal year end, and reflect all adjustments necessary for a fair presentation of the interim financial statements, subject to the exceptions noted on an exhibit to such certification and (ii) that the Company has made
available to Amazon the information required by Section 1.6 of this Agreement. The Company shall engage a nationally recognized accounting firm (the 

 
“Auditor”) to perform quarterly review procedures that result in the issuance of an independent accountant’s review report on the Company’s quarterly and year-to-date
balance sheet and statement of operations for the periods ending March 31, June 30 and September 30; which reports shall be delivered within 45 days after the end of the quarter for which the report pertains. The Company’s
chief financial officer and chief accounting officer shall participate in one or more teleconferences with representatives of Amazon each quarter to review the financial statements previously delivered and discuss significant transactions reflected
for the period of the financial statements. 
 D. The Company shall furnish Amazon an operating budget forecasting the Company’s
revenues, expenses, net income/loss and cash position on a month-to-month basis for the upcoming fiscal year (a “Budget”) at such time as the Company furnishes such Budget to the Board. 

E. All financial information and budgets required under clauses (B), (C) and (D) above shall consist of consolidated financial
statements (consolidating the Company and its subsidiaries) unless GAAP provides otherwise. 
 F. As soon as reasonably practicable, and in
any event within 15 days after the issuance of the report, the Company shall furnish to Amazon any 409A valuation reports that it prepares or causes to be prepared. 

2. Inspection Rights. Amazon shall have the right to visit and to discuss the affairs, finances and accounts of the Company or any of
its subsidiaries with its officers, and to review such information relating to the same as is reasonably requested all at such reasonable business times and as often as may be reasonably requested. 

3. Other Materials. As soon as practicable (or otherwise as provided herein), the Company shall furnish Amazon with copies of the
following documents: 
 A. Documents or information reasonably requested by Amazon or necessary to support Amazon’s tax,
accounting and SEC reports and filings, including providing by February 15th of each year such information as is necessary to support Amazon’s tax reporting obligations. 

B. Notices regarding any default on any loan or lease to which the Company is a party in excess of $1,000,000. 

C. In addition, the Company shall furnish Amazon advance notice of (i) any material restructuring of the Company or any subsidiary
to be effected, (ii) any dividend or other distribution to be paid by the Company to holders of the Common Stock, (iii) any sales or dispositions of a material amount of the Company’s assets, or (iv) any
non-functional currency investments or loans in excess of $1,000,000.EX-10.3

 Exhibit 10.3 

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

to purchase 
 7,500,000

 Shares of Common Stock of 

Atlas Air Worldwide Holdings, Inc. 

a Delaware Corporation 

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

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

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

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

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

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

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

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

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

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

  
 2 

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

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

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

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

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

  
 3 

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

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

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

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

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

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

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

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

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

  
 4 

 “Exercise Price” means $37.50. 

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

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

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

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

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

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

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

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

  
 5 

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

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

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

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

  
 6 

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

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

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

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

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

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

  
 7 

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

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

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

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

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

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

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

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

  
 8 

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

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

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

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

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

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

  
 9 

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

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

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

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

  
 11 

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

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

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

  
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 8. Transfer/Assignment. 

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

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

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

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

  
 14 

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

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

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

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

  
 16 

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

  
 17 

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

  
 18 

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

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

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

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

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

  
 21 

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

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

  
 22 

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

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

  
 23 

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

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

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

  
 24 

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

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

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

khallam@cravath.com

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

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

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

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

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

  
 25 

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

[Remainder of page intentionally left blank] 

  
 26 

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

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

  

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

 Annex A 

[Form of Notice of Vesting Event] 

Date: 
 TO: Amazon.com, Inc. 

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

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

  

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

  

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

  
  

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

 
  

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

  

 

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

 Annex B 

[Form of Notice of Exercise] 

Date: 
 TO: Atlas Air Worldwide Holdings, Inc.

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

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

 
 Aggregate Exercise Price:
                                         
                        

Holder: 

By: 

Name: 

Title:

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