Document:

EXHIBIT 10.6

EMPLOYMENT AGREEMENT

As Amended and Restated

            THIS AGREEMENT, is entered into this 1st day of January 2006, ("Effective Date") by and between American Bank of New Jersey (the "Savings Bank") and Catherine M. Bringuier (the "Executive").

WITNESSETH

            WHEREAS, the Executive has heretofore been employed by the Savings Bank as the Senior Vice President and Chief Lending Officer and is experienced in all phases of the business of the Savings Bank; and

            WHEREAS, the parties have previously entered into an Employment Agreement, dated January 1, 2003, ("Prior Agreement"); and

            WHEREAS, the Savings Bank wishes to be assured of the Executive's continued active participation in the business of the Savings Bank and wishes to make certain revisions to such Prior Agreement.

            NOW, THEREFORE, in consideration of the covenants and the mutual agreements herein contained, the parties hereby agree as follows:

            1.        Employment. The Savings Bank hereby employs the Executive in the capacity of Senior Vice President and Chief Lending Officer. The Executive hereby accepts said employment and agrees to render such administrative and management services to the Savings Bank and American Bancorp of New Jersey, Inc. the parent holding company of the Savings Bank ("Parent") as are currently rendered and as are customarily performed by persons situated in a similar executive capacity. The Executive shall promote the business of the Savings Bank and Parent. The Executive's other duties shall be such as the Board of Directors for the Savings Bank (the "Board of Directors" or "Board") may from time to time reasonably direct, including normal duties as an officer of the Savings Bank.

            2.        Term of Agreement. The term of this Agreement shall be for the period commencing on the Effective Date and ending December 31, 2006 thereafter ("Term"). Additionally, on, or before, each annual anniversary date from the Effective Date, the Term of this Agreement shall be extended for up to an additional one year period beyond the then effective expiration date upon a determination and resolution of the Board of Directors that the performance of the Executive has met the requirements and standards of the Board, and that the Term of such Agreement shall be extended. References herein to the Term of this Agreement shall refer both to the initial term and successive terms.

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            3.       
Compensation, Benefits and Expenses.

                       (a)        Base Salary. The Savings Bank shall compensate and pay the Executive during the Term of this Agreement a minimum base salary at the rate of $144,130
per annum ("Base Salary"), payable in cash not less frequently than monthly; provided, that the rate of such salary shall be reviewed by the Board of Directors not less often than annually, and the Executive shall be entitled to receive increases at such percentages or in such amounts as determined by the Board of Directors.

                       (b)        Discretionary Bonus. The Executive shall be entitled to participate in an equitable manner with all other senior management employees of the Savings Bank in discretionary bonuses that may be authorized and declared by the Board of Directors to its senior management executives from time to time. No other compensation provided for in this Agreement shall be deemed a substitute for the Executive's right to participate in such discretionary bonuses when and as declared by the Board.

                       (c)        Participation in Benefit and Retirement Plans. The Executive shall be entitled to participate in and receive the benefits of any plan of the Savings Bank or its Parent which may be or may become applicable to senior management relating to pension or other retirement benefit plans, profit-sharing, stock options or incentive plans, or other plans, benefits and privileges given to employees and executives of the Savings Bank or its Parent, to the extent commensurate with her then duties and responsibilities, as fixed by the Board of Directors of the Savings Bank or its Parent.

                       (d)        Participation in Medical Plans and Insurance Policies. The Executive shall be entitled to participate in and receive the benefits of any plan or policy of the Savings Bank which may be or may become applicable to senior management relating to life insurance, short and long term disability, medical, dental, eye-care, prescription drugs or medical reimbursement plans. Additionally, Executive's dependent family shall be eligible to participate in medical and dental insurance plans sponsored by the Savings Bank or Parent with 70% of the cost of such premiums paid by the Savings Bank.

                       (e)        Vacations and Sick Leave. The Executive shall be entitled to paid annual vacation leave in accordance with the policies as established from time to time by the Board of Directors. The Executive shall also be entitled to an annual sick leave benefit as established by the Board for senior management employees of the Savings Bank. The Executive shall not be entitled to receive any additional compensation from the Savings Bank for failure to take a vacation or sick leave, nor shall she be able to accumulate unused vacation or sick leave from one year to the next, except to the extent authorized by the Board of Directors.

                       (f)        Expenses. The Savings Bank shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive in furtherance of, or in connection with the business of the Savings Bank or Parent, including, but not by way of limitation, automobile and traveling expenses, and all reasonable entertainment expenses, subject to such reasonable documentation and other limitations as may be established by the Board of Directors of the Savings Bank. If such expenses are paid in the first instance by the Executive, the Savings Bank shall reimburse the Executive therefor.  Expenses incurred by Executive on behalf of Parent shall be paid or advanced by Parent or reimbursed by Parent to the Savings Bank.

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                       (g)        Changes in Benefits. The Savings Bank shall not make any changes in such plans, benefits or privileges previously described in Section 3(c), (d) and (e) which would adversely affect the Executive's rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Savings Bank and does not result in a proportionately greater adverse change in the rights of, or benefits to, the Executive as compared with any other executive officer of the Savings Bank. Nothing paid to Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary payable to Executive pursuant to Section 3(a) hereof.

            4.        Loyalty; Noncompetition.

                       (a)        The Executive shall devote her full time and attention to the performance of her employment under this Agreement. During the term of the Executive's employment under this Agreement, the Executive shall not engage in any business or activity contrary to the business affairs or interests of the Savings Bank or Parent.

                       (b)        Nothing contained in this Section 4 shall be deemed to prevent or limit the right of Executive to invest in the capital stock or other securities of any business dissimilar from that of the Savings Bank or Parent, or, solely as a passive or minority investor, in any business.

            5.        Standards. During the term of this Agreement, the Executive shall perform her duties in accordance with such reasonable standards expected of executives with comparable positions in comparable organizations and as may be established from time to time by the Board of Directors.

            6.        Termination and Termination Pay. The Executive's employment under this Agreement shall be terminated upon any of the following occurrences:

                       (a)        The death of the Executive during the term of this Agreement, in which event the Executive's estate shall be entitled to receive the compensation due the Executive through the last day of the calendar month in which Executive's death shall have occurred.

                       (b)        The Savings Bank may terminate the Executive's employment at any time with or without Just Cause within its sole discretion. This Agreement shall not be deemed to give Executive any right to be retained in the employment or service of the Savings Bank, or to interfere with the right of the Savings Bank to terminate the employment of the Executive at any time, but any termination by the Savings Bank other than termination for Just Cause shall not prejudice the Executive's right to compensation or other benefits under the Agreement. The Executive shall have no right to receive compensation or other benefits for any period after termination for Just Cause. The Savings Bank may within its sole discretion, acting in good faith, terminate the Executive for Just Cause and shall notify such Executive accordingly. Termination for "Just Cause" shall include termination because of the Executive's personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of the Agreement.

                       (c)        Except as provided pursuant to Section 9 hereof, in the event Executive's
employment under this Agreement is terminated by the Savings Bank without Just Cause during

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the Term of this Agreement (including any renewal Term), the Savings Bank shall be obligated to continue to pay the Executive: i) the salary provided pursuant to Section 3(a) herein, up to the date of termination of the remaining Term of this Agreement, but in no event for a period of less than one year from such date of termination of employment; and ii) for the same minimum one year period, the cost of Executive obtaining all health, life, disability and other benefits which the Executive would be eligible to participate in during such period of payment, based upon the benefit levels substantially equal to those being provided Executive at the date of termination of employment. The provisions of this Section 6(c) shall survive the expiration of this Agreement.

                       (d)        The voluntary termination by the Executive during the term of this Agreement with the delivery of no less than 60 days written notice to the Board of Directors, other than pursuant to Section 9(b), in which case the Executive shall be entitled to receive only the compensation, vested rights, and all employee benefits up to the date of such termination.

            7.        Regulatory Exclusions.

                       (a)        If the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Savings Bank's affairs by a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) and (g)(1)), the Savings Bank's obligations under the Agreement shall be suspended as of the date of service, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Savings Bank may within its discretion (i) pay the Executive all or part of the compensation withheld while its contract obligations were suspended and (ii) reinstate any of its obligations which were suspended.

                       (b)        If the Executive is removed and/or permanently prohibited from participating in the conduct of the Savings Bank's affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act ("FDIA") (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Savings Bank under this Agreement shall terminate, as of the effective date of the order, but the vested rights of the parties shall not be affected.

                       (c)        If the Savings Bank is in default (as defined in Section 3(x)(1) of FDIA) all obligations under this Agreement shall terminate as of the date of default, but this paragraph shall not affect any vested rights of the contracting parties.

                       (d)        All obligations under this Agreement shall be terminated, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Savings Bank: (i) by the Director of the Office of Thrift Supervision ("Director of OTS"), or his designee, at the time that the Federal Deposit Insurance Corporation ("FDIC") enters into an agreement to provide assistance to or on behalf of the Savings Bank under the authority contained in Section 13(c) of FDIA; or (ii) by the Director of the OTS, or his designee, at the time that the Director of the OTS, or his designee approves a supervisory merger to resolve problems related to operation of the Savings Bank or when the Savings Bank is determined by the Director of the OTS to be in an unsafe or unsound condition. Any rights of the parties that have already vested, however, shall not be affected by such action.

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                       (e)        Notwithstanding anything herein to the contrary, any payments made to the Executive pursuant to the Agreement, or otherwise, shall be subject to and conditioned upon compliance with 12 USC 1828(k) and any regulations promulgated thereunder.

            8.        Disability. If the Executive shall become disabled or incapacitated to the extent that she is unable to perform her duties hereunder, by reason of medically determinable physical or mental impairment, as determined by a doctor engaged by the Board of Directors, Executive shall receive compensation and benefits in accordance with the terms of any plans or policies of the Savings Bank relating to short and long term disability, rather than pursuant to the Agreement. Such benefits shall be reduced by any benefits otherwise provided to the Executive during such period under the provisions of disability insurance coverage in effect for Savings Bank employees. Upon returning to active full-time employment, the Executive's full compensation as set forth in this Agreement shall be reinstated as of the date of commencement of such activities. In the event that the Executive returns to active employment on other than a full-time basis, then her compensation (as set forth in Section 3(a) of this Agreement) shall be reduced in proportion to the time spent in said employment, or as shall otherwise be agreed to by the parties.

            9.        Change in Control.

                       (a)        Notwithstanding any provision herein to the contrary, in the event of the involuntary termination of Executive's employment during the term of this Agreement following any Change in Control of the Savings Bank or Parent, or within twelve (12) months thereafter of such Change in Control, absent Just Cause, Executive shall be paid an amount equal to the product of two (2) times the Executive's "base amount" as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the "Code") and regulations promulgated thereunder. Said sum shall be paid in one (1) lump sum as of the date of such termination of service, and such payments shall be in lieu of any other future payments which the Executive would be otherwise entitled to receive under Section 6 of this Agreement. Notwithstanding the forgoing, all sums payable hereunder shall be reduced in such manner and to such extent so that no such payments made hereunder, when aggregated with all other payments to be made to the Executive by the Savings Bank or the Parent, shall be deemed an "excess parachute payment" in accordance with Section 280G of the Code and be subject to the excise tax provided at Section 4999(a) of the Code. The term "Change in Control" shall refer to: (i) the sale of all, or a material portion, of the assets of the Savings Bank or the Parent; (ii) the merger or recapitalization of the Savings Bank or the Parent whereby the Savings Bank or the Parent is not the surviving entity; (iii) a change in control of the Savings Bank or the Parent, as otherwise defined or determined by the Office of Thrift Supervision or regulations promulgated by it; or (iv) the acquisition, directly or indirectly, of the beneficial ownership (within the meaning of that term as it is used in Section 13(d) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder) of twenty-five percent (25%) or more of the outstanding voting securities of the Savings Bank or the Parent by any person, trust, entity or group. The term "person" means an individual other than the Executive, or a corporation, partnership, trust, association, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of entity not specifically listed herein. The provisions of this Section 9(a) shall survive the expiration of this Agreement occurring after a Change in Control.

                       (b)        Notwithstanding any other provision of this Agreement to the contrary, Executive may voluntarily terminate her employment during the term of this Agreement following a Change in Control of the Savings Bank or Parent, or within twelve (12) months following such Change in Control, and upon the occurrence, or within 120 days thereafter, of any of the following events, which have not been consented to in advance by the Executive in writing: (i) if Executive

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would be required to move her personal residence or perform her principal executive functions more than forty (40) miles from the Executive's primary office as of the signing of this Agreement; or (ii) if the Savings Bank should fail to maintain Executive's base compensation in effect as of the date of the Change in Control and the existing employee benefits plans, including material fringe and retirement plans. Upon such voluntary termination of employment by the Executive in accordance with this subsection, Executive shall thereupon be entitled to receive the payments described in Section 9(a) of this Agreement. The provisions of this Section 9(b) shall survive the expiration of this Agreement occurring after a Change in Control.

            10.        Withholding. All payments required to be made by the Savings Bank hereunder to the Executive shall be subject to the withholding of such amounts, if any, relating to tax and other payroll deductions as the Savings Bank may reasonably determine should be withheld pursuant to any applicable law or regulation.

            11.      Successors and Assigns.

                       (a)        This Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Savings Bank or Parent which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Savings Bank or Parent.

                       (b)        Since the Savings Bank is contracting for the unique and personal skills of the Executive, the Executive shall be precluded from assigning or delegating her rights or duties hereunder without first obtaining the written consent of the Savings Bank.

            12.        Amendment; Waiver. No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing, signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Savings Bank to sign on its behalf. No waiver by any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

            13.        Governing Law. The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of New Jersey.

            14.        Nature of Obligations. Nothing contained herein shall create or require the Savings Bank to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to receive benefits from the Savings Bank hereunder, such right shall be no greater than the right of any unsecured general creditor of the Savings Bank.

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            15.      
Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

            16.      	Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of the other provisions of this Agreement, which shall remain in full force and effect.

            17.       	Arbitration. Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled exclusively by arbitration in accordance with the rules then in effect of the district office of the American Arbitration Association ("AAA") nearest to the home office of the Savings Bank, and judgment upon the award rendered may be entered in any court having jurisdiction thereof, except to the extent that the parties may otherwise reach a mutual settlement of such issue. The provisions of this Section 17 shall survive the expiration of this Agreement.

            18.      	 Confidential Information. The Executive acknowledges that during her employment she will learn and have access to confidential information regarding the Savings Bank and the Parent and its customers and businesses ("Confidential Information"). The Executive agrees and covenants not to disclose or use for her own benefit, or the benefit of any other person or entity, any such Confidential Information, unless or until the Savings Bank or the Parent consents to such disclosure or use or such information becomes common knowledge in the industry or is otherwise legally in the public domain. The Executive shall not knowingly disclose or reveal to any unauthorized person any Confidential Information relating to the Savings Bank, the Parent, or any subsidiaries or affiliates, or to any of the businesses operated by them, and the Executive confirms that such information constitutes the exclusive property of the Savings Bank and the Parent. The Executive shall not otherwise knowingly act or conduct herself (a) to the material detriment of the Savings Bank or the Parent, or its subsidiaries, or affiliates, or (b) in a manner which is inimical or contrary to the interests of the Savings Bank or the Parent. Notwithstanding anything herein to the contrary, failure by the Executive to comply with the provisions of this Section may result in the immediate termination of the Agreement within the sole discretion of the Savings Bank, disciplinary action against the Executive taken by the Savings Bank, including but not limited to the termination of employment of the Executive for breach of the Agreement and the provisions of this Section, and other remedies that may be available in law or in equity.

            19.      	Compliance with Section 409A of the Code.  Not withstanding anything herein to the contrary, any payments to be made in accordance with Sections 6 or 9 of the Agreement shall not be made prior to the date that is 183 calendar days from the date of termination of employment of the Executive if it is determined by the Savings Bank or the Parent in good faith that such payments to be made to such Executive are subject to the limitations set forth at Section 409A of the Code and regulations promulgated thereunder, and payments made in advance of such date would result in the requirement for the Executive to pay additional interest and taxes to be imposed in accordance with Section 409A(a)(1)(B) of the Code.

            20.      	Entire Agreement. This Agreement together with any understanding or modifications thereof as agreed to in writing by the parties, shall constitute the entire agreement between the parties hereto.

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            IN WITNESS WHEREOF, the parties have executed this Agreement on the date first hereinabove written.

			
		AMERICAN BANK OF NEW JERSEY
 
 

		By:	/s/ W. George Parker

W. George Parker

Chairman
 
 
	ATTEST:
 
 
 
/s/ Kathleen Walsh

Sectretary

	
 
 

WITNESS:
 
 
 
	/s/ Kathleen Walsh
	/s/ Catherine M. Bringuier

Catherine M. Bringuier
Executive

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End.RETIREMENT AND GENERAL RELEASE AGREEMENT

          THIS RETIREMENT AND GENERAL RELEASE AGREEMENT is entered into this 29th day of January, 2006, by and between Atlas Air Worldwide Holdings, Inc. (“Holdings”) and Jeffrey Erickson
(“Employee”).

     WHEREAS, Employee is employed by the Company as President and Chief Executive Officer of Holdings and of Atlas Air, Inc. (collectively the “Company”), pursuant
to that certain Amended and Restated Employment Agreement dated April 1, 2005 (the “Employment Agreement”); 

     WHEREAS, Employee and the Company are entering into this Agreement to resolve all issues relating to Employee’s employment, retirement, and termination of the
Employment Agreement. 

     NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, the Company and Employee hereby agree as follows: 

     1.     Retirement: Employee shall retire from his employment with the
Company on a date determined by the Company, which date shall be no later than six months from the date of this Agreement (the “Retirement Date”). Employee shall receive reasonable notice from the Company of the Retirement Date.

     2.      Payments and Other Benefits: 

              (a) (i) In lieu of any and all benefits Employee would otherwise be entitled to under the Employment Agreement, Employee will receive
supplemental retirement payments based on Employee’s base annual salary of $524,400 for a period of eighteen months (the “Payout Period”), commencing six months after the Retirement Date; and (ii) As a special inducement to enter
into this Agreement, a lump sum payment of $524,400 payable on his Retirement Date. 

              (b)     The Company will provide Employee with continued medical, dental, and vision coverage (as previously elected by Employee) for a period of
twenty-four (24) months after the Retirement Date, subject to Employee paying the same portion of the premiums for such coverage as is paid by actively employed executives of the Company during the period of his employment with the Company;
provided, however, that any such continued coverage shall cease in the event Employee obtains comparable coverage in connection with subsequent employment. The provision of such benefits during the Payout Period shall not count toward the
Employee’s entitlement period for continuation benefits under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”).

              (c)     Employee shall fully vest as of the Retirement Date in the following: 

	                       	i. 58,733 shares of Holdings’ restricted stock granted 8/11/04, which shares would otherwise not vest until July 27, 2006.

 

	                       	 ii. 42,233 stock options granted 8/11/04, with an exercise price of $16.70  per share, which options would otherwise not vest until July 27, 2006.  These options may be exercised up to the later of (A) ninety (90) days  after
the Retirement Date and (B) December 31, 2006. 
	 	 
	                       	 iii. 17,333 options granted 3/22/05 with an exercise price of $27.50,  which options would otherwise not vest until January 23, 2007. These  options may be exercised up to the later of (A) ninety (90) days after the
Retirement Date and (B) December 31, 2006. 

For the avoidance of doubt, all vested options held by Employee, either because of paragraphs (i) through (iii) above or otherwise, may be exercised up to the later of (A) ninety (90) days after the Retirement Date and (B)
December 31, 2006. The Company hereby confirms that the Employee will be entitled to satisfy his withholding tax obligations on any restricted stock vesting or option exercises through share withholding. 

              (d)      Notwithstanding the provisions of the 2005 Senior Executive Annual Incentive Plan which require continued employment through the payment date for payment eligibility, Employee will be entitled to payment under such Plan in
accordance with its other terms regardless of the timing of the Retirement Date.

              (e)      Employee will be entitled to receive a bonus for 2006 equal to fifty percent (50%) of his base salary. He shall receive that bonus without regard to whether he remains employed through the payment date, which shall be the
same date that bonuses for other executives are paid under the 2006 Senior Executive Annual Incentive Plan, but in any event not later than March 14, 2007. 

              (f)      The Company will pay Employee’s attorneys’ fees, to a maximum of $30,000.00, incurred in connection with his retirement pursuant to, and negotiation of, this Agreement, upon presentation of a detailed invoice
for such fees.

              (g)      Employee shall be entitled to retain his Company-provided Blackberry and laptop, subject to the Company’s right to remove any proprietary information. Company will not provide or pay for service in connection with any
such retained item. 

              (h)      Company will reimburse Employee for the cost of moving his personal belongings to his home in Arizona, to a maximum of $5,000.00, upon presentation of an invoice.

              (i)      Employee will receive a success fee upon the completion of any “Transaction” as that term is defined in any engagement letter between the Company and any selected investment banker entered into during his remaining
tenure as CEO, in an amount equal to 10% of the fee paid to such investment banker upon such successful completion. No more than two transactions will qualify for such payment, and those transactions shall be as agreed upon between Employee and the
Board of Directors. No payment under this provision will be made unless such agreed-upon transaction closes within one year of the Retirement Date. 

              (j)      Employee will receive all accrued and unpaid amounts owing him as of the Retirement Date, such as vacation pay and unpaid salary.

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With the exception of the foregoing, Employee acknowledges and agrees that he shall not be entitled to receive or accrue any other compensation or benefits from the Company of any kind or nature whatsoever during the Payout Period
or otherwise, including, but not limited to, any benefits under the Company’s Long Term Incentive Plan, Annual Incentive Plan, vacation, profit sharing, 401(k) contributions, stock option awards of any kind, bonuses, severance pay, or any other
benefits that may be provided to employees or officers of the Company as a matter of Company policy or practice. Employee further agrees that during the Payout Period, he will not be eligible to make any contributions to the Company’s 401(k)
Plan. The payments and benefits described in this Paragraph 2 include consideration provided to Employee over and above anything of value to which he would otherwise be entitled. 

     3.     Comprehensive Release and Waiver: In consideration of the benefits provided to him under Paragraph
3, and except as expressly set forth in this Retirement and General Release Agreement, Employee hereby releases, waives, and forever discharges the Company, its officers, directors, employees, partners, owners, affiliates, and agents, and its and
their respective officers, directors, employees, partners, owners, affiliates, agents, successors, assigns, benefit plans, and programs (the “COMPANY RELEASEES”) from any claim, demand, action, or cause of action, whether known or unknown,
which arose at any time from the beginning of time to the date on which Employee executes this Agreement. Accordingly, Employee waives and releases all rights relating to, arising out of, or in any way connected with his employment with or
retirement from the Company, including, but not limited to, any claim, demand, cause of action, or right, including claims for attorneys’ fess based on, but not limited to: 

              (a)      The Age Discrimination in Employment Act of 1967, as amended (codified beginning at 29 U.S.C. Section 621); the Older Workers Benefit
Protection Act (Pub. Law 101-433, 104 Stat. 978 (1990)); Title VII of the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act of 1990; the Civil Rights Acts of 1866, 1871, and 1991; the Family and Medical Leave Act of 1993; the
Equal Pay Act of 1963; the Employee Retirement and Income Security Act of 1974, as amended (“ERISA”); the New York State Civil Rights Act, as amended; the New York State Human Rights Law, as amended; the New York State Labor Law, as
amended; the New York State Workers’ Compensation Law’s Retaliation provisions, as amended; the New York State Disability Benefits law’s Retaliation provisions, as amended; the New York City Administrative Code and Charter, as
amended; the New York City Human Rights Law, as amended; any federal, state, or local law concerning equal pay; and any other federal, state, or local employment statute, law, or ordinance; provided,
however, that this Agreement shall not affect Employee’s rights under the Older Workers Benefit Protection Act to have a judicial determination of the validity of this release and waiver; 

              (b)     Any and all rights or claims under any express or implied contract or covenant, covenant of good faith and fair dealing, promissory
estoppel, or other promises; 

              (c)     Any and all common law claims such as wrongful discharge, violation of public policy, defamation, negligence, infliction of emotional
distress, any intentional torts, outrageous conduct, interference with contract, fraud, misrepresentation, and invasion of privacy; and 

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              (d)     Any and all claims for any of the following: money damages including actual, compensatory, or punitive damages, equitable relief such as
reinstatement or injunctive relief, front or back pay, wages, sick pay, stock options, vacation pay, bonuses, stock awards, liquidated damages, costs, expenses, or any other remedies. 

Employee acknowledges that he is releasing all claims and potential claims pursuant to this Paragraph 3 to the fullest extent permitted at law. The waiver and release contained in this Paragraph 3, however, does not include: (a)
any rights or claims arising after the Retirement Date; (b) any vested rights to receive benefits under the Company’s ERISA benefit plans and any indemnification agreements or arrangements; (c) any rights under this Agreement; and (d) any
rights to elect continuation coverage under the Company’s group health plan in accordance with the terms of COBRA. 

     4.     Covenant Not To Sue: (a) Employee agrees not to file any claims, complaints, charges, or lawsuits
against any COMPANY RELEASEE for any of the claims or other matters that are released, waived, or discharged in Paragraph 3 of this Retirement and General Release Agreement. Accordingly, Employee covenants and agrees not to sue any of the COMPANY
RELEASEES concerning any claim relating to, arising out of, or occurring during the course of his employment with or Retirement from the Company.

              (b)      Company covenants and agrees not to sue, and agrees to cause the COMPANY RELEASEES to covenant and agree not to sue, Employee concerning any claim relating to, arising out of, or occurring as
a result of Employee’s employment or service as a director of the Company or any of its affiliates and while Employee acted within the scope of his employment or duties, or as a result of his Retirement, except to the extent such claim resulted
from the willful misconduct of Employee.

     5.     Non-Disclosure and Return Of Company Property: Employee covenants and agrees that at any time in the
future he will not reveal, divulge, or make known to any third party any Confidential or Proprietary Information of the Company or any of its affiliates which is not in the public domain, except as required by law. Confidential or Proprietary
Information includes, but is not limited to, records, data, trade secrets, pricing policies, strategy, rate structure, personnel policy, management methods, financial reports, methods or practice of obtaining or doing business and any oral or
written information disclosed to Employee or known by Employee as a consequence of or through Employee’s employment by the Company which relates to the Company’s business, products, processes, contracts, or services, including, but not
limited to, information relating to research, development, inventions, products under development, manufacturing, processes, formulas, purchasing, finance, accounting, revenues, expenses, marketing, selling, suppliers, customer lists, customer
requirements, and the documentation thereof. Except as specifically set forth herein, Employee has returned or agrees to return to the Company on or before the Effective Date (as defined below) of this Agreement, any and all Company property
(including his company car or other electronic equipment) and records in Employee’s possession or control, whether prepared by Employee or by others, including, but not limited to, notes, memoranda, correspondence, documents, records,
notebooks, tapes, disks, and other repositories of Confidential Information. Employee also agrees to return all Company identification and credit cards on or before the Retirement Date. 

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     6.     Non-Disparagement: The parties agree not to make any oral or written statement or take any other
action which disparages or criticizes the other, and agrees not to make statements about the other to public media. Employee agrees not to send bulk-mails or faxes or other communications to Company employees generally or to large groups of Company
employees; provided, however, that Employee shall not be restricted from communicating with individual Company employees concerning legitimate personal interests of Employee, or from
contacting Company officers or directors concerning issues relating to Employee’s past employment by the Company or the rights and obligations of Employee and the Company under this Agreement. Employee agrees to cooperate with the Company to
promptly resolve all expense account statements to the Company’s reasonable satisfaction. 

     7.      Non-Competition:

              (a)      Employee
covenants and agrees that, at no time before the first anniversary of the later
of (x) the Retirement Date and (y) the date Employee ceases to be a member of
the Board, will Employee engage in any of the following  activities directly
or indirectly, for any reason, whether for Employee’s own account or for
the account of any other person, firm, corporation or other organization: 

	              	(i)      interfere with any of the Company’s contracts or relationships with any client, employee, officer, director or any independent contractor whether the person is employed by or associated with the Company on the date of
this Agreement or at any time thereafter; or 
	 	 
	              	(ii)      interfere with any of the Company’s contracts or relationships with any independent contractor, customer, client or supplier, or any person who is a bona fide prospective independent contractor, customer, client or
supplier of the Company. 

              (b)      In addition, Employee covenants and agrees that, at no time before the first anniversary of the later of (x) the Retirement Date and (y) the date Employee ceases to be a member of the Board, will
Employee directly or indirectly, for any reason, whether for Employee’s own account or for the account of any other person, firm, corporation or other organization, accept employment with, or give advice to, (i) any air cargo carrier, (ii) any
air cargo division or affiliate of any other airline or (iii) any company that leases cargo aircraft on an ACMI, wet lease, charter or dry lease basis. The parties agree and intend that breach of this non-competition clause shall subject Employee to
the full measure of contract and equitable damages. 

Employee acknowledges that irreparable damage would result to the Company if the provisions of this Paragraph 7 are not specifically enforced, and agrees that the Company shall be entitled to any appropriate legal, equitable, or
other remedy, including injunctive relief, in respect of any failure to comply with the provisions of this Paragraph 7. 

For purposes of this Paragraph 7, “Company” shall include Holdings and each of its subsidiaries. 

     8.     Confidentiality: Employee agrees to keep the terms of this Agreement confidential and not to
disclose those terms to anyone except immediate family members, legal counsel, and tax or financial advisors; provided, however, that Employee advises such persons of 

5

the confidential nature of this Agreement and they agree not to disclose such information further, and except as may otherwise be necessary to enforce its terms or as required by law. 

     9.      Cooperation: Employee agrees to cooperate fully with the Company in connection with any actions, proceedings, or potential
actions or proceedings the subject matter of which arose, occurred, or transpired while Employee was an employee or otherwise represented the Company. Such cooperation will include, but is not limited to, testimony at deposition, trial, or
arbitration; submission of affidavits, certifications, or other court documents; and preparation for the foregoing via personal meetings and telephone conferences with the Company and/or its counsel. The Company agrees to pay Employee’s
reasonable out-of-pocket expenses in connection with such testimony and preparation for such testimony. The Company will provide reasonable compensation to the extent that Employee’s obligations under this Paragraph 9 involve more than, in the
aggregate, three days in any calendar year. 

     10.    Breach
By Either Party: If either party breaches any
provision of this Agreement, the breaching party agrees to pay all reasonable attorneys’ fees and costs incurred by the non-breaching party or by any COMPANY RELEASEE as a result of such breach. In the event of a material breach of this
Agreement by Employee, the Company shall have the right to recover all consideration paid or provided hereunder in excess of amounts which would have been payable to Employee under the Employment Agreement had Employee been terminated by the Company
without Cause (as defined in the Employment Agreement) as of the date this Agreement is executed, and Employee shall have the right to recover damages for any amounts due hereunder. 

     11.    Successors: This Agreement shall apply to Employee, as well as his heirs, agents, executors, and
administrators. The Agreement also shall apply to, and inure to the benefit of, the predecessors, successors, and assigns of the Company and each past, present, or future employee, agent, representative, officer, partner, owner, or director of the
Company and any division, subsidiary, parent, or affiliated entity. 

     12.    Prior Agreements: Except as provided herein, this Agreement shall supersede and effectively
terminate any prior employment agreement(s) between the Company and the Employee, including but not limited to the Employment Agreement. Employee hereby releases the Company and the Company Releasees (as defined in Paragraph 3, above) from any and
all obligations under those respective Agreements. Nothing herein shall supersede any indemnification agreements or arrangements for the benefit of Employee. 

     13.    Severability: If any provision of this Agreement is found to be invalid or unenforceable by a court
of competent jurisdiction, the remaining terms of this Agreement will remain in full force and effect. 

     14.    Complete Agreement: The parties agree that this Retirement and General Release Agreement sets forth
all of the terms of the agreement between the parties with respect to the subject matter of this Agreement. This Agreement constitutes the entire agreement between Employee and the Company concerning his employment with the Company and his
Retirement from employment with the Company, and there are no other promises, understandings, or agreements relating thereto except as may be provided herein.

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     15.   No admission: Nothing in this Agreement shall be construed as an admission of liability by either
party. The purpose of this Agreement is solely to amicably resolve all issues relating to Employee’s employment and Retirement from employment with the Company.

     16.   Drafting: Both parties have participated in the preparation of this Agreement, and no rules of
construction or interpretation based upon which party drafted any portion of the Agreement shall be applicable or invoked.

     17.   Choice of Law and Jurisdiction: This Agreement shall be construed and enforced in accordance with
the law of the State of New York. Any action brought by or on behalf of Employee, his agents, heirs, administrators, or executors against the Company (or any of its officers, directors, employees, partners, owners, affiliates, or agents) to enforce
this Agreement shall be maintained in a federal or state court located in the jurisdiction in which Employee was employed by the Company.

     18.   No Representations: The parties agree and acknowledge that they have not relied upon any
representation, whether written or oral, of the other party in connection with entering into this Agreement, other than as set forth herein. 

     19.   Public Announcements: The parties will cooperate in the issuance of any press releases or otherwise
in the making of any public statements with respect to Employee’s retirement and related matters contemplated hereby. Employee acknowledges that the Company intends to issue a press release promptly following the parties’ execution and
delivery of this Agreement. 

     20.   Registration Rights: Employee will be expressly included in any registration of shares made by the
Company, to the same extent as then current executives, with respect to shares and options previously issued to him. 

     21.   D&O Coverage: The Company will continue to provide Employee coverage under the Company
directors and officers (“D&O”) insurance policy for so long as he reasonably retains potential liability as a result of his status as an officer, director or employee of the Company or any of its affiliates, including service as a
fiduciary of a Company or affiliate employee benefit plan. The terms and conditions of such coverage shall be at least as favorable to the Employee as the most favorable terms and conditions provided to any other officer, director or senior
executive of the Company or its affiliates. Without limitation on the foregoing, the Company will indemnify the Employee, to the fullest extent permitted by law, for any liability, loss, cost, expense or damage, as incurred, by reason of his service
as an officer, director or employee of the Company or its affiliates, including service as a fiduciary of a Company or affiliate employee benefit plan. 

     22.   Directorship: Employee will resign from the Board of Directors as of the Retirement Date, unless at
such time there is a vacancy on the Board created by the resignation or other termination of another Board member. Notwithstanding the foregoing, Employee will be included in the slate of directors presented to the Company’s shareholders at the
Company’s next annual meeting. 

7

 THIS AGREEMENT IS AN IMPORTANT LEGAL DOCUMENT. EMPLOYEE IS ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS AGREEMENT. EMPLOYEE IS ADVISED THAT HE HAS 21 DAYS AFTER RECEIVING THIS DOCUMENT TO CONSIDER IT, AND IF HE ELECTS TO SIGN IT BEFORE THAT TIME, ACKNOWLEDGES THAT
HE HAS DONE SO VOLUNTARILY. IF EMPLOYEE CHOOSES TO AGREE TO THE TERMS OF THIS AGREEMENT, HE MUST SIGN AND RETURN THIS AGREEMENT TO THE COMPANY WITHIN 21 DAYS. IF EMPLOYEE SIGNS THIS AGREEMENT, HE WILL THEN HAVE THE RIGHT TO REVOKE THIS AGREEMENT BY
DELIVERING WRITTEN NOTICE OF REVOCATION TO THE COMPANY, BUT SUCH NOTICE MUST BE RECEIVED BY THE COMPANY WITHIN SEVEN DAYS AFTER THE DATE THAT EMPLOYEE SIGNED THIS AGREEMENT. THIS AGREEMENT SHALL NOT BECOME EFFECTIVE AND NONE OF THE PAYMENTS AND BENEFITS SET FORTH IN THIS
AGREEMENT SHALL BECOME DUE AND PAYABLE UNTIL THE “EFFECTIVE DATE,” WHICH IS DEFINED AS THE EARLIEST DATE AFTER (a) BOTH PARTIES HAVE EXECUTED THIS AGREEMENT, AND (b) EMPLOYEE’S SEVEN-DAY REVOCATION PERIOD HAS PASSED WITHOUT
 REVOCATION. IF THIS AGREEMENT IS NOT SIGNED AND DELIVERED TO THE COMPANY WITHIN THE 21-DAY PERIOD, NEITHER EMPLOYEE NOR THE COMPANY WILL HAVE ANY RIGHTS OR OBLIGATIONS UNDER THIS AGREEMENT. 

	COMPANY:

      
ATLAS AIR WORLDWIDE HOLDINGS, INC.

a Delaware corporation 

    	 	JEFFREY ERICKSON:
	 	 	 
	By: /s/ Eugene I. Davis 	 	      /s/ J.H. Erickson
      

	
    	 	
    
	Printed: EUGENE I. DAVIS	 	Printed: J.H. Erickson 
	
    	 	
    
	
      Title: CHAIRMAN OF THE BOARD 	 	Date: 1/29/06 
	
    	 	
    
	Date: 1/29/06 	 	 
	
    	 	 

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