Document:

EX-10.21

 

Exhibit 10.21

Compensation of Outside Directors

     Cash
Compensation. Each of our outside Directors is paid $50,000 in cash compensation
annually, which is payable quarterly in advance, and also receives the following additional cash
compensation as applicable:

Standing Committee Membership

	 	•	 	Each member of the Audit Committee, $15,000 annually;
	 
	 	•	 	Each member of the Compensation Committee, $5,000 annually; and
	 
	 	•	 	Each member of the Nominating and Governance Committee, $5,000 annually.

Chairman Position

	 	•	 	Chairman of the Board, $100,000 annually ($75,000 annually prior to January 1, 2008); and
	 
	 	•	 	Chairman of each of the Audit Committee, the Compensation
Committee and the Nominating and Governance Committee, $25,000
annually.

Meeting Fees

	 	•	 	For each meeting of the Board or a Committee of the Board, including any ad
hoc committee, attended in person by a member, a fee to such member of $1,500 or $3,000 if
such member is its Chairman;
	 
	 	•	 	For each meeting of the Board or a Committee of the Board, including any ad
hoc committee, attended via teleconference or videoconference, a fee to each such member
of $500 or $1,000 if such member is its Chairman; and
	 
	 	•	 	For each meeting of the Board or a Committee of the Board, including any ad
hoc committee, attended in person by a member, all customary out-of-pocket expenses of
such member are reimbursed.

Polar Board Compensation

     Eugene I. Davis, our
Chairman, was elected Chairman of our subsidiary, Polar Air Cargo Worldwide, Inc.
(“Polar”), on June 28, 2007. In light of his increased responsibility resulting from the assumption
of this position, beginning June 28, 2007, Mr. Davis receives an annual cash retainer of $50,000
(payable quarterly) and meeting fees in respect of meetings of the Polar Board of Directors
consistent with the meeting fees paid

 

 

to the Company’s Directors for
Company Board and Committee meetings as described above. Except for
Mr. Davis, no other person is compensated by the Company for serving as a Director of Polar.

Equity Compensation

     Restricted
Shares. On August 24, 2004, each of our outside Directors serving as members of the
Board at such time received a grant of 5,000 shares of Common Stock, which shares vested in equal
increments over three years. On November 4, 2004, each of our outside Directors at such time
received a grant of 15,000 shares of Common Stock, vesting in equal increments over three years.
Mr. Bernlohr and Ms. Hallett, who each joined the Board in
June 2006, each received 10,000 shares of Common Stock at such time, which shares
vest in equal increments over five years. In general, any shares not yet vested are forfeited upon
a termination of a director’s service as a member of the Board, subject to certain limitations and
exceptions. Each of our outside Directors has all of the rights of a stockholder with respect to
the Common Stock described above prior to forfeiture, if any, of such shares, including the right
to vote such shares and, to the extent declared, the right to receive dividends on such shares.

     Restricted
Stock Units. In May 2007, each of our Directors (other than Messrs. Erickson and
Flynn) received a grant of restricted stock units for a number of shares having a value of $50,000
on the date of grant ($75,000 in the case of Mr. Davis), which shares will vest on the earlier of
the date of the Annual Meeting or the one-year anniversary of the date of grant. It is anticipated
that on the date of the 2008 Annual Meeting of Stockholders and on each annual meeting date
thereafter, each Director (other than Mr. Flynn) will receive a grant of restricted stock units
having a value (calculated based on closing price of the Common Stock on the date of grant) of
$100,000 with vesting terms similar to those described above. It is expected that future annual
awards to Mr. Davis will have a value of $175,000.EX-10.22

 

	 	 	 	 	 

Exhibit
10.22

FINAL

ATLAS AIR, INC. PROFIT SHARING PLAN

Approved by the Compensation Committee on February 15, 2008

 

 

ATLAS AIR, INC. PROFIT SHARING PLAN

Preamble

     THIS PROFIT SHARING PLAN, is hereby restated as of February 15, 2008 by Atlas Air, Inc., in
accordance with the terms and conditions set forth herein.

Article 1

Purpose of the Plan

     The purpose of the Plan is to share the profits of the Company with Eligible Employees whose
efforts are instrumental in the Company’s financial success by providing, in addition to other
compensation, payments to such Employees based upon Pre-Tax Profits of the Company on a calendar
year basis for each year ended December 31 for so long as the Plan is in effect.

Article 2

Definitions

     Capitalized terms used herein shall have the following meanings,.

     2.1 Annual Profit Sharing Allocation means the amount paid to an Eligible Employee in
accordance with the terms of Article 5 hereof.

     2.2 Atlas Employee means any Employee employed by the Company on the date an Annual Profit
Sharing Allocation is paid.

     2.3 Code means the Internal Revenue Code of 1986, as amended.

     2.4 Committee means the Compensation Committee of the Board of Directors of Atlas Air
Worldwide Holdings, Inc.

     2.5 Company means Atlas Air, Inc., a Delaware corporation, and any of its subsidiaries whose
participation in this Plan is approved by the Committee.

     2.6 Compensation means gross wages reported by the Company for U.S. federal income tax
purposes on a W-2 federal tax form or similar payments for foreign based employees (including crew
members) as includable in income, excluding from such amounts any of the following: profit sharing,
completion bonus, per diem, compensation paid prior to becoming an Eligible Employee under this
Plan, expense reimbursements, any imputed income associated with life insurance, amounts (whether
death benefits or otherwise) paid directly by the Company upon the death of an employee to such
employee’s estate, heirs, executor or administrator, travel benefits, equity-based compensation,
and other outside the ordinary course payments that might occur in the future.

     2.7 Disability means an Employee’s qualification for long term disability benefits under the
Company’s long-term disability plan

2

 

     2.8 Eligible Employee means any Employee employed by the Company subject to a collective
bargaining agreement that specifically provides for employees’ participation in this plan or an
individual employment agreement that specifically provides for his or her participation in the
Plan, subject to the provisions of Article 3 hereof.

     2.9 Employee means any individual who is employed by the Company on either a salaried or
hourly basis, and from whom the Company is required to withhold taxes from remuneration paid by the
Company to such individuals for personal services rendered to the Company. This term does not
include any individual who is a “leased employee,” as defined in Section 414(n) of the Code, nor
any person retained as an independent contractor.

     2.10 Gross Amount has the meaning set forth in Section 5.1(a).

     2.11 Plan means this Atlas Air, Inc. Profit Sharing Plan.

     2.12 Pre-Tax Profits has the meaning set forth in Section 4.1.

     2.11 Retired Employee means a former Eligible Employee who has reached age 62 (60 for pilots)
or greater and has completed at least five complete years of continuous service as an Eligible
Employee with the Company on or before the date such person elects to retire. An Eligible Employee
who, through no fault of his or her own, is no longer able to work due to the loss of FAA-required
licenses or medical certificates, or due to Disability, will also be deemed a Retired Employee.

Article 3

Requirements for Participation

     An Eligible Employee will participate in the Plan starting on the first day of the first month
following his or her one-year anniversary as a full-time Employee. An Eligible Employee must be
actively employed or a Retired Employee on the date of payment under Section 5.2 in order to
receive a Profit Sharing Allocation.

     3.1 Death. If an Eligible Employee’s employment terminates during a Plan year by reason of
death, the Committee may, in its sole discretion, direct that all or a portion of an eligible
employee’s Annual Profit Sharing Allocation be paid, taking into account the duration of employment
during the Plan year, whether the Eligible Employee was entitled to become a Retired Employee, and
such other matters as the Committee shall deem appropriate.

Article 4

Determination of Pre-Tax Profits

     4.1 Pre-Tax Profits, for the purposes of calculating the Annual Profit Sharing Allocation,
means the pre-tax profits of the Company earned in the ordinary course of business, determined in
accordance with GAAP.. However, the following items defined under generally accepted accounting
principles in the United States or which are in common use in United States public financial
statement reporting will be excluded from Pre-Tax Profits for purposes of calculating the Annual
Profit Sharing Allocation:

3

 

          (a) Any income or loss related to charges or credits (whether or not identified as special
credits or charges) for unusual or infrequently-occurring items (including, but not limited to
business dispositions or sale of property, plant or equipment not in the ordinary course of
business), or related to intangible assets.

          (b) Extraordinary items reported on separate line items in the Company’s income statement.

Article 5

Annual Profit Sharing Allocation

     5.1 Methodology of Payment. The Annual Profit Sharing Allocation shall be calculated
and be payable as follows:

          (a) Step 1 — the Company will calculate an amount equal to 10% of Pre-Tax Profits for the
Plan year (the “Gross Amount”).

          (b) Step 2 — Each Eligible Employee will receive a payment which is equal to the Gross Amount
multiplied by a fraction, the numerator of which is the Eligible Employee’s Compensation and the
denominator of which is the total Compensation of all Atlas Employees, reduced by the Compensation
of those Atlas Employees who, if in the Plan, would not have been Eligible Employees. Payments may
be made in cash, Company stock, or some combination thereof, at the discretion of the Committee.

     5.2 Timing of Payment. To the extent there are profits to be distributed, Annual
Profit Sharing Allocations shall be paid at the discretion of the Committee but in any event no
later than April 30th of the calendar year following the Plan year for which the payment is made.
The difference, if any, between the amount of Annual Profit Sharing Allocations received by
Eligible Employees for any fiscal year and the aggregate of the individual profit sharing amounts
actually paid to Eligible Employees for such Plan year as computed in accordance with this Article
5.2 shall revert to the Company no later than May 15th following such Plan year.

     5.3 Retirement Plan Contributions. All cash payments hereunder will be subject to
401(k) elections on file at the Company at the time of payment, to the extent consistent with the
applicable 401(k) plans.

Article 6

Miscellaneous

     6.1 Effect Upon Employment. Nothing contained herein shall be construed to be a
contract of employment of any kind or for any period, and this Plan shall not confer any rights to
any employee of the Company to continue in the employ of the Company.

     6.2 Transferability and Vesting. The right to receive payments hereunder may not be
transferred or assigned except by will or by the laws of descent and distribution, and no rights
shall vest until payment is made.

4

 

     6.3 Governing Law. This Plan shall be construed in accordance with, and shall be
governed by the laws of the State of Delaware.

     6.4 Entire Plan. This instrument contains the entire understanding and undertaking of
the Company relating to the subject matter hereof, except as otherwise referred to herein, and
supersedes any and all prior and contemporaneous undertakings, agreements, understandings,
inducements or conditions, whether express or implied, written or oral, except as herein contained.

     6.5 Number and Gender. Whenever appropriate, as the context may require, words used
herein shall be construed in the singular or the plural, and words used in one gender shall be
construed in the other gender.

     6.6 Plan Binding Upon All Parties. This Plan shall be binding upon the parties hereto,
their successors and assigns, and upon all employees of the Company and their spouses, heirs,
executors and administrators.

     6.7 Decision of Committee Final and Binding; Amendments and Termination. The Committee
shall resolve any disputes or questions arising under the Plan, and its decision shall be final and
binding upon all parties. The Committee may also amend this Plan from time to time and may
terminate the Plan at any time.

Article 7

Effective Date

     The Plan, as restated, has been approved by the Committee and shall become effective upon its
execution by the President of the Company.

[Remainder of page intentionally omitted]

5

 

          IN WITNESS WHEREOF, this Profit Sharing Plan is executed for and on behalf of the Company the
day and year first above written.

	 	 	 	 	 
	 	ATLAS AIR, INC.

 	 
	 	By:  	/s/ William J. Flynn
 	 
	 	Name: 	William J. Flynn 	 
	 	Title:  	President & Chief Executive Officer 	 
	 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00137-of-00352.parquet"}]]