Document:

EX-10.1

 Exhibit 10.1 

ATLAS AIR WORLDWIDE HOLDINGS, INC. 

ANNUAL INCENTIVE PROGRAM 

FOR SENIOR EXECUTIVES 
 Amended by
Compensation Committee: As of February 18, 2014 

 ATLAS AIR WORLDWIDE HOLDINGS, INC. 

ANNUAL INCENTIVE PROGRAM 

FOR SENIOR EXECUTIVES 
 Purpose.

 The purpose of the Program is to set forth certain terms and conditions governing cash awards made under Atlas Air Worldwide Holdings,
Inc.’s (“AAWW”) 2007 Incentive Plan, as amended (the “Plan”). The Program shall be treated for all purposes as a sub-plan or arrangement for the grant of Cash Awards under the Plan. Awards under the Program are intended to
qualify for the performance-based compensation exception to the limitations on tax deductibility imposed by Section 162(m) of the Code and together with the applicable terms of the Plan and Program shall be construed accordingly. The Program
shall be effective as of January 1, 2007, and shall be applicable for the 2007 Program Year and subsequent Program Years during the continuance of the Plan unless amended or terminated by the Committee pursuant to Section 10. Capitalized
terms not defined herein shall have the meanings given in the Plan. 
 Definitions. 

Award shall mean an opportunity to earn benefits under the Program. 

Atlas shall mean AAWW or its subsidiaries, as applicable. 

Base Salary shall mean an Eligible Employee’s actual base salary for the applicable period. 

Board shall mean the Board of Directors of AAWW. 

Beneficiary shall mean a Participant’s beneficiary designated pursuant to Section 8. 

Code shall mean the Internal Revenue Code of 1986, as amended from time to time. 

Committee shall mean the Compensation Committee of the Board. 

Eligible Employee means any of the Chief Executive Officer, President, Executive Vice Presidents and Senior Vice Presidents of AAWW and
such other Atlas senior executive officers as shall be designated by the Committee. 
 Participant shall mean any Eligible Employee
during such Eligible Employee’s period of participation in the Program. 
 Program shall mean this Atlas Air Worldwide Holdings,
Inc. Annual Incentive Program for Senior Executives, as it may be amended from time to time. 
 Program Year shall mean the calendar
year. 
 Administration. 
 The Program
shall be administered by the Committee. The Committee shall have full power and authority in its sole discretion to construe and interpret the Program, establish and 

 amend administrative regulations to further the purpose of the Program, determine the extent to which Award
payments have been earned by virtue of satisfying the financial goal described in Section 5.2, determine whether to reduce under Sections 5.2(b) through 5.2(e), to the extent that cost control, service reliability, management-business
objectives and any other performance criteria have not been satisfied, the amount otherwise payable under Section 5.2, determine whether to settle a portion of the Award in Atlas stock and take any other action necessary to administer the
Program. All decisions, actions or interpretations of the Committee shall be final, conclusive, and binding upon all Participants. 
 Participation.

 Each Eligible Employee shall participate in the Program if he or she is employed as an Eligible Employee on the first day of the Program
Year. An individual who becomes an Eligible Employee during a Program Year but prior to September 30 of the applicable year will participate only with respect to Base Salary earned on and after the date he or she first becomes an Eligible
Employee. Any determination by the Committee to provide incentive compensation to an Eligible Employee other than as described in the preceding two sentences shall be treated as a separate award made outside the Program. 

Section 5: Determination of Awards. 

Maximum Bonus Award. The maximum bonus payable under an Award for each Program Year will be the lesser of (i) the dollar limit set
forth in Section 4.c of the Plan, and (ii) the following percentage of Base Salary for each Participant, as such percentages may be increased by the Committee from time to time: two-hundred percent (200%) of Base Salary for the Chief
Executive Officer, one-hundred and seventy percent (170%) for Executive Vice Presidents and one-hundred and fifty percent (150%) of Base Salary for each other Participant. 

Performance Measures. Payment under an Award is conditioned upon achievement of the threshold Financial Goal, as described below. If
the threshold Financial Goal is achieved, the Award payment will be the maximum bonus amount described in Section 5.1 minus such adjustments, if any, as the Committee determines to be appropriate to reflect levels of achievement with respect to
the Financial Goal (if that Goal is achieved at a level below the maximum level) and/or one or more of the other factors described below and/or such other factors as shall be designated by the Committee. 

Financial Goal. The financial goal is based on Atlas’s earnings per share. For each Program Year, the threshold earnings per share
level (which must be met before any amounts will be payable under Awards), the maximum earnings per share level, intermediate earnings per share levels, and the percentage of each Participant’s target bonus award that will be deemed achieved at
each such profit level, will be determined by the Committee. 
 Cost Control Adjustment. The Committee may reduce maximum Award
payments, if any, to reflect the level of achievement of such cost control goal or goals as the Committee may establish for the Program Year. 

Service Reliability. The Committee may also reduce maximum Award payments, if any, to reflect the level of achievement of such service
reliability factors as the Committee may determine for the Program Year. 

 Management Business Objectives Adjustment. The Committee may also reduce maximum Award
payments, if any, to reflect the level of achievement of such individual management business objectives as the Committee may determine in the case of any Participant for the Program Year. 

Effect of Corporate Transactions and other Exigencies. Without limiting the generality of the foregoing, the Committee shall have the
authority, to the extent consistent with the requirements for satisfying the performance-based compensation exception under 162(m) of the Code, to identify objectively determinable events (for example, but without limitation, acquisitions or
dispositions) which, if they occur, would have a material effect on objective Performance Criteria applicable to Awards under the Program, and to adjust such Performance Criteria in an objectively determinable manner to reflect such events. 

Payment of Awards under this Program. 

General. Subject to Section 6.4, Participant will be entitled to receive payment, if any, under an Award if the Participant is
still employed by Atlas on the last day of the Program Year for which the Award is paid, unless in the period between the last day of the Program Year and any payout under the Program, the Participant is terminated by Atlas for Cause (as defined in
Section 7) or the Participant terminates his employment with Atlas for any reason. A Participant will receive an Award in the manner and at the times set forth in this Sections 6. 

Time of Payment. Any amount payable for an Award for a Program Year shall be paid by Atlas within two weeks following
certification by the Committee as to achievement of the performance goals following the completion of the year-end audit for the applicable Program Year, but in no event later than March 15 of the year following the applicable Program Year. 

 Form of Payment. All amounts payable for an Award shall be paid in cash or Atlas stock, but Atlas stock may be used, if
at all, only for the portion of the Award that exceeds fifty percent (50%) of Base Salary.  
 Termination of Employment.

 In General. Except as provided otherwise in this Section 6.4, a Participant whose employment terminates for any reason prior
to the last day of the Program Year for which an Award is payable shall forfeit such Award. 
 Death or Disability. In the event of
death or a termination by the Company of the Participant’s employment with the Company or its Subsidiaries (a “Termination of Service”) by reason of the Participant’s Disability, the Committee may, in its sole discretion, direct
that all or a portion of a Participant’s Award be paid, taking into account the duration of employment during the Program Year, the Participant’s performance, and such other matters as the Committee shall deem appropriate. For purposes of
this Agreement, a termination of Service shall be deemed to be by reason of “Disability” if upon such Termination of Service, the Participant shall have been continuously disabled from performing the duties assigned to the Participant for
a period of not less than six consecutive calendar months and such Disability shall be deemed to have commenced on the date following the end of such six consecutive calendar months. 

 Retirement; Involuntary Termination; Good Reason. If a Participant’s employment
terminates during a Program Year by reason of (i) an involuntary termination by Atlas not for Cause (as defined in Section 7 below), (ii) termination by the Participant for Good Reason (as defined below), or (iii) in the sole
discretion of the Committee, normal retirement under a retirement program of Atlas, the Participant shall be entitled to receive a payment with respect to an Award for the Program Year in which such termination occurred, as if he or she had been
employed by Atlas on the last day of such Program Year in an amount equal to the lesser of (1) the amount he or she would have received if he or she was employed by Atlas on the last day of the Program Year based upon actual company performance
measured pursuant to the plan (and assuming for such purpose that 50% of his or her individual Management Business Objectives (“MBOs”) have been achieved), or (2) his or her target bonus percentage. Such payment shall be subject to
all terms and conditions of the Program, including without limitation the provisions of Section 5 (relating to determination of the Award) and Section 6.2 (relating to the time of payment of the Award). “Good Reason” under this
Section 6 shall mean (i) a material reduction in Participant’s duties and responsibilities from those of Participant’s most recent position with Atlas, or (ii) a reduction of Participant’s aggregate salary, benefits and
other compensation (other than bonus opportunity, which shall be paid as provided above) from that which the Participant was most recently entitled during employment with Atlas other than in connection with a reduction as part of a general reduction
applicable to all participants in the Program. This Section 6.4 shall not apply to the extent the rights of a Participant in such circumstances are governed by another agreement. 

Change in Control. 
 In the event Atlas undergoes a Change
in Control, Awards will be determined and paid in accordance with this Section 7 based on the assumption that each of the Financial Goal, the Cost Control Goal, the MBOs and any other Performance Criteria under Section 2 have been achieved
at a level of 100% of target for the Plan Year in which the Change in Control takes place pursuant to Section 5 of the Program; provided, however, if upon completion of the year-end audit for the applicable Program Year it is determined that
the Financial Goal or any other Performance Criteria was achieved at a level higher than 100% of target, Awards will be correspondingly adjusted pursuant to Section 5 of the Program. Notwithstanding the above, a Participant whose employment
with Atlas terminates prior to the Change in Control shall forfeit such Award, unless such termination is by reason of (i) death, (ii) Disability, (iii) normal retirement under a retirement program of Atlas, (iv) by Atlas not for
Cause, or (v) by the Participant for Good Reason (as defined below). For purposes of this Program, “Change in Control of Atlas” shall mean a “change in control event” (as that term is defined at Section 1.409A-3(i)(5)
of the Treasury Regulations) with respect to the Company, which generally will include the following events, subject to such additional rules and requirements as may be set forth in the Treasury Regulations and related guidance: 

(1) a transfer or issuance of stock of the Company, where stock in the Company remains outstanding after the transaction, and one person, or more than one
person acting as a group (as determined under the Treasury Regulations), acquires ownership of stock in the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair

 
market value or total voting power of the stock of the Company (however, if a person or group is considered to own more than 50% of the total fair market value or 30% of the total voting power of
the stock of the Company, the acquisition of additional stock by the same person or group will not be considered a change in control for purposes of this Section 7); 

(2) the acquisition by a person or group, during the 12-month period ending on the date of the most recent acquisition by such person or group, of ownership
of stock possessing 30% or more of the total voting power of the Company (however, if a person or group is considered to control the Company within the meaning of this sentence (i.e., owns stock of the Company possessing 30% of the total voting
power of the Company), then the acquisition of additional control will not be considered a change in control for purposes of this Section 7); 
 (3)
the replacement of a majority of members of the Company’s Board of Directors during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the
appointment or election; or 
 (4) the acquisition by a person or group, during the 12-month period ending on the date of the most recent acquisition by
such person or group, of assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the Company, as determined under the Treasury Regulations (however, a
transfer of assets to certain related persons, as provided under the Treasury Regulations, or to an entity that is controlled by the shareholders of the Company immediately after the transfer, will not be considered a change in control for purposes
of this Section 7).s. For purposes of this Program, “Continuing Directors” shall mean the directors of Atlas on the date hereof and each other director, if such other director’s nomination for election to the Board of Directors
of Atlas is recommended by a majority of the then Continuing Directors. “Cause” shall mean (i) the Participant’s refusal or failure (other than during periods of illness or Disability (as defined in the Plan)) to perform his or
her material duties and responsibilities to Atlas, (ii) the conviction or plea of guilty or nolo contendere of the Participant in respect of any felony, other than a motor vehicle offense, (iii) the commission of any act which causes
material injury to the reputation, business or business relationships of Atlas including, without limitation, any material breach of written policies of Atlas with respect to trading in securities, (iv) other acts of fraud in connection with
the Participant’s duties and responsibilities to Atlas, including, without limitation, misappropriation, theft or embezzlement in the performance of the Participant’s duties and responsibilities as an employee of Atlas, or (v) a
violation of any material Atlas policy, including, without limitation, a violation of the laws against workplace discrimination. “Good Reason” under this Section 7 shall mean the failure of the surviving entity in the Change in
Control, of failure of an affiliate of the surviving entity, to continue the Participant in a position with the surviving entity or affiliate that (a) is not located within 40 miles of the location of such Participant’s most recent
principal location of employment with Atlas, (ii) does not involve substantially comparable duties and responsibilities as such Participant’s most recent position with Atlas, or (iii) does not entitle the Participant to salary,
benefits and other compensation (other than bonus opportunity, which shall be paid as provided above) that, in the aggregate, are substantially comparable or more favorable than those to which the Participant most recently was entitled during
employment with Atlas. This Section 7 shall not apply to the extent the rights of a Participant in such circumstances are governed by another agreement. 

 Beneficiary Designation. 

Designation and Change of Designation. Each Participant shall file with Atlas a written designation of one or more persons as the
Beneficiary who shall be entitled to receive the Award, if any, payable under the Program upon the Participant’s death. A Participant may, from time to time, revoke or change his Beneficiary designation without the consent of any prior
Beneficiary by filing a new designation with Atlas. The last such designation received by Atlas shall be controlling; provided, however, that no designation, or change or revocation thereof, shall be effective unless received by Atlas prior to the
Participant’s death, and in no event shall it be effective as of any date prior to such receipt. 
 Absence of Valid
Designation. If no such Beneficiary designation is in effect at the time of a Participant’s death, or if no designated Beneficiary survives the Participant, or if such designation conflicts with law, the Participant’s estate shall be
deemed to have been designated as the Participant’s Beneficiary and shall receive the payment of the amount, if any, payable under the Program upon his death. If Atlas is in doubt as to the right of any person to receive such amount, Atlas may
retain such amount, without liability for any interest thereon, until the rights thereto are determined, or Atlas may pay such amount into any court of appropriate jurisdiction and such payment shall be a complete discharge of the liability of the
Program and Atlas therefor. 
 General Provisions. 

Plan to be Unfunded. The Program is intended to constitute an unfunded incentive compensation arrangement. Nothing contained in the
Program, and no action taken pursuant to the Program, shall create or be construed to create a trust of any kind. A Participant’s right to receive an Award shall be no greater than the right of an unsecured general creditor of Atlas. All Awards
shall be paid from the general funds of Atlas, and no special or separate fund shall be established and no segregation of assets shall be made to assure payment of such Awards. There shall not vest in any Participant or Beneficiary any right, title,
or interest in and to any specific assets of Atlas. 
 Section 409A of the Code. Awards under the Program are intended to be
exempt from the requirements of Section 409A of the Code and shall be construed and administered accordingly. Notwithstanding anything to the contrary in the Program, neither Atlas, nor any affiliate, nor the Committee, nor any person acting on
behalf of Atlas, any affiliate, or the Committee, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an Award by reason of any acceleration of income, or any additional tax, asserted by
reason of the failure of an Award to satisfy the requirements of Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 9.3 shall limit the ability of the Committee or Atlas to provide by
separate express written agreement with a Participant for a gross-up payment or other payment in connection with any such tax or additional tax. 

Rights Limited; Conflicts. Nothing contained in the Program shall give any Eligible Employee the right to continue in the employment of
Atlas, or limit the right of Atlas to discharge an Eligible Employee. If there is a conflict between this Program and another senior executive employment program or arrangement, such other program or arrangement shall control. 

 Governing Law. The Program shall be construed and governed in accordance with the laws of
the State of New York. 
 Taxes. There shall be deducted from all amounts paid under the Program all federal, state, local and other
taxes required by law to be withheld with respect to such payments. 
 Amendment, Suspension, or Termination. 

Except with respect to 6.4(c) for any Program Year in effect, the Committee reserves the right to amend, suspend, or terminate the Program at any time. 

Awards Subject to Clawback. 
 Pursuant to the
Company’s Executive Compensation Clawback Policy, as the same is in effect following its adoption by the Board and as may be subsequently amended from time to time (the “Clawback Policy”), by his or her acceptance of an Award under
the Program, the Participant agrees that the Committee may withhold, and participant will forfeit, compensation otherwise payable under an Award or seek recovery from, and the participant agrees to repay, compensation previously paid under an Award,
as the case may be, as provided by the Clawback Policy, or to the extent required to comply with applicable law.EX-10.2

 Exhibit 10.2 

ATLAS AIR WORLDWIDE HOLDINGS, INC. 

PERFORMANCE SHARE UNIT AGREEMENT 

THIS PERFORMANCE SHARE UNIT AGREEMENT, dated as of              , 2014 (the
“Agreement”), is between Atlas Air Worldwide Holdings, Inc. (the “Company”), a Delaware corporation, and                     
(the “Employee”). 
 WHEREAS, the Employee has been granted the following award under the Company’s 2007 Incentive Plan (the
“Plan”); 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, and for other good and
valuable consideration, the parties hereto agree as follows. 
 1. Award of Performance Share Units. Pursuant to the provisions of
the Plan, the terms of which are incorporated herein by reference and subject to the other provisions of this award, the Employee is hereby awarded              performance share units
(“Performance Share Units”), which constitute the right to receive, without payment, (i) up to              shares of common stock of the Company upon the Company’s
satisfaction of certain performance criteria as described in Section 2 below (the “Unit Delivered Shares”), and (ii) the right to receive, without payment, additional shares of common stock on the same basis as the Unit Delivered
Shares, equal in value (determined as hereafter provided) to the dividends, if any, which would have been paid with respect to the common stock underlying the Unit Delivered Shares had such Unit Delivered Shares been issued to the Employee on the
Date of Grant, as defined below (the “Deferred Dividend Shares”), in each case subject to the terms and conditions of the Plan and those set forth herein. For purposes of (ii), the number of Deferred Dividend Shares with respect to any
dividend shall be calculated as of the date on which the dividend is paid to holders of Company common stock. For the avoidance of doubt, no shares of Stock (including Deferred Dividend Shares) shall be payable in respect of the Unit Delivered
Shares if the Unit Delivered Shares are forfeited, and no Deferred Dividend Shares shall be payable in respect of any dividend for which the record date falls on or after the date on which the Employee or other person entitled to the Unit Delivered
Shares becomes the record owner of such shares of Stock for dividend record-date purposes. If the number of shares of Stock (including Deferred Dividend Shares) deliverable with respect to the Performance Share Units includes a fractional share, the
value of such fractional share (determined as of the trading day immediately preceding the delivery date described in Section 2(c) or 2(f) below) shall be payable in cash in lieu of such fractional share. Except as otherwise expressly provided,
all terms used herein shall have the same meaning as in the Plan. 
 The Unit Delivered Shares and the Deferred Dividend Shares are
collectively referred to herein as the “Performance Share Award” or “this award.” The Performance Share Award is granted on             , 2014 (the “Date of
Grant”). 
 2. Vesting; Delivery of Stock; Termination of Employment. 

(a) Vesting Generally. Subject to the following provisions of this Section 2 and the other terms and conditions of this
Agreement, the Performance Share Award shall become vested (meaning that the Employee shall be entitled to receive a certain number of 

 
shares of the Company’s common stock (or other consideration to the extent provided in Section 2(f) below)) in respect of each Performance Share Unit as determined pursuant to
Section 2(b)) if, and only if: (x) the Employee remains continuously employed by the Company or its subsidiaries from the date hereof until the end of the Performance Period, as defined below, (y) there is a Termination of Employment
of the Employee pursuant to Section 2(d) or 2(e), as further provided in such Sections, or (z) the conditions of Section 2(f) are satisfied on or before the last day of the Performance Period. 

(b) Determination of Number of Unit Delivered Shares Upon Satisfaction of Performance Criteria. Notwithstanding anything to the
contrary in this Agreement but subject to Section 2(f) below, shares of the Company’s common stock underlying the Performance Share Award will only become deliverable by the Company in respect of vested Performance Share Award and only
upon satisfaction of the achievement of certain internal ROIC and EBITDA Growth levels as described below (the “Performance Criteria”) during the period beginning January 1, 2014 and ending December 31, 2016 (the
“Performance Period”). The number of Delivered Shares and Deferred Dividend Shares in respect of each vested Performance Share Unit, if any, shall be determined in accordance with Annex A hereto (the “Performance Unit Plan
Schedule”). Performance Share Units are originally awarded on the basis of one Performance Share Unit to one Unit Delivered Share, subject to adjustment depending on the level of achievement set forth in the Performance Unit Plan Schedule.
Intermediate values between specified levels of ROIC and EBITDA are determined by straight line interpolation. 
 (1) “ROIC” for
the Company shall be an average of the Company’s actual ROIC for 2014, 2015 and 2016 and shall mean a fraction where the numerator is NOPAT and the denominator is Average Invested Capital, in each case calculated in accordance with United
States generally accepted accounting principles (“GAAP”). “NOPAT” is defined as operating income minus Cash Tax Paid. “Cash Tax Paid” is defined as income taxes as reflected on the income statement minus deferred taxes
as reflected on the cash flow statement. “Average Invested Capital” is defined as the average of the beginning and ending Invested Capital during the year. “Invested Capital” is defined as capital lease obligations, plus short
and long term debt plus total stockholders’ equity minus an amount equal to cash and cash equivalents. Invested Capital shall exclude investment amounts associated with aircraft acquisition until the first time that such aircraft is flown under
a customer contract at which time all amounts accrued with respect to such aircraft shall be considered in the Average Invested Capital calculation from such date. Invested Capital shall be reduced by the amount of any investments held in the
Company’s direct or indirect debt securities that remain outstanding and that have not otherwise been defeased. 
 (2)
“EBITDA” for the Company shall mean income from continuing operations before interest, income taxes, depreciation expense and amortization expense. EBITDA Growth shall be calculated by averaging the percentage increase or decrease in
EBITDA for each of the three years ended December 31 in the Performance Period. EBITDA increase or decrease for each twelve month period shall be calculated by subtracting EBITDA for the twelve months ended December 31 for the prior year
from EBITDA for the twelve months ended December 31 for the current year and dividing the resulting difference in EBITDA by the EBITDA for the twelve months ended December 31 for the prior year. 

 (3) The calculations for ROIC and EBITDA shall be adjusted for the following non-recurring items
to the extent reflected on the Company’s financial statements: (i) any loss or gain resulting from the early extinguishment of debt, (ii) the cumulative effect of a change in accounting principles, (iii) asset impairment charges
or (iv) extraordinary items under GAAP. These adjustments shall be made on an “After-tax basis” with respect to ROIC and on a pre-tax basis with respect to EBITDA. “After-tax basis” shall mean the product of the amount of
each non-recurring item times the difference between one and the cash tax rate as published in the Company’s annual report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, for the respective fiscal year or 12 month measurement
period. The ROIC ratio will exclude the unconsolidated results of Polar Air Cargo Worldwide. 
 (c) Delivery of Unit Delivered
Shares. In connection with the completion of performance, the Committee shall certify, in accordance with Section 162(m) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), whether and at what level
the Performance Criteria have been achieved. For the purposes of this Agreement, the term “Determination Date” means the date on which the Committee makes such certification. Subject to the terms of this Agreement and satisfaction of any
withholding tax liability pursuant to Section 5 hereof, as soon as reasonably practicable following the Determination Date, but in any event no later than March 15, 2017, the Company shall deliver to the Employee a certificate or
certificates or shall credit the Employee’s account so as to evidence the number of Unit Delivered Shares and Deferred Dividend Shares, if any, to which the Employee is entitled hereunder, as calculated in accordance with Section 2(b)
above. 
 (d) Death or Disability. In the event of death or a termination by the Company of the Employee’s Employment (a
“Termination of Employment”) by reason of the Employee’s Disability occurring after the date hereof, but before the end of the Performance Period and before the occurrence of a Change in Control of the Company (as defined below), the
portion of the Performance Share Award that will vest is calculated by dividing the number of days from January 1, 2014 until the date of Disability or death, by the total number of days in the Performance Period, multiplied by the number of
Unit Delivered Shares and Deferred Dividend Shares in respect of each Performance Share Unit, if any, earned on the basis of actual achievement level of the Performance Criteria in the Performance Unit Plan Schedule. Any former Employee, upon
Disability, or the estate of an Employee, upon death, will continue to hold the vested portion of the Performance Share Award, subject to the restrictions and all terms and conditions of this Agreement, until delivery of Shares pursuant to
Section 2(c). 
 Subject to Section 2(f), the appropriate number of Unit Delivered Shares and Deferred Dividend Shares, if any
(calculated as provided in Section 2(b)) shall not be delivered until the completion of the Performance Period and the Determination Date. For purposes of this Agreement, a Termination of Employment shall be deemed to be by reason of
“Disability” if upon such Termination of Employment, the Employee shall have been continuously disabled from performing the duties assigned to Employee for a period of not less than six consecutive calendar months and such Disability shall
be deemed to have commenced on the date following the end of such six consecutive calendar months. 
 (e) Termination by the Company Not
For Cause. In the event of Termination of Employment of the Employee by reason of an involuntary termination by the 

 
Company and its subsidiaries not for Cause occurring after the date hereof, but before the end of the Performance Period and before the occurrence of a Change in Control of the Company (as
defined below), the portion of the Performance Share Award that will vest is calculated by dividing the number of days from January 1, 2014 until the date of the Termination of Employment by reason of an involuntary termination not for Cause,
by the total number of days in the Performance Period, multiplied by the number of Unit Delivered Shares and Deferred Dividend Shares in respect of each Performance Share Unit, if any, earned on the basis of actual achievement level of the
Performance Criteria in the Performance Unit Plan Schedule. Any former Employee, upon Termination of Employment not for Cause under this Section 2(e), will continue to hold the vested portion of the Performance Share Award, subject to the
restrictions and all terms and conditions of this Agreement, until delivery of Shares pursuant to Section 2(c) or 2(f). 
 Subject to
Section 2(f), the appropriate number of Unit Delivered Shares and Deferred Dividend Shares, if any (calculated as provided in Section 2(b) shall not be delivered until the completion of the Performance Period and the Determination Date.
For purposes of this Agreement, “Cause” shall mean (i) the Employee’s refusal or failure (other than during periods of illness or disability) to perform the Employee’s material duties and responsibilities to the Company or
its subsidiaries, (ii) the conviction or plea of guilty or nolo contendere of the Employee in respect of any felony, other than a motor vehicle offense, (iii) the commission of any act which causes material injury to the reputation,
business or business relationships of the Company or any of its subsidiaries including, without limitation, any breach of written policies of the Company with respect to trading in securities, (iv) any other act of fraud, including, without
limitation, misappropriation, theft or embezzlement, or (v) a violation of any applicable material policy of the Company or any of its subsidiaries, including, without limitation, a violation of the laws against workplace discrimination. 

(f) Change in Control. 

(1) Immediately prior to a Change in Control of the Company (as defined below) unless in connection therewith this award is assumed (or a
substitute award granted) pursuant to Section 7(a)(1) of the Plan, the Performance Criteria in the Performance Criteria Schedule of this award, if this award is then outstanding, shall be deemed to have been satisfied based on assumed
achievement at the 200% achievement level (“Deemed CIC Achievement”) and this award shall be deemed fully vested on such basis. Notwithstanding the immediately preceding sentence, if in connection with the Change in Control of the Company,
this award is assumed (or a substitute award granted) pursuant to Section 7(a)(1) of the Plan, this award shall become vested only if (A) the Employee remains continuously employed by the Company or its subsidiaries until the end of the
Performance Period, in which case this award will become fully vested at the end of the Performance Period, or (B) there is a Change in Control Termination before the end of the Performance Period, in which case this award will become fully
vested immediately prior to the Change in Control Termination. In the case of either (A) or (B), there shall be delivered or paid to the Employee, within ten (10) days following vesting, the Unit Delivered Shares and Deferred Dividend
Shares underlying this award, determined on the basis of the Deemed CIC Achievement. 

 (2) For purposes of this Agreement, the following definitions shall apply: 

a. “Change in Control Termination” means the termination of an Employee’s Employment following a Change in Control of the
Company (I) by the Company and its subsidiaries not for Cause, (II) by the Employee for “Good Reason” (as defined below), or (III) by reason of the Employee’s death or Disability (as defined in Section 2(d)). 

b. “Change in Control of the Company” means a “change in control event” (as that term is defined at
Section 1.409A-3(i)(5) of the Treasury Regulations) with respect to the Company, which generally will include the following events, subject to such additional rules and requirements as may be set forth in the Treasury Regulations and related
guidance: 
 (1) a transfer or issuance of stock of the Company, where stock in the Company remains outstanding after the transaction, and
one person, or more than one person acting as a group (as determined under the Treasury Regulations), acquires ownership of stock in the Company that, together with stock held by such person or group, constitutes more than 50% of the total fair
market value or total voting power of the stock of the Company (however, if a person or group is considered to own more than 50% of the total fair market value or 30% of the total voting power of the stock of the Company, the acquisition of
additional stock by the same person or group will not be considered a change in control for purposes of this Section 2(f)); 
 (2) the
acquisition by a person or group, during the 12-month period ending on the date of the most recent acquisition by such person or group, of ownership of stock possessing 30% or more of the total voting power of the Company (however, if a person or
group is considered to control the Company within the meaning of this sentence (i.e., owns stock of the Company possessing 30% of the total voting power of the Company), then the acquisition of additional control will not be considered a change in
control for purposes of this Section 2(f)); 
 (3) the replacement of a majority of members of the Company’s Board of Directors
during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the appointment or election; or 

(4) the acquisition by a person or group, during the 12-month period ending on the date of the most recent acquisition by such person or
group, of assets from the Company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the Company, as determined under the Treasury Regulations (however, a transfer of

 
assets to certain related persons, as provided under the Treasury Regulations, or to an entity that is controlled by the shareholders of the Company immediately after the transfer, will not be
considered a change in control for purposes of this Section 2(f)). 
 c. “Good Reason” means (i) a material reduction in
the Employee’s duties and responsibilities from those of the Employee’s most recent position with the Company, (ii) a reduction of the Employee’s aggregate salary, benefits and other compensation (including any incentive
opportunity) from that which the Employee was most recently entitled during Employment other than in connection with a reduction as part of a general reduction applicable to all similarly-situated employees of the Company, or (iii) a relocation
of the Employee to a position that is located greater than 40 miles from the location of such Employee’s most recent principal location of employment with the Company; provided, however, that the Employee will be treated as having resigned for
Good Reason only if he or she provides the Company with a notice of termination within 90 days of the initial existence of one of the conditions described above, following which the Company shall have 30 days from the receipt of the notice of
termination to cure the event specified in the notice of termination and, if the Company fails to so cure the event, the Employee must terminate his or her Employment not later than 30 days following the end of such cure period. 

(g) Other Terminations of Employment. Except as provided for herein or in the Plan, any Termination of Employment of the Employee
occurring prior to the end of the Performance Period (including a Termination of Employment initiated by the employee) shall result in the immediate and automatic termination and forfeiture of the Performance Share Award. 

3. Transfer. Any shares of the Company’s common stock underlying the Performance Share Award that are delivered pursuant to
Section 2 may be sold, assigned, pledged, hypothecated, encumbered, or transferred or disposed of in any other manner, in whole or in part, only in compliance with the terms, conditions and restrictions as set forth in the governing instruments
of the Company, applicable federal and state securities laws or any other applicable laws or regulations and the terms and conditions hereof. This award itself shall not be sold, assigned, pledged, hypothecated, encumbered, or transferred or
disposed of in any other manner, in whole or in part. 
 4. Expenses of Issuance of Shares. The issuance of stock certificates
hereunder shall be without charge to the Employee. The Company shall pay, and indemnify the Employee from and against any issuance, stamp or documentary taxes (other than transfer taxes) or charges imposed by any governmental body, agency or
official (other than income taxes) by reason of the issuance of the common stock underlying the Performance Share Award. 
 5. Tax
Withholding. No shares or cash will be issued or paid under this award unless the Employee pays (or makes provision acceptable to the Company for the prompt payment of) an amount sufficient to allow the Company to satisfy its tax withholding
obligations, as determined by the Company. To this end, the Employee shall either: 
  

	 	(a)	pay the Company the amount of tax to be withheld (including through payroll withholding if the Company determines that such a payment method is acceptable), 

	 	(b)	deliver to the Company other shares of Stock owned by the Employee prior to such date having a fair market value, as determined by the Committee, not less than the amount of the withholding tax due, which either have
been owned by the Employee for more than six (6) months or were not acquired, directly or indirectly, from the Company, 

  

	 	(c)	make a payment to the Company consisting of a combination of cash and such shares of Stock, or 

  

	 	(d)	if this award is being settled in Stock, request that the Company cause to be withheld a number of vested shares of Stock having a then fair market value sufficient to discharge minimum required federal, state and local
tax withholding (but no greater than such amount). 

 In no event shall the payment or withholding of taxes be made later than
the end of the payment period prescribed in Sections 2(c) or 2(f), as applicable. In the event the Employee fails to timely pay or timely elect withholding of taxes in the manner described in Section 5(a), (b), (c) or (d), the Company
reserves the right to withhold cash or a number of vested shares of Stock having a then fair market value sufficient to discharge minimum required federal, state and local tax withholding (but no greater than such amount). 

6. References. References herein to rights and obligations of the Employee shall apply, where appropriate, to the Employee’s legal
representative or estate without regard to whether specific reference to such legal representative or estate is contained in a particular provision of this Agreement. 

7. Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been
given when delivered personally or by courier, or sent by certified or registered mail, postage prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below or to such changed address as such party may
subsequently by similar process give notice of: 
 If to the Company: 

Atlas Air Worldwide Holdings, Inc. 

2000 Westchester Avenue 

Purchase, New York 10577 

Attention: General Counsel 
 If to
the Employee: 
 At the Employee’s most recent address shown on the Company’s corporate records, or at any other address which the
Employee may specify in a notice delivered to the Company in the manner set forth herein. 

 8. Governing Law. This Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York, without giving effect to principles of conflicts of laws of any jurisdiction which would cause the application of law, other than the State of New York, to be applied. 

9. Rights of a Stockholder. The Employee shall have no right to transfer, pledge, hypothecate or otherwise encumber such Unit Delivered
Shares or Deferred Dividend Shares. Once the Unit Delivered Shares and Deferred Dividend Shares vest and the shares of Stock underlying those units or shares have been delivered, but not until such time and only with respect to the shares of Stock
so delivered, the Employee shall have the rights of a stockholder, including, but not limited to, the right to vote and to receive dividends. 

10. No Right to Continued Employment. This Performance Share Award shall not confer upon the Employee any right with respect to
continuance of employment by the Company nor shall this Performance Share Award interfere with the right of the Company to terminate the Employee’s employment at any time. 

11. Provisions of the Plan. Capitalized terms used herein and not defined shall have the meanings set forth in the Plan. This Agreement
and the awards and grants set forth herein shall be subject to and shall be governed by the terms set forth in the Plan, a copy of which has been furnished to the Employee and which is incorporated by reference into this Agreement. In the event of
any conflict between this Agreement and the Plan, the Plan shall control. 
 12. Counterparts. This Agreement may be executed in two
counterparts, each of which shall constitute one and the same instrument. 
 13. This Agreement and the payment of the Performance Share
Award are intended to be exempt from the requirements of Section 409A of the Code and guidance issued thereunder and shall be construed accordingly. Notwithstanding the above, neither the Company, nor any subsidiary, nor the Committee, nor any
person acting on behalf of the Company, any subsidiary, or the Committee, shall be liable to the Employee or to the estate or beneficiary of the Employee by reason of any acceleration of income, or any additional tax, asserted by reason of the
failure of this Agreement or any payment hereunder to satisfy the requirements of Section 409A of the Code. 
 [SIGNATURE PAGE FOLLOWS
AS A SEPARATE PAGE] 

 IN WITNESS WHEREOF, the undersigned have executed this Performance Share Unit Agreement as of the
date first above written. 
  

					
	ATLAS AIR WORLDWIDE HOLDINGS, INC.
		
	By:	 	  

		 	Name:	 	Adam R. Kokas
		 	Title:	 	Sr. Vice President, General Counsel
		 		 	and Chief Human Resources Officer
	
	  

	Employee

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