Document:

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This Employment Agreement (hereinafter referred to as the "Agreement") is made and entered into as of the 21st day of April, 2006 by and between William Flynn (hereinafter referred to as "Employee")
and Atlas Air, Inc., a Delaware corporation (hereinafter referred to as "Atlas")

     
WHEREAS, Atlas believes that it is in the best interests of Atlas to retain the services of the Employee and the Employee desires an affiliation with Atlas, on the
terms and subject to the conditions set forth in this Agreement; and 

     WHEREAS, Employee warrants that Employee is entering voluntarily into this Agreement, and that no promises or inducements for this Agreement have been made outside of the terms and
  conditions referred to herein, and Employee enters into this Agreement without reliance upon any statement or representation by Atlas or any other person, concerning any fact material hereto. 

     NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto,
intending to be legally bound hereby, covenant and agree as follows: 

1. DEFINITIONS 

     
For purposes of this Agreement, the following terms shall have the following meanings:

     1.1. "Cause" means (i) any act or acts of material dishonesty taken by the Employee, (ii) the failure of the Employee to comply with any of the
Employee’s material obligations within ten (10) days of written notice from Atlas, (iii) any material violations by

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Employee of Atlas corporate policies as set forth in the Employee Compliance Manual, Employee Handbook or related corporate policies; provided that, if such violation is subject to cure, Employee shall have ten (10) days within
which to cure such violation, or (iv) the conviction of or "no contest" plea by the Employee to any misdemeanor of moral turpitude or any felony. 

     1.2. "Employment Period" means the period commencing on the date hereof and
extending until this Agreement is terminated by either party in accordance with Section 4; provided that this Agreement shall not become effective and the Employment Period shall not commence until (i) the satisfactory completion of a background
check on Employee, (ii) the satisfactory completion of a drug screening test by the Employee as required by Atlas policy and (iii) the formal approval of this Agreement by the Board. 

     1.3. "Permanent Disability" shall be deemed to have been sustained by Employee if
Employee shall have been continuously disabled from performing the duties assigned to Employee during the Employment Period for a period of six (6) consecutive calendar months, and such Permanent Disability shall be deemed to have commenced on the
day following the end of such six (6) consecutive calendar months. 

     1.4. "Change of Control" means the acquisition by any person, entity or "group"
within the meaning of Section 13 (d) (3) or 14 (d) (2) of the Securities Exchange Act of 1934 (the "Exchange Act") (excluding, for this purpose any employee benefit plan of Atlas or its affiliates) of beneficial ownership, within the meaning of Rule
13(d) (c) promulgated under the Exchange Act, of greater than fifty percent (50%) of the combined voting power of the 

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outstanding voting securities of either Atlas or of Atlas Air Worldwide Holdings, Inc. ("Holdings") entitled to vote generally in the election of directors. 

     1.5. “Confidential or Proprietary” shall refer to all information relative
to the plans, structure and practices, including information relating to its customers, contracts and aircraft of Atlas or any affiliate or subsidiary thereof, except: 

     
(a) information that is or becomes a matter of public knowledge through no fault of the Employee; or 

     
(b) information rightfully received by the Employee from a third party without a duty of confidentiality; or 

     
(c) information disclosed to Employee with Atlas’ prior written approval for public dissemination. 

     1.6. "Good Reason" means (i) a reduction in the Employee’s Base Annual Salary
or other benefits provided to officers of Atlas, (ii) a reduction in the percentage target bonus opportunity from the level described in Section 3.2 of this Agreement, (iii) a substantial and material reduction in the Employee’s title or job
responsibilities from the Employee’s title or job responsibilities on the date of this Agreement, (iv) any reduction, within twelve (12) months following a Change of Control, in the Employee’s title or job responsibilities from the
Employee’s title or job responsibilities on the date of this Agreement, and (v) a requirement by Atlas, within twelve (12) months following a Change of Control, that Employee relocate his principal residence from the Purchase, New York area.

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2. EMPLOYMENT AND OBLIGATIONS OF EMPLOYEE 

     Atlas and Employee agree to the following rights, obligations and duties with respect to employment: 

     2.1. Employment. During the Employment Period, Atlas agrees to employ the Employee as President and Chief Executive Officer of Atlas and Holdings, reporting directly to the Board of Directors of Holdings (the "Board"). The scope of Employee’s
responsibilities shall be as determined by the Board. During the Employment Period, Holdings will nominate Employee for election to, and if elected, Employee shall serve on the Board for so long as he is employed. Except as may otherwise be
determined by the Board, Employee shall not be entitled to any additional compensation for serving in any other office for Atlas or subsidiary or affiliate of Atlas. 

     2.2. Obligations of Employee. During the Employment Period, the Employee agrees, except when prevented by
illness or Permanent Disability, or during a period of vacation, to devote substantially all of Employee’s business time and attention to the good faith performance of the duties contemplated; provided, however, that Employee may serve on
boards and committees of other businesses, industry groups or tax-exempt institutions, attend to personal investments and engage in civic and charitable endeavors, so long as such activities are not competitive with the Company and do not interfere
with Employee’s discharge of his obligations hereunder and so long as Employee obtains approval from the Chairman of the Board for any such service. 

     2.3. Principal Residence of Employee. During the Employment Period, Employee shall maintain Employee’s
principal residence in the Purchase, New York area (or such other area to which Atlas might relocate its headquarters); provided that Employee shall

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have up to ninety (90) days to relocate himself and his immediate family to the Purchase, NY area. Employee’s failure to so relocate himself and his immediate family within such 90 day period shall be considered a failure of
the Employee to comply with a material obligation and shall be subject to Section 1.1(ii) of this Agreement. 

3. COMPENSATION 

     
During the Employment Period, Atlas will pay Employee as follows: 

     3.1. Base Annual Salary. Atlas will pay Employee a base annual salary (the "Base Annual Salary") of
$650,000 per annum, payable in semi-monthly installments. Atlas shall review Base Annual Salary not less frequently than annually for increases, including among other considerations, Employee’s performance, it being understood that any
increases shall be at the discretion of Atlas. 

     3.2. Incentive Bonus Payments. Employee will be eligible to participate in Holdings’ Annual Incentive
Plan. The level of the bonus available to the Employee will be set forth in the Annual Incentive Plan and will be awarded in consideration of individual and Atlas performance based on performance goals and objectives determined by the Compensation
Committee of Holdings (the "Compensation Committee"). A fuller description of how corporate and individual performance operate in tandem to determine the calculation of bonuses will be described in the Annual Incentive Plan. The Annual Incentive
Plan document will be developed by the Compensation Committee, and is subject to amendment from time to time with changes as adopted by the Compensation Committee or full Board of Directors of Holdings. As further described in the Annual Incentive
Plan (i) corporate and individual performance in combination may permit the employee to earn a target bonus equal to 80% of Base Annual Salary, (ii) lesser corporate or individual performance may cause bonus payments to be in an amount less than

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80% of Base Annual Salary or result in no bonus being payable and (iii) greater corporate and individual performances may result in the bonus being more than 80% of Base Annual Salary, with a maximum of 160% of Base Annual Salary.
When the bonus payment reaches more than 50% of Base Annual Salary, Atlas reserves the right to pay some or all of the portion of the bonus that is above 50% of Base Annual Salary in Holdings unrestricted stock. Any bonus paid under the Annual
Incentive Plan will be paid no later than two weeks following the completion of the year-end audit for the applicable year. The bonus payable for 2006 shall be pro-rated, i.e., based only on the portion of Base Annual Salary actually earned during
such year. 

     
3.3. Sign on Compensation. Employee shall receive the following within 30 days after his first day of employment under this Agreement: 

     
(a) A cash payment of $200,000. 

     (b) A grant of shares of Holdings restricted stock, with a value on the date of grant of $900,000 (the number of shares rounded to the
nearest full share) which will vest one-quarter on each of the first four anniversaries of the date of this Agreement, provided Employee remains employed on each such vesting date. 

     
3.4. Long Term Equity Compensation. Employee shall receive the following effective as of his first day of employment under this Agreement: 

     (a) A grant of 50,000 stock options, which will vest one-quarter on each of the first four anniversaries of the date of this Agreement,
provided Employee remains employed on each such vesting date. 

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     (b) A grant of 25,000 shares of Holdings restricted stock, which will vest one-quarter on each of the first four anniversaries of the date of
this Agreement, provided Employee remains employed on each such vesting date; and further provided, however, that no shares will vest unless specified performance goals, determined by the Compensation Committee and Employee, are achieved.

     Employee understands that he shall not be entitled to any further grants of equity compensation before 2008 and that any such grants shall be solely at the discretion of the Holdings Compensation
Committee. 

     At such time or times that restricted stock granted to Employee hereunder vests, Atlas shall, at Employee’s request, withhold a number of vested shares having a then-fair market value sufficient
to discharge minimum required federal, state and local tax withholding resulting from the vesting. 

     3.5. Benefits. Employee and Employee’s dependents shall be eligible to participate in the Atlas health
insurance plan, provided that the Employee and Atlas will each contribute to Employee’s monthly premium as provided by such plan. Atlas reserves the right to discontinue participation in any health insurance plan at any time with the
understanding that Atlas will comply in full measure with all state and federal laws regarding the changes of insurance coverage by private employers and notification under the Consolidated Omnibus Budget Reconciliation Act. Employee’s medical
benefits shall include one major medical examination per year. Employee also shall be entitled, to the same extent and at a level commensurate with the corporate officers of Atlas, to participate in any other benefit plans or arrangements of Atlas.
Employee shall be entitled to four weeks of paid vacation per year (pro-

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rated for 2006). Employee shall be entitled to reimbursement of business expenses in accordance with Atlas policy. 

     3.6. Relocation Expenses. Atlas shall reimburse Employee for reasonable and customary moving expenses from
Employee’s current home to the Purchase, New York area through Atlas’ relocation vendor, including up to 90 days temporary living accommodations while Employee locates a home. The Atlas policy for reimbursement of costs associated with
selling Employee’s current home will be extended to two years from the date the Employment Period commences. Atlas will reimburse Employee for the cost of two house hunting trip to the Purchase, New York area for Employee and his spouse.

     3.7. Financial Planning. Atlas shall reimburse Employee for personal financial planning services incurred
during the first two years of his employment with Atlas, to a maximum of $15,000. 

     3.8. Attorneys Fees. Atlas shall reimburse Employee for (or pay directly if Employee so requests) reasonable
attorneys fees incurred by Employee in connection with negotiating the terms of his employment with Atlas. 

4. TERMINATION OF EMPLOYMENT PERIOD 

     The Employment Period shall terminate under the following terms and conditions:

     
 4.1. At Will Arrangement.
Atlas and Employee expressly understand and agree that the employment relationship is at-will. Either party may terminate the Employment Period and the employment relationship upon written notice to the other at any time and for any reason, subject
to the terms of this Agreement. Employee shall make every reasonable effort to 

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give Atlas at least three months prior, written notice of Employee’s voluntary termination of employment for other than Good Reason. 

4.2. Rights Following Termination.

     (a) If the Employment Period is terminated by Atlas for reasons other than Cause or if the Employment Period is terminated by the Employee for
Good Reason, and subject to Employee’s execution of a release upon terms and conditions acceptable to Atlas, the Employee shall be entitled to: (i) receive an amount equal to one and one-half times Employee’s then current Annual Base
Salary, payable in accordance with Atlas’ normal pay schedule and commencing as soon as practicable without causing any penalties under Internal revenue Code Section 409A, (ii) accrued but unused vacation pay through the employment termination
date, (iii) all other rights and benefits in which Employee is vested pursuant to other plans and programs of Atlas and (iv) continued coverage and rights and benefits available under the employee benefit programs of Atlas as provided in Section 3.3
above for a period of 12 months from the date of termination; and to the extent Atlas is unable to continue such coverage, Atlas shall provide the Employee with economically equivalent benefits determined on an after-tax basis; provided, however, that any such continued coverage shall cease in the event Employee obtains comparable coverage in connection with subsequent
employment. 

     (b) Upon the death or Permanent Disability of the Employee, the Employment Period shall terminate and the Employee’s Base Annual Salary
which is accrued for the current pay period but unpaid as of the date of such death or Permanent Disability shall be paid to the Employee or Employee’s personal representative. In addition, upon the Permanent Disability of the Employee,
Employee shall be entitled to the compensation and benefits set forth in Section 

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4.2 (a) (i) and (ii) above, and upon the death of Employee, Employee’s immediate family shall be entitled to the compensation and benefits set forth in Section 4.2 (a) (i) and (ii) above. 

     (c) If the Employment Period is terminated by Atlas for Cause or by the Employee for other than Good Reason, the Employee shall be entitled to
receive Employee’s Base Annual Salary which is accrued for the current pay period but unpaid as of the date of termination. 

     (d) If, within six months preceding or twelve months following, a Change in Control, the Employment Period is terminated by Atlas for reasons
other than Cause or if the Employment Period is terminated by the Employee for Good Reason, and subject to Employee’s execution of a release upon terms and conditions acceptable to Atlas, the Employee shall be entitled to receive the payments
and benefits described in (a) above, except that the cash payment described in (a)(i) above will be increased to twenty-four months of Base Annual Salary.

      (e) Benefits provided hereunder shall be subject to reduction as follows: 

	 	 	(i) 	Notwithstanding any other provision of this Agreement, and except as provided in subparagraph (ii) below, the payments or benefits to which Employee will be entitled under this Agreement will be reduced to the extent necessary so that Employee will not be liable for the federal excise tax levied on certain "excess parachute payments" under section 4999 of the Internal Revenue Code of 1986, as amended (the "Code").

	 

		
         
      

	 	 	(ii) 	The limitations of subparagraph (i) will not apply if: 

	 	 	 	 
	 	 	 	(A) the difference between (x) the present value of all payments and benefits to which Employee is entitled under this Agreement, determined without regard to subparagraph (i), and (y) the present value of all federal, state and other income and excise taxes for which Employee is liable as a
result of such payments exceeds

	 	 	 	 
	 	 	 	(B) the difference between (x) the present value of all payments and benefits to which Employee is entitled under this Agreement 

  

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      calculated as if the limitation of subparagraph (i) applies and (y) the present value of all federal, state and other income and excise taxes for which Employee is liable as a result of such reduced payments.   
      

	

	  

	 	 
	
       
      
	Present values will be determined using the interest rate specified in section 280G of the Code and will be the present values as of the date on which Employee’s employment terminates.

	 

	
	 
		(iii)
		
Whether payments to Employee are to be reduced pursuant to subparagraph (i), and the extent to which they are to be so reduced, will be determined by Atlas in goodfaith and Atlas will notify Employee in writing of its determination. Any such notice shall describe in reasonable detail the basis of Atlas’s determination. If Employee accepts Atlas’s determination, he shall so Atlas of his determination pursuant to subparagraph (iv) hereof within thirty (30) days of receipt of notice from Atlas. If Employee objects to such determination within 30 days of receipt of notice from Atlas, Atlas will retain, at its expense, a nationally recognized public accounting firm, employment consulting firm or law firm selected by Atlas and reasonably acceptable to Employee to review the matter. Such firm shall meet with Employee and Employee’s representatives and Atlas and its representatives and thereafter render its written opinion as to the extent, if any, that in such firm’s reasonable judgment the payments and benefits otherwise due to Employee hereunder must be reduced hereunder. The decision of such firm concerning the extent of any required reduction in. such payments and benefits shall be final and binding on both Employee and Atlas.  
	
	 
	   
	 	 
	  	(iv)	 If a reduction is made pursuant to subparagraph (i), Employee will have the right to determine which payments and benefits will be reduced. 

     4.3. Non-Competition Provision. (a) Employee covenants and agrees that except when required to do so in the ordinary course of his duties,
Employee will not, at any time, reveal, divulge or make known to any third party any confidential or proprietary records, data, trade secrets, pricing policies, strategy, rate structure, personnel policy, management methods, financial reports,
methods or practice of obtaining or doing business, or any other confidential, or proprietary information of Atlas or any of its parents, subsidiaries or affiliates (collectively the "Atlas Companies" and each, an "Atlas Company") which is not in
the public domain. 

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     (b) In addition, Employee covenants and agrees that, at no time before the second anniversary of Employee’s termination of employment with
Atlas, 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) 	 solicit, employ or otherwise interfere with any of the Atlas Companies contracts or relationships with any client, employee, officer, director or any independent contractor whether the person is employed by or associated with an Atlas Company on the date of this Agreement or at any time thereafter; or  
	 

	  	(ii) 	 solicit, accept or otherwise interfere with any of the Atlas Companies’ 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 an Atlas Company.
 

      (c) In addition, Employee covenants and agrees that, at no time before the first anniversary of Employee’s termination of employment with
Atlas, 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. 

5. DISPUTE RESOLUTION AND CHOICE OF LAW 

     5.1. Negotiation. If a dispute between the Parties arises under this Agreement, the Parties shall negotiate in
good faith in an attempt to resolve their differences. The obligation of the Parties to negotiate in good faith shall commence immediately, and shall continue for a period of at least thirty (30) days ("Negotiation"). 

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     If Negotiation fails to resolve a dispute between the Parties within the first thirty (30) days, either Party may proceed to demand mediation ("Mediation"). Upon agreement of both Parties, arbitration
may be initiated immediately, in lieu of Mediation. 

     5.2. Mediation. If a dispute between the Parties arises under this Agreement and has not been resolved under
the Negotiation procedures described herein, either Party may require, by written notice to the other Party, that Negotiation be facilitated by a single mediator, to be selected by the Parties (the "Mediator"). 

     The Parties shall select the Mediator within ten (10) days after receipt of notice. If the Parties are unable to agree on the Mediator, the Mediator shall be selected by Atlas, but the selected
Mediator shall be independent of Atlas and its affiliates. The fees of the Mediator shall be divided equally between the Parties. 

     With the assistance of the Mediator, the Parties shall continue Negotiation in good faith for a period not to exceed thirty (30) days. If the Parties are unable to reach agreement during this period,
the Mediator shall be discharged and the Parties’ obligations under this Mediation section shall be deemed satisfied. 

     5.3. Arbitration. Subject to the duty to negotiate and mediate set forth above, all disputes, claims, or
causes of action arising out of or relating to this Agreement or the validity, interpretation, breach, violation, or termination thereof not resolved by Mediation, shall be finally and solely determined and settled by arbitration, to be conducted in
the State of New York, USA, in accordance with the Commercial Arbitration Rules of the American Arbitration Association ("AAA") in effect at the date of arbitration ("Arbitration"). This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without reference to principles of conflict of laws. 

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     Any Arbitration commenced pursuant to this Agreement shall be conducted by a single neutral arbitrator, who shall have a minimum of three (3) years of commercial experience (the "Arbitrator"). The
Parties shall meet within ten (10) days of failure to resolve by Mediation to attempt to agree on an Arbitrator. Absent agreement at this meeting, the Arbitrator shall be selected by AAA. Such Arbitrator shall be free of any conflicts with Atlas and
shall hold a hearing within thirty (30) days of the notice to Employee. 

     If the terms and conditions of this, Agreement are inconsistent with the Commercial Arbitration Rules of the AAA, the terms and conditions of this Agreement shall control. 

     The Parties hereby consent to any process, notice, or other application to said courts and any document in connection with Arbitration may be served by (i) certified mail, return receipt requested;
(ii) by personal service; or (iii) in such other manner as may be permissible under the rules of the applicable court or Arbitration tribunal; provided, however, a reasonable time for appearance is allowed. The Parties further agree that Arbitration
proceedings must be instituted within one (1) year after the occurrence of any dispute, and failure to institute Arbitration proceedings within such time period shall constitute an absolute bar to the institution of any proceedings and a waiver of
all claims. The Parties shall equally divide all costs and expenses incurred in such, proceeding and related legal proceedings, unless otherwise determined by the Arbitrator. The Judgment of the Arbitrator shall be final and either Party may submit
such decision to courts for enforcement thereof. 

6. SEVERABILITY AND ENFORCEABILITY 

     It is expressly acknowledged and agreed that the covenants and provisions, hereof are separable; that the enforceability of one covenant or provision shall in no event affect the full

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enforceability of any other covenant or provision herein. Further, it is agreed that, in the event any covenant or provision of this Agreement is found by any court of competent jurisdiction or Arbitrator to be unenforceable,
illegal or invalid, such invalidity, illegality or unenforceability shall not affect the validity or enforceability of any other covenant or provision of this Agreement. In the event a court of competent jurisdiction or an Arbitrator would otherwise
hold any part hereof unenforceable by reason of its geographic or business scope or duration, said part shall be construed as if its geographic or business, scope or duration had been more narrowly drafted so as not to be invalid or unenforceable.

7. MISCELLANEOUS 

     7.1. No Mitigation. The amounts to be paid to Employee are net to Employee, without any reduction or duty to
mitigate, except for taxes, other governmental charges or amounts owed to Atlas by Employee, and all payments to be made hereunder shall be net of all applicable income and employment taxes required to be withheld therefrom. 

     
7.2. Pro-Ration. In the event the Employment Period is terminated in the middle of any calendar month, the amount due for such month shall be pro-rated on a daily basis.

     7.3. No Waiver Except in Writing. No waiver, or modification of this Agreement or any of the terms and
conditions set forth herein shall be effective unless submitted to a writing duly executed by the parties. 

     7.4. Successors and Assigns. This Agreement shall be binding on Atlas and any successor thereto, whether by
reason of merger, consolidation or otherwise. The duties and obligations of Employee may not be assigned by Employee. 

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     7.5. Confidentiality of Terms. Atlas and Employee agree that the terms and conditions of this Agreement are
confidential and that they will not disclose the terms of this Agreement to any third parties, other than the Employee’s spouse, their attorneys, auditors, accountants or as required by law or as may be necessary to enforce this Agreement.

     7.6. Full Understanding. Employee declares and represents that Employee has carefully read and fully
understands the terms of this Agreement, has had the opportunity to obtain advice and assistance of counsel with respect thereto, and knowingly and of Employee’s own free will, without any duress, being fully informed and after due
deliberation, voluntarily accepts the terms of this Agreement and represents that the execution, delivery and performance of this Agreement does not violate any agreement to which Employee is subject. 

     7.7. Entire Agreement. This Agreement sets forth the entire agreement and understanding between the parties
with respect to the subject matter hereof and supersedes all prior agreements, arrangements, and understandings between the parties with respect to the subject matter hereof. 

     
IN WITNESS WHEREOF, the parties hereto have executed this agreement the date, and year first above written. 

	
EMPLOYEE 
		 
		
ATLAS AIR, INC. 
	
	 

	
	 

	
	
/s/ William Flynn 
		 
		
/s/ Eugene I. Davis
	
	

		
		

		 
	
William Flynn 
		 
		
Eugene I. Davis, Chairman of the Board 
	

16Exhibit 10.2

Execution Version

AGREEMENT

        This Agreement (the "Agreement") is entered into as this 25th day of April, 2006 by and between Atlas Air Worldwide Holdings, Inc.
("Atlas") and Herbert J. Lanese
("Director"). 

        WHEREAS, Director is a member of Atlas's board of directors ("Board"), the Audit Committee of the Board
("Audit Committee") and the board of certain of Atlas's subsidiaries (collectively with Atlas, "Company"); 

        WHEREAS, Director is contemplating resigning from the Board, the Audit Committee and the other board and committee positions with the Company in order to pursue other
opportunities; 

        WHEREAS, the Board recognizes that the extraordinary circumstances surrounding the Company's emergence from bankruptcy in July 2004 and the Company's rapid turnaround
and return to profitability have required Board and committee members to spend unusual amounts of uncompensated time on Company matters, time far in excess of what would ordinarily be expected by Board members. 

        WHEREAS, in consideration of Director's efforts in this regard, and in recognition of Director's diligence in the performance of his board and committee obligations,
including Director's service to the Company for a substantial portion of the year prior to the Company's 2006 annual meeting of stockholders (the "2006 Annual Meeting"), and in recognition of the mutual decision of the Company and the Director that
it is in the best interest of the Company and the Director for the Director to resign from service prior to the 2006 Annual Meeting, the Board believes that an equitable adjustment of Director's cash and equity compensation is appropriate.

        NOW, THEREFORE, for good and valuable consideration, receipt of which is hereby acknowledged, Atlas and Director hereby agree as follows: 

     1. Resignation: Director resigns (the "Resignation") from the Board, the Audit Committee and all other
boards and committees of the Company to which the Director is a member, effective as of the date of this Agreement ("Resignation Date"), and concurrently with the execution of this
Agreement, Director will submit a letter of resignation to Atlas, in the form set forth in Exhibit A hereto. 

     
2. Accelerated Vesting and Other Matters: 

        (a) Restrictions applicable to the following restricted stock awards shall terminate as of the Resignation Date as follows: 

	 
		(i) 
		
      1,500 (of the 1,667) shares of Atlas's common stock ("Common Stock") granted on July 27, 2004,
which restriction would otherwise not terminate until July 27, 2006; and 

	 	  

	  	(ii)  	
    5,000 shares of Atlas's Common Stock granted on November 4, 2004, which restriction would otherwise not terminate until Atlas's 2006 Annual Meeting.  

	 	 	

     Such 6,500 shares of Common Stock shall be issued by the Company to Director's Atlas Air Worldwide Holdings account currently managed by Fidelity as soon as reasonably practicable following the
parties execution and delivery of this Agreement and the Director's delivery of the letter of resignation. 

     (b) At the time that all other members of the Board receive their third quarter 2006 retainer checks from Atlas, Director shall receive a
payment equal to the amount a standing member of the Board and the Audit Committee would be entitled to receive for attendance at all meetings for the Board and the Audit Committee held from April 1, 2006 through the 2006 Annual Meeting.
Additionally, Director agrees to cooperate with the Company to promptly resolve all expense account statements to the Company's reasonable satisfaction. 

     (c) Atlas will pay Director's reasonable attorneys' fees, up to a maximum of $25,000, incurred in connection with his Resignation, the
negotiation of this Agreement, and any other related matters that may occur up to the date of the 2006 Annual Meeting, upon presentation to Atlas of detailed invoices for such fees. 

     
3. Comprehensive General Release and Waiver: 

          (a) In consideration of the equitable compensation adjustments provided to Director under Paragraph 2, and except as expressly set forth in
this Agreement (including, without limitation, Paragraph 4(a) below), Director hereby releases, waives, and forever discharges the Company, individually and in his capacity as a stockholder of 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 (collectively, the "Company
Releasees") from any claim, demand, action, or cause of action, whether known or unknown, which arose at any time during Director's tenure. Accordingly, Director waives and releases all rights, individually and in his
capacity as a stockholder of the Company, relating to, arising out of, or in any way connected with his service to or Resignation from the Company, including, but not limited to, any claim, demand, cause of action, or right, including claims for
attorneys' fees based on, but not limited to: 

	  	(i)  	
    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; 

	 	 

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

	 	

	  	(iii)  	
    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. 

  Director acknowledges that he is generally releasing all claims and potential claims, individually and in his capacity as a stockholder of the Company, 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 exclusively after the Resignation Date; (b) any rights under this Agreement; and (c) all rights to indemnification that Director may
otherwise have under law. 

     (b) In consideration of the agreements by the parties hereunder and for other valuable consideration, and except as expressly set forth in this
    Agreement (including, without limitation, Paragraph 4(b) below), Atlas, on behalf of itself and the Company Releasees, hereby releases, waives, and forever discharges Director from any claim, demand, action, or cause of action, whether known or
unknown, which arose at any time during Director's tenure. Accordingly, Atlas waives and releases all rights relating to, arising out of, or in any way connected with Director's service to or Resignation from the Company, including, but not limited to, any claim, demand, cause of action,
or right, including claims for attorneys' fees based on, but not limited to: 

	 	(i) 	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;

	  	  	
        

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

	 	 	

	 	(iii) 	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.

  Atlas, on behalf of itself and the Company Releasees, acknowledges that Atlas and each of the Company Releasees is generally 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 exclusively after the Resignation Date; (b) any rights under this Agreement; and (c) all rights regarding indemnification that
Atlas or any of the Company Releasees may otherwise have under law. 

     4. Covenant Not To Sue: (a) Director agrees not to file any claims, complaints, charges, or lawsuits
against or about any Company Releasees, individually and in his capacity as 

  a stockholder of the Company, for any of the claims or other matters that are released, waived, or discharged in Paragraph 3 of this Agreement. Accordingly, Director covenants and agrees, individually and in his capacity as a
stockholder of the Company, not to sue any of the Company Releasees concerning any claim relating to, arising out of, or occurring during the course of his service to or Resignation from the Company. 

          (b) Atlas covenants and agrees not to sue, and agrees to cause the Company Releasees to covenant and agree not to sue, Director concerning any
      claim relating to, arising out of, or occurring as a result of Director's service as a director of the Company and while Director acted within the scope of his duties, or as a result of his Resignation, except to the extent such claim resulted from
the intentional or willful misconduct of Director or breach of this Agreement. 

     5. Non-Disclosure and Return Of Company Property: Director 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 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 Director or known by Director as a consequence of or through Director's service to 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, Director has returned or agrees to return to Atlas within seven (7) business days of the Resignation Date, any and all Company property (including any
      electronic equipment) and records in Director's possession or control, whether prepared by Director or by others, including, but not limited to, Company: notes, memoranda, correspondence, documents, records, notebooks, tapes, disks, and other
      repositories or potential or possible repositories of Confidential or Proprietary Information. At the direction of the Director, within such seven (7) business days, Director shall return all such Company property either by (a) sending it to the
      Company by overnight delivery by a nationally recognized courier service (with such fees incurred by Director to be reimbursed by Atlas upon presentation of the invoice(s) for such fees) or (b) arranging with the Company to have the Company travel
to Director's residence in Connecticut at a mutually convenient time to remove such property. Director also agrees to return all Company identification and credit cards on or before the Resignation Date. 

     6. Non-Disparagement: The parties mutually covenant and agree not to make any oral or written statement
      or communication, or take any other action, which disparages or criticizes, or tends to disparage or criticize, the other (including, with respect to such statements or actions of the Director, the Company's officers and directors), and agrees not
      to make statements about the other to public media without prior consent of the other party; provided, however, Atlas shall be
authorized to issue a press release and file a Current Report on Form 8-K ("Form 8-K") with the U.S. Securities and Exchange Commission ("SEC"), in accordance with
Paragraph 18 below. Director agrees not to send bulk-mails or faxes or other communications to Company employees or members of the Board generally or to large groups of Company 

employees or members of the Board. Director agrees to cooperate with the Company to promptly resolve all expense account statements to the Company's reasonable satisfaction. 

     7. Confidentiality: Until Atlas files this Agreement with the SEC, Director 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 on a need-to-know basis; provided,
      however, that Director advises such persons of the confidential nature of this Agreement and they agree not to disclose such information further, and except as may otherwise be necessary to
enforce the terms of this Agreement or as required by law. 

     8. Cooperation: Director agrees to cooperate fully with the Company in connection with any actions,
      proceedings, investigations or reviews or potential actions, proceedings, investigations or reviews, the subject matter of which arose, occurred, or transpired while Director was a director or otherwise represented the Company. Such cooperation will
      include, but is not limited to, interviews, and 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. Atlas agrees to pay Director's reasonable out-of-pocket expenses arising from such interviews, testimony and preparation for such interviews or testimony. 

     9. Successors: This Agreement shall apply to Director, 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 Atlas and each past, present, or future employee, agent, representative, officer, partner, owner, or director of Atlas and
any division, subsidiary, parent, or affiliated entity. 

     10. Prior Agreements: Except as provided herein, this Agreement shall supersede and effectively
      terminate any prior agreement(s) and writing(s) between Atlas and the Director, whether oral or written. Director hereby releases Atlas and the Company Releasees from any and all obligations under those respective agreements and writings. Nothing
herein shall supersede any indemnification agreements or arrangements for the benefit of Director. 

     11. 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. 

     12. Complete Agreement: The parties agree that this Agreement sets forth all of the terms of the
agreement between the parties with respect to the subject matter of this Agreement, and there are no other promises, understandings, or agreements relating thereto except as may be provided herein. 

     13. No Oral Modification: This Agreement may only be amended in a writing signed by Director and Atlas.

     14. 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 Director's tenure and Resignation. 

     15. 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. 

     16. 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 Director, his agents, heirs, administrators, or executors against Atlas (or any of its officers, directors, employees, partners, owners, affiliates, or agents) to enforce this
Agreement shall be maintained in a court located in the jurisdiction in which Director was retained by Atlas as a director. 

     17. 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. 

     18. 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 Director's Resignation and related matters contemplated hereby. Director acknowledges and agrees that Atlas intends to issue a press release and file a related Form 8-K with the SEC promptly
      following the parties' execution and delivery of this Agreement; provided, however, such press release and Form 8-K shall be
subject to Director's prior approval (subject to Form 8-K legal requirements), such approval not to be unreasonably withheld. 

     19. Notices: All notices, requests, demands, claims and other communications required or permitted to
be delivered, given or otherwise provided under this Agreement must be in writing and must be delivered, given or otherwise provided: 

     
(a) by hand (in which case, it will be effective upon delivery); 

     (b) by facsimile (in which case, it will be effective upon receipt of confirmation of good transmission); or 

     (c) by overnight delivery by a nationally recognized courier service (in which case, it will be effective on the Business Day after being
deposited with such courier service); 

in each case, to the address (or facsimile number) listed below:

If to the Company, to it at:

	
       Atlas Air Worldwide Holdings, Inc. 
    
	
       2000 Westchester Avenue 
    
	
       Purchase, New York 10577 
    
	
       Telephone number: (914) 701-8000 
    
	
       Facsimile number: (914) 701-8333 
    
	
       Attention: Legal Department 
    

with a copy to:

	 	
  Ropes & Gray, LLP 
    
	 	
  45 Rockefeller Plaza 
    
	 	
  New York, New York 10111-0087 
    
	 	
  Telephone number: (212) 841-5700 
    
	 	
  Facsimile number: (212) 841-5725 
    
	 	
  Attention: Adam R. Kokas, Esq. 
    

If to the Director, at:

	 	
  Herbert J. Lanese 
    
	 	
  792 N. Wilton Road 
    
	 	
  New Canaan, Connecticut 06840 
    
	 	
  Telephone number: (203) 801-0122 
    
	 	
  Facsimile number: (203) 801-0043 
    

with a copy to:

	 	
  Robinson & Cole LLP 
    
	 	
  695 East Main Street 
    
	 	
  Stamford, Connecticut 06904 
    
	 	
  Telephone number: (203) 462-7505 
    
	 	
  Facsimile number: (203) 462-7599 
    
	 	
  Attention: Richard A. Krantz, Esq. 
    

     20. Counterparts: This Agreement may be executed in counterparts, and each counterpart will have the
same force and effect as an original and will constitute an effective, binding agreement on the part of each of the undersigned. 

[Signature page follows.]

 IN WITNESS WHEREOF, the undersigned individually or as a duly authorized officer of Atlas cause the Agreement to be executed, 

	
  ATLAS: 
    	
  DIRECTOR: 
    
	 	 
	 	 
	
  ATLAS AIR WORLDWIDE HOLDINGS, INC. 
    	
  HERBERT J. LANESE 
    

	
      By: 
      
	
/s/ Jeffrey H. Erickson
    	 
    	
      /s/ Herbert J. Lanese
            
	 
	
    	
  

    	
    	

    	
	 

		
  Name: Jeffrey H. Erickson 
    	 
    	 

	
	 

		
  Title: President & CEO 
    	 
    	 

	

EXHIBIT A

FORM OF LETTER OF RESIGNATION

April ___, 2006

Atlas Air Worldwide Holdings, Inc. 

2000 Westchester Avenue 

Purchase, NY 10577 

Attention: Chairman of the Board of Directors

  I hereby resign my position as a member of the Board of Directors, Audit Committee and any other committees of Atlas Air Worldwide Holdings, Inc., and any and all positions I may hold as a director of any subsidiaries of Atlas Air
Worldwide Holdings, Inc., effective as of the date of this letter. 

Sincerely,

___________________________
 Herbert J. Lanese

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