Document:

EX-10.3

 Exhibit 10.3 

ATLAS AIR WORLDWIDE HOLDINGS, INC. 

RESTRICTED STOCK UNIT AGREEMENT 

THIS RESTRICTED STOCK UNIT AGREEMENT, dated as of              , 2014 (the
“Agreement), 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 (as
amended) (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 Restricted Stock 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              restricted
stock units (“Restricted Stock Units”), which constitute the right to receive, without payment, (i)              shares of common stock of the Company (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 Restricted Stock 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(d) 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 “Award” or “this
award.” The Award is granted as of             , 2014 (the “Date of Grant”). 

2. Vesting of Award; Delivery of Stock, Termination of Employment. Unless otherwise provided by the Committee, the Award under this
Agreement shall be subject to the vesting schedule in this Section 2. 

  
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 (a) Vesting. Subject to the following provisions of this Section 2 and the other
terms and conditions of this Agreement, the Award shall become vested (meaning that the Employee shall be entitled to receive a certain number of shares of Stock (or other consideration to the extent provided in Section 2(c) below)) on the
basis of one Restricted Stock Unit to one share of Stock plus any related Deferred Dividend Shares shall become vested only upon the vesting of the underlying Restricted Stock Unit. The Award will vest, and shares of Stock underlying the Award will
only become deliverable, in four annual installments as follows: 
 Restricted Stock Units shall vest on
                , 2015; 
 Restricted Stock
Units shall vest on                 , 2016; 

Restricted Stock Units shall vest on
                , 2017; and 
 Restricted
Stock Units shall vest on                 , 2018. 
 Except as provided in
Section 2(b) and 2(c) below, in the event of termination of the Employee’s Employment prior to the applicable date above, all unvested Restricted Stock Units shall immediately and automatically terminate and be forfeited (and no shares of
Stock in respect of such Award that have not previously vested shall thereafter be issued). 
 (b) Death or Disability. In the event
of death or 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 and before the occurrence of a Change in Control of the
Company (as defined below), the Award shall become immediately and fully vested and shares of Stock will be delivered pursuant to Section 2(d). 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. 
 (c) 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, this award, if then outstanding, shall vest in full. 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 continue to vest pursuant to its terms and 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, except that upon a Change in Control Termination before the occurrence of the last vesting date specified in Section 2(a) above, this award will become fully vested
immediately prior to the Change in Control Termination and the corresponding Shares shall be delivered to the Employee pursuant to Section 2(d) below. 

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

 

	 	(a)	“Cause” means (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. 

 

	 	(b)	“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)). 

  

	 	(c)	 “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(c)); (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 

  
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power of the Company), then the acquisition of additional control will not be considered a change in control for purposes of this Section 2(c)); (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(c)). 

  

	 	(d)	“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. 

 (d) Delivery of Shares. 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 a vesting date (including by reason of Section 2(c)(1) above), but in any event no later
than March 15 of the year following the year in which the applicable vesting date occurs, the Company shall deliver to the Employee a certificate or shall credit the Employee’s account so as to evidence the number of shares of Stock, if
any, to which the Employee is entitled hereunder, as calculated in accordance with this Section 2. 

  
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 3. Transfer. Any shares of Stock that are delivered pursuant to Section 2(d) 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 Stock. 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 Stock underlying the Award. 
 5. Tax Withholding. No shares or cash will be issued or paid until
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 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 Section 2(d). 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 fair market value sufficient to discharge minimum required federal, state and local withholding (but no greater than such amount). 

6. Section 409A Exemption. Awards granted pursuant to this Agreement are intended to be exempt from the requirements of
Section 409A of the Internal Revenue Code of 

  
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1986 as amended from time to time 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. 
 7. 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. 
 8. 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. 

9. 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. 

10. 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. 

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

  
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 12. 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. 
 13.
Counterparts. This Agreement may be executed in two counterparts, each of which shall constitute one and the same instrument. 

[SIGNATURE PAGE FOLLOWS AS A SEPARATE PAGE] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Restricted Stock 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
	
	  

	EmployeeEX-10.4

 Exhibit 10.4 

ATLAS AIR WORLDWIDE HOLDINGS, INC. 

2014 LONG TERM CASH INCENTIVE PROGRAM 

Approved by Compensation Committee: February 21, 2014 

 ATLAS AIR WORLDWIDE HOLDINGS, INC. 

2014 LONG TERM CASH INCENTIVE PROGRAM 

Section 1. 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” or the “Company”) 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 and shall be subject to the Plan, which is incorporated herein by reference. 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, 2014, and shall be applicable for the 2014-2016 Performance Period. Capitalized terms not defined herein shall have the meanings given in the Plan. 

Section 2. Definitions. 
 2.1.
Award shall mean an opportunity to earn benefits under the Program. 
 2.2. Atlas shall mean AAWW or its subsidiaries. 

2.3. Board shall mean the Board of Directors of AAWW. 

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

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

2.6. Committee shall mean the Compensation Committee of the Board. 

2.7. Determination Date shall have the meaning specified in Section 6.2. 

2.8. Eligible Participant means any of the Chief Executive Officer, President, Executive Vice Presidents, Senior Vice Presidents, Vice
Presidents and Staff Vice Presidents of Atlas, and such other Atlas officers as may from time to time be designated by the Committee. 

2.9. Participant shall mean any Eligible Participant during such Eligible Participant’s period of participation in the Program.

 2.10. Performance Period shall mean January 1, 2014 through December 31, 2016. 

2.11. Program shall mean this Atlas Air Worldwide Holdings, Inc. 2014 Long Term Cash Incentive Program, as it may be amended from time
to time. 

 Section 3. Administration. 

The Program shall be administered by the Committee in accordance with and subject to the provisions of Section 3 of the Plan. 

Section 4. Participation. 
 Each
individual who is employed as an Eligible Participant on the first day of the Performance Period shall participate in the Program. An individual who first becomes employed as an Eligible Participant on or prior to September 30, 2014 (March 31,
2014 in the case of an individual whose Award is intended to qualify for the performance-based compensation exception to the limitations on tax deductibility imposed by Section 162(m) of the Code), may participate in the Program in the
discretion of the Committee (or, in the case of offices below the level of Senior Vice President, its delegate). An individual employed by Atlas, including an Eligible Participant, may be awarded incentive compensation outside the Program in lieu of
or in addition to awards, if any, under the Program. 
 Section 5. Determination of Awards. 

5.1. Target Bonus Award. The target cash bonus payable under an Award for the Performance Period will be the amount established by the
Committee (or, in the case of offices below the level of Senior Vice President, its delegate), for each Participant classification (the “Target Bonus Amount”). 

5.2. Performance Measures. Payment of a cash bonus Award is conditioned upon written certification by the Committee of 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
actual cash bonus Award amount (the “Payable Amount”) shall be determined in accordance with Annex A hereto (the “Performance Plan Schedule”). Intermediate values between specified levels of ROIC and EBITDA are determined by
straight line interpolation. In no event shall the Payable Amount exceed, for any Participant, the maximum amount specified in Section 4(c) of the Plan. 

(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 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. 

  
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 (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 and (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. 

Section 6. Payment of Awards under this Program. 

6.1. General. A Participant will be entitled to receive payment, if any, under an Award if the Participant is still employed by Atlas on
December 31, 2016, subject to this Section 6 and Section 7 below. A Participant will receive an Award in the manner and at the times set forth in Sections 6.2, 6.3, 6.4 and Section 7. 

6.2. Time of Payment. In connection with the completion of performance, the Committee shall certify, in accordance with
Section 162(m) of the Code, whether and at what level the Performance Criteria have been achieved. For the purposes of this Program, the term “Determination Date” means the date on which the Committee makes such certification. Any
Payable Amount for an Award for the Performance Period shall be paid by Atlas within two weeks following the Determination Date, but in no event later than March 15, 2017. 

6.3. Form of Payment. All Payable Amounts for an Award shall be paid in cash. 

6.4. Termination of Employment. 

(a) General. Except as provided otherwise in this Section 6.4 or Section 7, a Participant whose employment
terminates for any reason prior to the last day of the Performance Period shall forfeit such Award. 

  
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 (b) Death or Termination by Reason of Disability. In the event of death or
a termination by the Company of the Participant’s Employment with Atlas (a “Termination of Employment”) by reason of the Participant’s Disability occurring after January 1, 2014, 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 Award that will be payable is calculated by dividing the number of days from January 1, 2014 until the date of Termination of Employment by
reason of Disability or death, by the total number of days in the Performance Period, and multiplying that fraction by the Payable Amount. Subject to Section 7, the reduced (prorated) Payable Amount, if any (calculated as provided in
Section 5.2) shall not be payable until after 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 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. 
 (c) Termination by the Company Not For Cause. In the event of Termination of
Employment of the Participant by reason of an involuntary termination by the Company and its Subsidiaries not for Cause occurring after January 1, 2014, 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 Award that will be payable, if any, 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 Payable Amount. Subject to Section 7, the reduced (prorated) Payable Amount, if any (calculated as provided in Section 5.2) shall not be
delivered until after the Determination Date. For purposes of this Agreement, “Cause” shall mean (i) the Participant’s refusal or failure (other than during periods of illness or disability) to perform the Participant’s
material duties and responsibilities to the Company or its Subsidiaries, (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 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. 

  
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 (d) Other Terminations of Employment. Except as provided for herein or in
the Plan, any Termination of Employment of the Participant occurring prior to the end of the Performance Period (including a Termination of Employment initiated by the Participant) shall result in the immediate and automatic termination and
forfeiture of the Award. 
 Section 7. Change in Control. 

7.1. Vesting; Determination of Payable Amount. Immediately prior to a Change in Control of the Company (as defined below) unless in
connection therewith an Award is assumed (or a substitute award granted) pursuant to Section 7(a)(1) of the Plan, the Performance Criteria in the Performance Plan Schedule applicable to an Award, if an Award is then outstanding, shall be deemed
to have been satisfied based on assumed achievement at the 200% achievement level (“Deemed CIC Achievement”) and the Company shall pay to the Participant in full satisfaction of its obligations with respect thereto cash in an amount equal
to the Payable Amount on the basis of such Deemed CIC Achievement. Notwithstanding the immediately preceding sentence, if in connection with the Change in Control of the Company, an Award is assumed (or a substitute award granted) pursuant to
Section 7(a)(1) of the Plan, an Award shall become payable only if (A) the Participant remains continuously employed by the Company or its subsidiaries until the end of the Performance Period, in which case this award will become fully
payable 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 payable immediately prior to the Change in Control Termination.
In the case of either (A) or (B), the Company shall pay to the Participant, within ten (10) days following the period specified in (A) or (B), the Payable Amount on the basis of the Deemed CIC Achievement. 

7.2. Definitions. For purposes of this Program, the following definitions shall apply: 

(a) “Change in Control Termination” means the termination of a Participant’s Employment following a Change in
Control of the Company (I) by the Company and its subsidiaries not for Cause, (II) by the Participant for “Good Reason” (as defined below), or (III) by reason of the Participant’s death or Disability (as defined in
Section 6.4(b)). 
 (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 

  
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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). 
 (c) “Good Reason” means (i) a material reduction in a Participant’s duties and
responsibilities from those of the Participant’s most recent position with the Company, (ii) a reduction of a Participant’s aggregate salary, benefits and other compensation (including any incentive opportunity) from that which the
Participant was most recently entitled during Employment with the Company other than in connection with a reduction as part of a general reduction applicable to all similarly-situated Participants of the Company, or (iii) a relocation of a
Participant to a position that is located greater than 40 miles from the location of such Participant’s most recent principal location of employment with the Company; provided, however, that a Participant 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 Participant must terminate his or her Employment not later than 30 days following the end of such cure period. 

  
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 Section 8. Beneficiary Designation. 

8.1. 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. 
 8.2. 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 the Participant’s 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. 
 Section 9. General Provisions. 

9.1. 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. 
 9.2. 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 this Program, if at the time of the Participant’s termination of employment, the
Participant is a “specified employee,” as defined below, any and all amounts payable under this Program on account of such separation from service that constitute deferred compensation and would (but for this provision) be payable within
six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6) month period or, if earlier, upon the Participant’s death; except (A) to the extent of
amounts that do not constitute a deferral of compensation within the meaning of Treasury regulation Section 1.409A-1(b), as determined by Atlas in its reasonable good faith discretion or (B) other amounts or benefits that are not subject
to the requirements of Section 409A. For purposes of this Program, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in
Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by the Atlas to be a specified employee under Treasury
regulation Section 1.409A-1(i). 

  
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Notwithstanding anything to the contrary in the Program, neither the Company, nor any affiliate, nor the Committee, nor any person acting on behalf of the Company, 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 be
exempt from the requirements of Section 409A or by reason of Section 4999 of the Code; provided, that nothing in this Section 9.2 shall limit the ability of the Committee or the Company 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. 
 9.3. Rights Limited.
Nothing contained in the Program shall give any Eligible Participant the right to continue in the employment of Atlas, or limit the right of Atlas to discharge an Eligible Participant. 

9.4. Governing Law. The Program shall be construed and governed in accordance with the laws of the State of New York. 

9.5. 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. 
 Section 10. Amendment, Suspension, or Termination. 

The Committee reserves the right to amend, suspend, or terminate the Program at any time. 

  
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