Document:

Secured Fixed Rate Global Note dated July 31, 2012

 Exhibit 4.3 
 THIS FIXED RATE GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF. TRANSFERS OF THIS FIXED RATE GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, EITHER TO THE DEPOSITARY, TO NOMINEES OF THE DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR TO EXPORT-IMPORT BANK OF THE UNITED STATES, IN EACH INSTANCE, MADE IN
ACCORDANCE WITH THE PROVISIONS SET FORTH IN THE INDENTURE. TRANSFERS OF BENEFICIAL INTERESTS IN THIS FIXED RATE GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE PROVISIONS SET FORTH IN THE INDENTURE AND THE APPLICABLE PROCEDURES
OF THE DEPOSITARY REFERRED TO THEREIN. 
 HELIOS LEASING I LLC 

SECURED FIXED RATE GLOBAL NOTE 
 DUE IN QUARTERLY INSTALLMENTS 
 COMMENCING ON OCTOBER 24, 2012 AND 

MATURING ON JULY 24, 2024 
 ISSUED IN CONNECTION WITH 
 ONE BOEING MODEL 747-87UF AIRCRAFT WITH 

MANUFACTURER’S SERIAL NO. 37565, 
 WITH FOUR INSTALLED GENERAL ELECTRIC 
 MODEL GENX-2B67 ENGINES 

(THE “AIRCRAFT”) 
  

			
	CUSIP No. 42328B AB8	  	July 31, 2012
	$142,693,000.00	  	

 HELIOS LEASING I LLC, a limited liability company formed under the laws of the State of Delaware
(the “Issuer”), for value received, hereby promises to pay to CEDE & CO. or its registered assigns, the principal amount of One Hundred Forty-Two Million Six Hundred Ninety-Three Thousand and 00/100 United States Dollars
(U.S.$142,693,000.00) constituting as of the date hereof the aggregate outstanding unpaid principal amount of the Bank Note issued with respect to the above-referenced Aircraft under that certain Indenture dated as of May 1, 2012 (the
“Indenture”) among the Issuer, Apple Bank for Savings, as Initial Guaranteed Lender, Apple Bank for Savings, as Calculation Agent, Wilmington Trust Company, not in its individual capacity, except as expressly provided therein, but
solely in its capacity as Indenture Trustee, Wells Fargo Bank Northwest, National Association, as Security Trustee, and Export-Import Bank of the United States (“Ex-Im Bank”), payable in forty-eight (48) consecutive quarterly
principal installments commencing on October 24, 2012, and thereafter on January 24, April 24, July 24 and October 24 of each year (or if any such day is not a Business Day, on the next succeeding Business Day,
each such day being a “Payment Date”), each such principal installment to be in the amount set forth opposite the applicable Payment Date in Annex A attached hereto and made a part hereof, and the entire unpaid principal amount
then owing hereunder to be paid in full on July 24, 2024 (the “Final Maturity Date”); and to pay interest on 

 
the unpaid principal amount of this Note from time to time at 1.734% per annum (the “Fixed Rate”) on each Payment Date and upon the payment or redemption thereof (but only
on the principal amount so paid or redeemed). The Issuer also agrees to pay on demand interest at the Fixed Rate on overdue principal and overdue interest payable under this Note, from the date due until the Business Day such payment is received at
or before 11:00 a.m. (New York time) at the place of payment set forth below, and to pay the costs of collection, if any (including reasonable attorneys’ fees), and in each case, in lawful money of the United States of America and in
immediately available and freely transferable funds. 
 All payments of principal, interest, overdue interest and other amounts
to be made by the Issuer to the Indenture Trustee for the account of the Noteholders under this Note shall be made in Dollars by payment to the account of the Indenture Trustee at Wilmington Trust Company, Attn: Corporate Trust Administration; ABA
No. 0311 00092, Account No. 100872-000 (Reference: Atlas Air, Inc.) (or such other account in the continental United States as the Indenture Trustee may designate, in writing, by not less than ten (10) Business Days’ notice) at
or before 11:00 a.m. on the due date therefor at the place of payment. 
 Interest shall accrue on the unpaid principal amount
of this Note from and including the date hereof to but not including each Payment Date and the date the principal amount of this Note shall be due (by installments, at maturity, by acceleration or otherwise) at the Fixed Rate. Any payment of
interest, principal or any other payment not paid to the Indenture Trustee when due and payable hereunder shall, from the date when due and payable until the date when fully paid, bear interest at the Fixed Rate. Interest shall be computed on the
basis of a year of 360 days and twelve (12) 30-day months, and interest at the Post-Default Rate shall be computed on the basis of a year of 360 days and the actual number of days elapsed (including the first day but excluding the last day)
occurring in the period for which such interest is payable. 
 The Issuer agrees that the records maintained by the Indenture
Trustee as to the outstanding principal amount of this Note, the Fixed Rate, the date and amount of each repayment of principal of this Note and payment of interest or overdue interest received by the Indenture Trustee, shall be conclusive absent
manifest error. 
 This Note is a “Fixed Rate Global Note” as referred to in the Indenture and is secured by
the Security Documents. The Issuer may redeem or be obligated to redeem the principal of this Note, all as specified in the Indenture, and subject to the requirements thereof. Capitalized terms not otherwise defined herein shall have the respective
meanings assigned thereto in the Indenture. 
 Upon the occurrence of an Event of Default and for so long as such Event of
Default shall continue, the principal hereof, accrued and unpaid interest hereon and all other amounts payable hereunder may be declared to be or may automatically become forthwith due and payable, all as provided in the Indenture. 

The Issuer waives diligence, demand, presentment, notice of nonpayment, protest, and notice of protest all in the sole discretion of the
Holder and without notice and without affecting in any manner the liability of the Issuer. This Note (i) is intended by the Issuer to be an “instrument for the payment of money only” within the meaning of New York law, and
(ii) shall 

 
be governed by and construed in accordance with the internal laws of the State of New York, United States of America, without reference to principles of conflicts of law other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law. 
 This Note is a registered instrument. A manually
signed and authenticated copy of this Note shall be evidence of the Holder’s rights and is not a bearer instrument. 
 No
transfer by the Holder of any interest of the Holder in this Note or in the rights to receive any payments hereunder (other than a transfer to Ex-Im Bank) shall be effective unless a book entry of such transfer is made upon the Register referred to
in the Indenture and such transfer is effected in compliance with the Indenture including final acceptance and entry into the Register of the transfer pursuant to the Indenture. 

Prior to the entry into the Register of any transfer (other than a transfer to Ex-Im Bank) as provided in the immediately preceding
paragraph, the Issuer and each other Person shall deem and treat each owner of this Note reflected in the Register as owner of this Note or the rights to receive any payments hereunder as the owner thereof for all purposes. 

This Note or any Tranche hereof is subject to redemption only as required or permitted by the terms of the Indenture. In connection with
any redemption of this Note or any Tranche hereof in accordance with the terms of the Indenture, the “Premium Over Treasuries” shall be 0.25%. Following any redemption of any Tranche hereof in full, Annex A hereto shall be amended such
that each installment payable on a Payment Date is equal to the sum of the Tranches that have not been redeemed. Thereafter, all payment of principal and interest under this Note shall be made in accordance with Annex A, as so amended. 

By acceptance of this Note or a Beneficial Interest herein, each Noteholder and Beneficial Owner (other than Ex-Im Bank) shall be deemed
to have agreed to be bound by and consented to the terms and provisions of the Operative Documents. 

 IN WITNESS WHEREOF, the Issuer has caused its officer or attorney-in-fact thereunto
duly authorized to execute this Fixed Rate Global Note as of the date first above written. 
  

			
	 HELIOS LEASING I LLC
 by Helios Leasing Trust, its Manager
by Wilmington Trust Company, not in its
individual capacity, but solely as Trustee

		
	By:	 	/s/ Robert P. Hines, Jr.
		 	Name: Robert P. Hines, Jr.
		 	Title: Assistant Vice President

 GUARANTEE 
 This promissory note is guaranteed by the Export-Import Bank of the United States (“Ex-Im Bank”) for a principal amount not to exceed U.S.$142,693,000.00 plus interest thereon at the
Guaranteed Interest Rate as provided in the Guarantee Agreement dated as of May 1, 2012 (the “Guarantee Agreement”) between the Indenture Trustee and Ex-Im Bank, and said guarantee is expressly made subject to all of the
provisions therein as if all of said provisions were expressly set forth herein. Capitalized terms used herein and not otherwise defined have the meaning specified in the Guarantee Agreement. 

 

			
	EXPORT-IMPORT BANK OF THE
UNITED STATES
		
	By:	 	/s/ Katherine Lockhart Arendt
		 	(Signature)

 
			
		
	Name:	 	Katherine Lockhart Arendt
	        (Print)

 
			
		
	Title:	 	Vice President, Acting

 Ex-Im Bank Guarantee No. AP086438XX – Atlas Air, Inc. 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is a Fixed Rate Global Note issued under the Indenture and is entitled to the benefits thereof. 

 

									
	Date:	 	July 31, 2012	 		 	WILMINGTON TRUST COMPANY,
		 		 		 	not in its individual capacity but solely as
the Indenture Trustee
					
		 		 		 	By:	 	/s/ Robert P. Hines, Jr.
		 		 		 		 	Authorized Signatory

 Annex A 

 

																	
	 Payment Date
	  	Principal
Component	 	  	Interest
Component	 	  	Total	 	  	Principal Balance	 
	 10/24/2012
	  	$	2,653,766.00	  	  	$	577,269.00	  	  	$	3,231,035.00	  	  	$	140,039,234.00	  
	 1/24/2013
	  	 	2,666,372.00	  	  	 	607,000.00	  	  	 	3,273,372.00	  	  	 	137,372,862.00	  
	 4/24/2013
	  	 	2,679,037.00	  	  	 	595,443.00	  	  	 	3,274,480.00	  	  	 	134,693,825.00	  
	 7/24/2013
	  	 	2,691,762.00	  	  	 	583,830.00	  	  	 	3,275,592.00	  	  	 	132,002,063.00	  
	 10/24/2013
	  	 	2,704,548.00	  	  	 	572,163.00	  	  	 	3,276,711.00	  	  	 	129,297,515.00	  
	 1/24/2014
	  	 	2,717,395.00	  	  	 	560,440.00	  	  	 	3,277,835.00	  	  	 	126,580,120.00	  
	 4/24/2014
	  	 	2,730,302.00	  	  	 	548,662.00	  	  	 	3,278,964.00	  	  	 	123,849,818.00	  
	 7/24/2014
	  	 	2,743,271.00	  	  	 	536,827.00	  	  	 	3,280,098.00	  	  	 	121,106,547.00	  
	 10/24/2014
	  	 	2,756,302.00	  	  	 	524,936.00	  	  	 	3,281,238.00	  	  	 	118,350,245.00	  
	 1/24/2015
	  	 	2,769,394.00	  	  	 	512,989.00	  	  	 	3,282,383.00	  	  	 	115,580,851.00	  
	 4/24/2015
	  	 	2,782,549.00	  	  	 	500,985.00	  	  	 	3,283,534.00	  	  	 	112,798,302.00	  
	 7/24/2015
	  	 	2,795,766.00	  	  	 	488,924.00	  	  	 	3,284,690.00	  	  	 	110,002,536.00	  
	 10/24/2015
	  	 	2,809,046.00	  	  	 	476,806.00	  	  	 	3,285,852.00	  	  	 	107,193,490.00	  
	 1/24/2016
	  	 	2,822,389.00	  	  	 	464,630.00	  	  	 	3,287,019.00	  	  	 	104,371,101.00	  
	 4/24/2016
	  	 	2,835,795.00	  	  	 	452,397.00	  	  	 	3,288,192.00	  	  	 	101,535,306.00	  
	 7/24/2016
	  	 	2,849,265.00	  	  	 	440,105.00	  	  	 	3,289,370.00	  	  	 	98,686,041.00	  
	 10/24/2016
	  	 	2,862,799.00	  	  	 	427,755.00	  	  	 	3,290,554.00	  	  	 	95,823,242.00	  
	 1/24/2017
	  	 	2,876,398.00	  	  	 	415,346.00	  	  	 	3,291,744.00	  	  	 	92,946,844.00	  
	 4/24/2017
	  	 	2,890,060.00	  	  	 	402,878.00	  	  	 	3,292,938.00	  	  	 	90,056,784.00	  
	 7/24/2017
	  	 	2,903,788.00	  	  	 	390,351.00	  	  	 	3,294,139.00	  	  	 	87,152,996.00	  
	 10/24/2017
	  	 	2,917,581.00	  	  	 	377,765.00	  	  	 	3,295,346.00	  	  	 	84,235,415.00	  
	 1/24/2018
	  	 	2,931,440.00	  	  	 	365,118.00	  	  	 	3,296,558.00	  	  	 	81,303,975.00	  
	 4/24/2018
	  	 	2,945,364.00	  	  	 	352,412.00	  	  	 	3,297,776.00	  	  	 	78,358,611.00	  
	 7/24/2018
	  	 	2,959,355.00	  	  	 	339,645.00	  	  	 	3,299,000.00	  	  	 	75,399,256.00	  
	 10/24/2018
	  	 	2,973,411.00	  	  	 	326,818.00	  	  	 	3,300,229.00	  	  	 	72,425,845.00	  
	 1/24/2019
	  	 	2,987,535.00	  	  	 	313,930.00	  	  	 	3,301,465.00	  	  	 	69,438,310.00	  
	 4/24/2019
	  	 	3,001,726.00	  	  	 	300,980.00	  	  	 	3,302,706.00	  	  	 	66,436,584.00	  
	 7/24/2019
	  	 	3,015,984.00	  	  	 	287,969.00	  	  	 	3,303,953.00	  	  	 	63,420,600.00	  
	 10/24/2019
	  	 	3,030,310.00	  	  	 	274,897.00	  	  	 	3,305,207.00	  	  	 	60,390,290.00	  
	 1/24/2020
	  	 	3,044,704.00	  	  	 	261,762.00	  	  	 	3,306,466.00	  	  	 	57,345,586.00	  
	 4/24/2020
	  	 	3,059,166.00	  	  	 	248,564.00	  	  	 	3,307,730.00	  	  	 	54,286,420.00	  
	 7/24/2020
	  	 	3,073,697.00	  	  	 	235,304.00	  	  	 	3,309,001.00	  	  	 	51,212,723.00	  
	 10/24/2020
	  	 	3,088,298.00	  	  	 	221,982.00	  	  	 	3,310,280.00	  	  	 	48,124,425.00	  
	 1/24/2021
	  	 	3,102,967.00	  	  	 	208,595.00	  	  	 	3,311,562.00	  	  	 	45,021,458.00	  
	 4/24/2021
	  	 	3,117,706.00	  	  	 	195,146.00	  	  	 	3,312,852.00	  	  	 	41,903,752.00	  
	 7/24/2021
	  	 	3,132,515.00	  	  	 	181,632.00	  	  	 	3,314,147.00	  	  	 	38,771,237.00	  
	 10/24/2021
	  	 	3,147,395.00	  	  	 	168,054.00	  	  	 	3,315,449.00	  	  	 	35,623,842.00	  
	 1/24/2022
	  	 	3,162,345.00	  	  	 	154,412.00	  	  	 	3,316,757.00	  	  	 	32,461,497.00	  
	 4/24/2022
	  	 	3,177,366.00	  	  	 	140,704.00	  	  	 	3,318,070.00	  	  	 	29,284,131.00	  
	 7/24/2022
	  	 	3,192,458.00	  	  	 	126,932.00	  	  	 	3,319,390.00	  	  	 	26,091,673.00	  
	 10/24/2022
	  	 	3,207,623.00	  	  	 	113,094.00	  	  	 	3,320,717.00	  	  	 	22,884,050.00	  
	 1/24/2023
	  	 	3,222,859.00	  	  	 	99,191.00	  	  	 	3,322,050.00	  	  	 	19,661,191.00	  
	 4/24/2023
	  	 	3,238,167.00	  	  	 	85,221.00	  	  	 	3,323,388.00	  	  	 	16,423,024.00	  
	 7/24/2023
	  	 	3,253,549.00	  	  	 	71,186.00	  	  	 	3,324,735.00	  	  	 	13,169,475.00	  
	 10/24/2023
	  	 	3,269,003.00	  	  	 	57,083.00	  	  	 	3,326,086.00	  	  	 	9,900,472.00	  
	 1/24/2024
	  	 	3,284,531.00	  	  	 	42,914.00	  	  	 	3,327,445.00	  	  	 	6,615,941.00	  
	 4/24/2024
	  	 	3,300,132.00	  	  	 	28,677.00	  	  	 	3,328,809.00	  	  	 	3,315,809.00	  
	 7/24/2024
	  	$	3,315,809.00	  	  	$	14,372.00	  	  	$	3,330,181.00	  	  	$	0.00Atlas Air, Inc.  401(k) Restoration and Voluntary Deferral Plan

 Exhibit 10.1 
 ATLAS AIR, INC. 
 401(k) RESTORATION AND VOLUNTARY DEFERRAL PLAN

 Effective as of February 11, 2011 

 TABLE OF CONTENTS 

 

					
	ARTICLE I NAME AND PURPOSE OF PLAN AND DEFINITIONS	  	 	1	  
		
	 1.1    Name and effective date.
	  	 	1	  
		
	 1.2    Status of Plan; Section 409A, etc..
	  	 	1	  
		
	 1.3    Definitions.
	  	 	1	  
		
	ARTICLE II ELIGIBILITY AND PARTICIPATION	  	 	4	  
		
	 2.1 Eligibility to participate.
	  	 	4	  
		
	 2.2    Termination of participation.
	  	 	5	  
		
	ARTICLE III CREDITS; ELECTIONS TO DEFER; NOTIONAL INVESTMENT OF ACCOUNTS	  	 	5	  
		
	 3.1    Employer Credits.
	  	 	5	  
		
	 3.2    Elective Credits.
	  	 	5	  
		
	 3.3    Accounts.
	  	 	6	  
		
	ARTICLE IV VESTING	  	 	6	  
		
	 4.1    Vesting of Elective Credits.
	  	 	6	  
		
	 4.2    Vesting of Employer Credits.
	  	 	7	  
		
	ARTICLE V PLAN DISTRIBUTIONS	  	 	7	  
		
	 5.1    Time and form of payment.
	  	 	7	  
		
	 5.2    Designation of Beneficiary; Death.
	  	 	7	  
		
	 5.3    Certain tax matters.
	  	 	8	  
		
	ARTICLE VI ADMINISTRATION OF THE PLAN	  	 	8	  
		
	 6.1    Administrator.
	  	 	8	  
		
	 6.2    Indemnification.
	  	 	8	  
		
	 6.3    Claims and appeal procedures.
	  	 	9	  
		
	ARTICLE VII AMENDMENT AND TERMINATION	  	 	9	  
		
	 7.1    Amendment; termination.
	  	 	9	  
		
	 7.2    Effect of amendment or termination.
	  	 	9	  
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	 	9	  
		
	 8.1    Source of payments.
	  	 	9	  
		
	 8.2    Inalienability of benefits.
	  	 	9	  

					
		
	 8.3    Expenses.
	  	 	10	  
		
	 8.4    No right of employment.
	  	 	10	  
		
	 8.5    Headings.
	  	 	10	  
		
	 8.6    Acceptance of Plan terms.
	  	 	10	  
		
	 8.7    Construction.
	  	 	10	  

  
 -2-

 ARTICLE I 
 NAME AND PURPOSE OF PLAN AND DEFINITIONS 
  

	1.1	Name and effective date. The Plan set forth herein is the Atlas Air, Inc. 401(k) Restoration and Voluntary Deferral Plan, effective February 11, 2011.

  

	1.2	Status of Plan; Section 409A, etc.. The Plan is intended to be (i) a plan described in Sections 201(2), 301(a)(3), 401(a)(1) and 4021(b)(6) of
ERISA, and (ii) a nonqualified deferred compensation plan that complies in form and operation with Section 409A. Notwithstanding the foregoing, neither the Company nor any parent, subsidiary or affiliate, nor any officer, director or
employee of the Company or of any parent, subsidiary or affiliate shall be liable to any Participant or to any other person by reason of any failure or asserted failure of the Plan so to qualify, in whole or in part. Without limiting the generality
of the foregoing and for the avoidance of doubt, (i) if at the time of a Participant’s Separation From Service the Participant is determined by the Administrator to be a specified employee under Treasury Regulation
Section 1.409A-1(i), any and all amounts payable under the Plan on account of such Separation From Service that constitute nonqualified deferred compensation and would otherwise be payable within six (6) months following the date of
Separation From Service 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; and (ii) if any portion of an Account is determined by the
Administrator to be includible, by reason of Section 409A, in a Participant’s or Beneficiary’s income, such portion shall be paid by the Company to such Participant or Beneficiary in a manner consistent with Section 409A and the
regulations thereunder. 

  

	1.3	Definitions. When used herein, the following words shall have the meanings indicated below. 

 

	 	(a)	“Account”: an account described in Section 3.3, including any sub-accounts that the Administrator may establish. 

 

	 	(b)	“Administrator”: the Administrator appointed pursuant to Section 6.1. 

 

	 	(c)	“Basic Plan”: the Atlas Air, Inc. Retirement Plan, as from time to time amended and in effect. 

 

	 	(d)	 “Basic Plan Compensation”: for purposes of calculating the Employer Credits, for any Participant for any Plan Year, all items of
remuneration for such Plan Year that would be eligible for deferral by the Participant under the Basic Plan, determined with regard to the dollar limit in effect for such Plan Year under Section 401(a)(17) of the Code. For any Plan Year, the
amount of Basic Plan Compensation allocable to any day shall equal the total amount of Basic Plan Compensation for the year divided by three hundred sixty-five (365). For the avoidance of doubt, Basic Plan Compensation for the Plan Year ending
December 31, 

	 	
2011 shall also include amounts that would have qualified as Basic Compensation for the period January 1, 2011 through February 10, 2011. 

 

	 	(e)	“Beneficiary”: in respect of any Participant, the person or persons that are treated as the Participant’s Beneficiary in accordance with
Section 5.2(a). 

  

	 	(f)	“Change in Control”: 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(1)); 

  

	 	(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)).

  
 2 

	 	(g)	“Code”: the Internal Revenue Code of 1986, as amended from time to time. 

 

	 	(h)	“Committee”: the Compensation Committee of the Board of Directors of Atlas Air Worldwide Holdings, Inc. 

 

	 	(i)	“Company”: Atlas Air, Inc. 

  

	 	(j)	“Credit”: any or all, as the context requires, of an Elective Credit or an Employer Credit. 

 

	 	(k)	“Deferred Compensation Agreement”: a written agreement described in Section 3.2(a). 

 

	 	(l)	“Disabled” and the correlative term “Disability”: a Participant will be considered Disabled (as that term is defined in
Section 409A(a)(2)(C) of the Internal Revenue Code) on the date as of which, in the Administrator’s determination, he or she: (i) is unable to engage in any substantial gainful activity by reason of any medically determinable physical
or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental impairment that can
be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months, under an accident and health plan
covering employees of the Company. 

  

	 	(m)	“Elective Credit”: an amount credited under Section 3.2. 

 

	 	(n)	“Eligible Employee”: an employee who meets the eligibility criteria set forth in Section 2.1. 

 

	 	(o)	“Eligible Compensation”: with respect to Employer Credits, for any Participant for any Plan Year, the excess of (i) all items of remuneration
(other than Equity Compensation) for such Plan Year that would be eligible for deferral by the Participant under the Basic Plan, determined without regard to any dollar limits in effect under the Code, over (ii) the dollar limit in effect for
such Plan Year under Section 401(a)(17) of the Code. For any Plan Year, the amount of Eligible Compensation allocable to any day shall equal the total amount of Eligible Compensation for the year divided by three hundred sixty-five (365). For
the avoidance of doubt, Eligible Compensation for the Plan Year ending December 31, 2011 shall also include amounts that would have qualified as Eligible Compensation for the period January 1, 2011 through February 10, 2011.

  

	 	(p)	“Employer Credit”: an amount credited under Section 3.1. 

 

	 	(q)	 “Equity Compensation”: all items of remuneration received by a Participant pursuant to a stock-based award under the Atlas Air
Worldwide Holdings, Inc. 2007 Incentive Plan, the Atlas Air Worldwide Holdings, Inc. 2004 Long Term 

  
 3 

	 	
Incentive and Share Award Plan or any other plan of the Company or its parent, subsidiary or affiliate providing for awards of stock-based incentive compensation. 

 

	 	(r)	“Participant”: an Eligible Employee who has an Account under the Plan. 

 

	 	(s)	“Pay”: with respect to Elective Credits, for any Participant for any Plan Year, the sum of base salary plus any cash bonus and/or cash incentive pay.
Base salary shall be treated as Pay for a Plan Year only if it is or, but for deferral under the Plan or the Basic Plan, would be paid on a current basis in respect of services performed during the Plan Year. Cash bonuses and/or cash incentive pay
shall be treated as Pay for a Plan Year (the “first Plan Year”) only if it is or, but for deferral under the Plan or the Basic Plan, would be paid not later than the following Plan Year in respect of a performance period consisting of the
first Plan Year. 

  

	 	(t)	“Plan”: this Atlas Air, Inc. 401(k) Restoration and Voluntary Deferral Plan, as from time to time amended and in effect. 

 

	 	(u)	“Section 409A”: Section 409A of the Code. 

  

	 	(v)	“Separation from Service”: a separation from service, within the meaning of Treas. Regs. §1.409A-1(h), with the Company and any other company that
would be treated as a single employer with the Company under the first sentence of Treas. Regs. §1.409A-1(h)(3); and correlative terms shall be construed to have a corresponding meaning. 

To the extent permitted by the Administrator, the terms “written,” “in writing,” and terms of similar import shall
include communications by electronic media. 
 ARTICLE II 
 ELIGIBILITY AND PARTICIPATION 
 2.1 Eligibility to participate. 

 

	 	(a)	General Rule. Except as provided in Section 2.1(b), an individual shall be eligible to receive Credits under the Plan for a Plan Year only if, as of the
immediately preceding December 31 (the “eligibility determination date”), he or she holds the title of Senior Vice President or above of the Company. Any individual who has satisfied the eligibility requirements of this
Section 2.1 as of the December 31 immediately preceding a Plan Year shall remain an Eligible Employee for the entirety of the Plan Year or until his or her Separation from Service if earlier. All determinations by the Administrator under
this Section 2.1 for a Plan Year shall be made not later than by the immediately preceding eligibility determination date. 

  
 4 

	 	(b)	Special Rule for Newly Eligible Individuals. An individual who, by reason of commencement of employment or promotion during a Plan Year, would first satisfy the
requirements for eligibility then in effect under Section 2.1(a) as of a date during such Plan Year (the “mid-year eligibility determination date”), will be treated as an Eligible Employee for the remainder of the Plan Year. For
purposes of the preceding sentence, the rules of Section 1.409A-2(a)(7) shall apply. 

  

	2.2	Termination of participation. The Committee may terminate an Eligible Employee’s participation in the Plan at any time. If an Eligible Employee’s
participation in the Plan terminates hereunder, the Participant’s Account shall continue to be adjusted for notional earnings until it is distributed as further provided in Section 3.3. No termination of participation shall result in a
cessation or refund of deferrals for which the deferral election has already been made, except in a manner that is consistent with compliance with the requirements of Section 409A. 

ARTICLE III 

CREDITS; ELECTIONS TO DEFER; NOTIONAL INVESTMENT OF ACCOUNTS 

 

	3.1	Employer Credits. For each Plan Year, an Eligible Employee shall be entitled to an Employer Credit equal to (a) the excess of 5% of Basic Plan Compensation
over half the limit in effect for such Plan Year described in Section 402(g)(1)(A) of the Code (without regard to Section 402(g)(1)(C) of the Code) plus (b) 5% of the Participant’s Eligible Compensation for such Plan Year.
Employer Credits for a Plan Year shall be added to the Participant’s Account as of and as soon as practicable following the earlier of (i) the last day of the Plan Year, (ii) the Participant becoming Disabled, (iii) the date of
the Participant’s Separation from Service, (iv) the date of the Participant’s death, or (v) a Change in Control. 

  

	3.2	Elective Credits. 

  

	 	(a)	Deferred Compensation Agreement. An Eligible Employee may elect to defer a portion of his or her Pay for a Plan Year (or, in the case of an Eligible Employee
described in Section 2.1(b), for the balance of the Plan Year of initial eligibility) by entering into a Deferred Compensation Agreement with the Company. Elective Credits equal to the amounts deferred shall be credited to the
Participant’s Account as soon as practicable after the deferral is withheld from Pay. 

  

	 	(b)	 Election procedures and deadlines: deferrals of base salary. In general, a Deferred Compensation Agreement with respect to Pay consisting of
base salary must be entered into, in accordance with such procedures as the Administrator may establish, prior to the beginning of the Plan Year in which the services relating to such base salary are to be performed. In the case of an Eligible
Employee described in Section 2.1(b), a Deferred Compensation Agreement with 

  
 5 

	 	
respect to Pay consisting of base salary for the balance of the Plan Year of initial eligibility must be entered into within thirty (30) days of initial eligibility and shall apply only to
base salary for services performed after the date of such Agreement. 

  

	 	(c)	Election procedures and deadlines; deferrals of cash bonuses or other cash incentive pay. In general, a Deferred Compensation Agreement with respect to Pay
consisting of cash bonuses or other cash incentive pay must be entered into prior to the beginning of the Plan Year in which any portion of the services relating to such bonus or incentive pay is performed. Notwithstanding the foregoing, (i) in
the case of cash bonuses or other cash incentive pay that in the Administrator’s judgment will qualify under Section 409A of the Code as “performance-based compensation” that has not yet become readily ascertainable, a Deferred
Compensation Agreement with respect to such pay may be entered into as late as six (6) months before the end of the performance period if the Eligible Employee has been in continuous employment with the Company since the later of the beginning
of the performance period or the date the performance criteria are established, and (ii) in the case of an Eligible Employee described in Section 2.1(b) above, any Deferred Compensation Agreement with respect to cash bonuses or other cash
incentive pay for the balance of the Plan Year of initial eligibility must be entered into with thirty (30) days of initial eligibility and, unless clause (i) of this Section 3.2(c) is applicable, shall apply only to the portion of
such bonuses or incentive pay determined by multiplying the total amount of such bonuses or incentive pay by a fraction, the numerator of which is the number of days from the date of such Deferred Compensation Agreement until the close of the Plan
Year and the denominator of which is three hundred sixty five (365). 

  

	 	(d)	Other requirements. Except as otherwise determined by the Administrator, a new Deferred Compensation Agreement must be timely executed for each Plan Year and
shall be effective only if accepted and approved by the Administrator by the applicable deadline. 

  

	 	(e)	Amount of Deferrals. The Administrator may, prior to the effectiveness of any Deferred Compensation Agreement, limit the amount of Pay eligible to be deferred
under such Agreement. 

  

	3.3	Accounts. The Administrator shall establish for each Participant an Account together with such sub-accounts as in the determination of the Administrator are
needed or appropriate to reflect the Credits described above as well as debits and other adjustments, including without limitation adjustments for notional (hypothetical) earnings as described in this Section 3.3. Notional earnings shall be
added to a Participant’s Account as of and as soon as practicable following the earlier of (i) the last day of the Plan Year, (ii) the Participant becoming Disabled, (iii) the date of the Participant’s Separation from
Service, (iv) the date of the Participant’s death, or (v) a Change in Control and will be calculated using the U.S. prime interest rate as reported in The Wall Street Journal as of the day prior to the date such earnings are added to
a Participant’s Account. 

  
 6 

 ARTICLE IV 
 VESTING 
  

	4.1	Vesting of Elective Credits. The portions of each Account that reflect Elective Credits, together with related notional earnings, shall be fully vested at all
times. The fact that an Account or any portion thereof is fully vested shall not give the Participant (or his or her Beneficiary(ies)) or any other person any right to receive the value of such Account (as the same may from time to time be adjusted)
except in accordance with the terms of the Plan. 

  

	4.2	Vesting of Employer Credits. Provided a Participant remains employed by the Company, the portions of each Account that reflect Employer Credits together with
related notional earnings shall vest 100% on the third anniversary of the Participant’s initial eligibility for the Plan. Notwithstanding the above, for purposes of this Section 4.2, a Participant who is an Eligible Employee on
February 11, 2011 shall be deemed to be initially eligible for the Plan on the first day he or she held the position of senior vice president or above of the Company. The portions of each Account that reflect Employer Credits credited to a
Participant’s Account on or after the Participant’s third anniversary shall be fully vested at all times. The fact that an Account or any portion thereof is fully vested shall not give the Participant (or his or her Beneficiary(ies)) or
any other person any right to receive the value of such Account (as the same may from time to time be adjusted) except in accordance with the terms of the Plan. 

 ARTICLE V 
 PLAN DISTRIBUTIONS 

 

	5.1	Time and form of payment. Except as otherwise provided herein, each Account, and related notional earnings, shall be paid in a single lump sum to the Participant
within 60 days following the earliest to occur of: 

  

	 	(a)	The Participant becoming Disabled; or 

  

	 	(b)	The Participant’s Separation From Service; 

  

	 	(c)	The Participant’s death; or 

  

	 	(d)	A Change in Control. 

  

	5.2	Designation of Beneficiary; Death. 

  

	 	(a)	 Designation of Beneficiary. A Participant may designate, in writing in a form acceptable to the Administrator, one or more beneficiaries under
the Plan, who may be the same or different than those named under the Basic Plan, to receive benefits, if any, payable upon the Participant’s death; provided, that in the

  
 7 

	 	
absence of any beneficiary so designated, benefits payable following death shall be paid to the Participant’s estate. 

 

	 	(b)	Death. If a Participant dies while still employed by the Company, or following a Separation from Service but prior to the complete distribution of his or her
Account, the Participant’s Account shall be paid to his or her Beneficiary in a lump sum as soon as reasonably practicable, but not later than 60 days, following such Participant’s death. The Administrator reserves the right to require as
a condition of payment of any death benefit hereunder a certified death certificate or other confirmation of death satisfactory to the Administrator with respect to a payment to be made to a Participant’s Beneficiary. 

 

	5.3	Certain tax matters. Payments hereunder shall be reduced by required tax withholdings. To the extent any deferral or credit under the Plan results in current
“wages” for FICA purposes, the Company may reduce other pay of the Participant to satisfy withholding requirements related thereto; but if there is no other pay (or if the Company fails to withhold from such other pay to satisfy its FICA
withholding obligations), the Participant’s Account shall be appropriately reduced (in a manner consistent with Section 409A and the regulations thereunder) by the amount of the required withholding. 

ARTICLE VI 

ADMINISTRATION OF THE PLAN 
  

	6.1	Administrator. Except as the Committee may otherwise determine, the Administrator shall be the Director of Benefits or such other person holding the most senior
position in the Benefits Department of the Company as from time to time in office, and his or her delegates. The Administrator shall have complete discretionary authority to interpret the Plan and to decide all matters under the Plan. Such
interpretation and decision shall be final, conclusive and binding on all Participants and any person claiming under or through any Participant, in the absence of clear and convincing evidence that the Administrator acted arbitrarily and
capriciously. However, no individual acting, directly or by delegation, as the Administrator may determine his or her own rights or entitlements under the Plan. The Administrator shall establish such rules and procedures, maintain such records and
prepare such reports as it considers to be necessary or appropriate to carry out the purposes of the Plan. 

  

	6.2	 Indemnification. To the extent permitted by law and not prohibited by its charter and by-laws, the Company will indemnify and hold harmless
every person serving (directly or by delegation) as Administrator and the estate of such an individual if he or she is deceased from and against all claims, loss, damages, liability and reasonable costs and expenses incurred in carrying out his or
her responsibilities as Administrator, unless due to the gross negligence, bad faith or willful misconduct of such individual; provided, that counsel fees and amounts paid in settlement must be approved by the Company; and further
provided, that this Section 6.2 will not apply to any claims, loss, damages, 

  
 8 

	 	
liability or costs and expenses which are covered by a liability insurance policy maintained by the Company or by the individual. The provisions of the preceding sentence shall not apply to any
corporate trustee, insurance company, investment manager or outside service provider (or to any employee of any of the foregoing) unless the Company otherwise specifies in writing. 

 

	6.3	Claims and appeal procedures. The Administrator shall establish claims and appeals procedures for the Plan under Section 503 of ERISA, which procedures (as
from time to time amended and in effect) shall be deemed a part of the Plan and incorporated herein. 

 ARTICLE VII

 AMENDMENT AND TERMINATION 
  

	7.1	Amendment; termination. By action of the Committee or its delegate, the Company reserves the absolute right at any time and from time to time to amend any or all
provisions of the Plan, and to terminate the Plan at any time. In addition, the Administrator shall have the right at any time and from time to time to make amendments to the Plan (in general or with respect to one or more individual Participants or
Beneficiaries) that are administrative in nature, including, without limitation, amendments coordinating the provisions of the Plan with the terms of any severance, separation or similar plan or agreement. 

 

	7.2	Effect of amendment or termination. No action under Section 7.1 shall operate to reduce the balance of a Participant’s Account as compared to such
balance immediately prior to the effectiveness of such action, other than through a distribution upon a termination and liquidation of the Plan in accordance with the requirements of Treas. Regs. §1.409A-3(j)(4)(ix)). 

ARTICLE VIII 

MISCELLANEOUS PROVISIONS 
  

	8.1	Source of payments. All payments hereunder to Participants and their Beneficiaries shall be paid from the general assets of the Company, including for this
purpose, if the Company in its sole discretion so determines, assets of one or more trusts established in a manner consistent with Section 1.2 above to assist in the payment of benefits hereunder. 

 

	8.2	 Inalienability of benefits. Except as required by law, no benefit under, or interest in, the Plan shall be subject in any manner to
anticipation, alienation, sale, 

  
 9 

	 	
transfer, assignment, pledge, encumbrance, or charge, and any attempt to do so shall be void. 

  

	8.3	Expenses. The Company shall pay all costs and expenses incurred in operating and administering the Plan. 

 

	8.4	No right of employment. Nothing contained herein, nor any action taken under the provisions hereof, shall be construed as giving any Participant the right to be
retained in the employ of the Company. 

  

	8.5	Headings. The headings of the sections in the Plan are placed herein for convenience of reference, and, in the case of any conflict, the text of the Plan, rather
than such heading, shall control. 

  

	8.6	Acceptance of Plan terms. By receiving Employer Credits or executing a Deferred Compensation Agreement, a Participant agrees, on his or her behalf and on behalf
of his or her Beneficiaries, to abide by the terms of the Plan and the determinations of the Administrator with respect thereto. 

  

	8.7	Construction. The Plan shall be construed, regulated, and administered in accordance with the laws of New York and applicable federal laws.

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by it duly respective duly
authorized officer as of the 11th day of February, 2011.

  

			
	ATLAS AIR, INC.
		
	By:	 	 /s/ Adam R. Kokas

		 	Adam R. Kokas
		 	Senior Vice President

  
 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00206-of-00352.parquet"}]]