Document:

EXHIBIT 10.16.1

                              AMENDED AND RESTATED

                              EMPLOYMENT AGREEMENT

                  This Amended and Restated Employment Agreement (hereinafter
referred to as the "Agreement") is made and entered into as of the 1st day of
April, 2005 by and between Jeffrey Erickson (hereinafter referred to as
"Employee") and Atlas Air, Inc., a Delaware corporation (hereinafter referred to
as "Atlas"). This Agreement amends and restates in its entirety that certain
Employment Agreement between the parties dated as of September 1, 2002, as
amended to date.

                  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

                  1.1 For purposes of this Agreement, "CAUSE" as used herein
means (i) any act or acts of material dishonesty taken by the Employee, (ii) the
failure of the Employee to comply

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with any of the Employee's material obligations within ten (10) days of written
notice from Atlas, (iii) any material violations by 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 shal1 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" shall be defined as the period
commencing on the date hereof and extending until this Agreement is terminated
by either party in accordance with Section 4.

                  1.3 "PERMANENT DISABILITY" as used herein 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 "CONFIDENTIAL OR PROPRIETARY" as used herein shall refer
to all information relative to the plans, structure and practices, including
information relating to its customers, contracts and aircraft of Atlas, Atlas
Worldwide Holdings, Inc. ("Holdings") 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

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

                  1.5 "GOOD REASON" as used herein means (i) a reduction during
the term of this Agreement in the Employee's Base Annual Salary or eligibility
to receive a bonus or other benefits provided to officers of Atlas, (ii) 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, (iii) 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 (iv)
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.
For purposes of this Section 1.5, "Change of Control" shall mean 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, Holdings 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 outstanding voting securities of Atlas or Holdings entitled to vote
generally in the election of directors.

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. The scope of Employee's responsibilities shall be as determined by the
Boards of Directors of Atlas and/or

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Holdings. Employee shall not be entitled to any additional compensation for
serving in any other office for Atlas, or Holdings or any subsidiary or
affiliate of Atlas or Holdings.

                  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.

                  2.3 PRINCIPAL RESIDENCE OF EMPLOYEE. During the Employment
Period, Employee shall maintain Employee's principal residence in the Purchase,
New York area.

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 USD $524,400 per annum, payable in
semi-monthly installments. The parties acknowledge that $14,400 of the Base
Annual Salary is in partial consideration for the elimination of the automobile
allowance previously provided to Employee. The Company 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 the Company.

                  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 Company performance based on
performance goals and objectives determined by the Compensation Committee. A
fuller description of how corporate and individual performance operate in tandem
to determine the calculation of bonuses for your position will be described in
the Annual Incentive Plan. The Annual Incentive Plan document will be developed

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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. 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 50% of Base Annual Salary, (ii) lesser corporate or individual performance
may cause bonus payments to be in an amount less than 50% 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 50% of Base Annual Salary.
When the bonus payment reaches more than 50% of Base Annual Salary, the Company
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 company 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.

                  3.3 BENEFITS. Employee and Employee's dependents shall be
entitled 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 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.

                  3.4 FRINGE BENEFITS. Employee will receive a one-time cash
payment of $20,000 in lieu of the tax gross-up related to the previously
provided automobile allowance.

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This payment shall be made within ten (10) days of the signing of this
Agreement, and shall be subject to required tax withholding.

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. Employee shall make every
reasonable effort to 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 or 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 (ii)
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; PROVIDED, HOWEVER, that any such continued
coverage shall cease in the event Employee obtains comparable coverage in
connection with subsequent employment, 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.

                  (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

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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 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.

                  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 Holdings, Atlas or any of their
subsidiaries or affiliates (collectively the "Atlas Companies" and each, an
"Atlas Company") which is not in the public domain.

                  (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

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                  (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").

                  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").

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                  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.

                  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.

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                  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 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

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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.

                  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

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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/ Jeffrey Erickson                         /s/ Illegible
-----------------------------                -----------------------------
Jeffrey Erickson

                                       12EXHIBIT 10.17.1

                              EMPLOYMENT AGREEMENT

            This Employment Agreement (hereinafter referred to as the
"Agreement") is made and entered into as of the 1st day of February, 2003, by
and between Wakelee Smith (hereinafter referred to as "Employee") and Atlas Air
Worldwide Holdings, Inc., a Delaware corporation (hereinafter referred to as
"Atlas" or the "Company").

            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

            1.1   For purposes of this Agreement, "CAUSE" as used herein means
(i) any act or acts of material dishonesty taken by the Employee, (ii) the
failure of the Employee to comply

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with any of the Employee's obligations within ten (10) days of written notice
from Atlas, (iii) any violation by Employee of Atlas corporate policies as set
forth in the Employee Compliance Manual, Employee Handbook or related corporate
policies of which Employee has received written notice; provided that, if such
violation is subject to cure, Employee shall have ten (10) days within which to
cure such violation after receipt of written notice thereof, 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" shall be defined as the period commencing
on the date hereof and extending until January 31, 2008, subject to earlier
termination as set forth in Section 4 below and extension as provided in the
next succeeding sentence. On February 1, 2008 and on each anniversary
thereafter, the Employment Period shall be automatically extended for an
additional one year unless Atlas gives notice in writing to the Employee or the
Employee gives notice in writing to Atlas at least three months prior to
February 1, 2008 or such anniversary, as the case may be, that the Employment
Period is not to be so extended.

            1.3   "PERMANENT DISABILITY" as used herein 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   "CONFIDENTIAL OR PROPRIETARY" as used herein shall refer to
all information relative to the plans, structure and practices, including
information relating to its customers, contracts and aircraft of Holdings (as
defined below) or any affiliate or subsidiary thereof, except:

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            (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 approval
for public dissemination.

            1.5   "GOOD REASON" as used herein means (i) a reduction during the
term of this Agreement in either the Employee's Base Annual Salary or
eligibility to participate in bonus pro-grams or other benefits universally
offered to similarly situated executives, (ii) a substantial and material
reduction in the Employee's title or job responsibilities from the Employee's
then current title or job responsibilities, and (iii) 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. For purposes
of this Section 1.5, "Change of Control" shall mean 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, (x) the Estate of Michael Chowdry, Chowdry Limited Partnership,
Chowdry, Inc., the Chowdry Foundation and Linda H. Chowdry and her family
members and (y) any employee benefit plan of Atlas, Holdings or its affiliates)
of beneficial owner-ship, 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 outstanding voting securities of Holdings entitled to vote
generally in the election of directors.

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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 Vice President, Corporate Planning. The scope of
Employee's responsibilities shall be as determined by the Board of Directors
and/or appropriate officers of Atlas. If the Board of Directors of Atlas
requests Employee to serve in any capacity for Atlas or any of its respective
subsidiaries or affiliates, Employee agrees that Employee shall serve in such
capacity, without any additional compensation.

            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.

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 Two Hundred Twenty Thousand (USD $
220,000.00) Dollars per annum, payable in semimonthly installments. The Company
shall review Base 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 the Company.

            3.2   INCENTIVE BONUS PAYMENTS. Employee will be eligible to receive
an annual incentive bonus under the annual executive incentive program at a
target of 501 of Base Salary

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(or such percentage offered to similarly situated executives of the Company)
based on performance, including financial and individual performance for each
calendar year (prorated accordingly for 2003) during the Employment Period upon
approval of the Compensation Committee of the Board of Directors of Atlas (the
"Compensation Committee"). Employee will also be able, subject to eligibility
requirements as set forth in each respective program, to participate in the
Company's, Deferred Compensation Plan, Annual Stock Option Plan, Employee Stock
Purchase Plan, Profit Sharing and 401(k) Plan, or other plans offered to
similarly situated executives, the details of which have already been provided
to Employee. Employee shall also be entitled to a sign on bonus of Twenty
Thousand ($USD 20,000.00) Dollars payable within thirty (30) days of the date of
this Agreement.

            3.3   BENEFITS. Employee and Employee's dependents shall be entitled
to participate in the Atlas health insurance plan, and Atlas will 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
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.

            3.4   FRINGE BENEFITS. Employee also will be entitled to
professional and personal use of a company vehicle initially blue-book valued at
up to, or actual purchase price not to exceed, $40,000. Atlas will be
responsible for all expenses related to the vehicle, except for the costs of
fuel. In the event Employee's employment terminates, with or without Cause,

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Employee shall, within thirty (30) days of the date of termination, return the
company vehicle to Atlas together with all keys, owners manual(s) and
maintenance records.

            3.5   STOCK OPTIONS. Employee shall be entitled to an initial stock
option grant of 11,250 shares of Common Stock of Holdings. These options shall
vest ratably (i.e. 25% per year) at the end of each of the first four years of
employment, subject to certain vesting rules established by the Board of
Directors or provided in the applicable Stock Option Agreement that will be
provided to Employee. The option exercise price shall be the stock price of
Holdings as of the close of trading on the last business day immediately prior
to the date of this Agreement. All other terms of this grant are contained in
the Stock Option Agreement. Employee shall also be eligible to participate in
the Atlas Annual Incentive Compensation Plan, that is targeted to deliver
additional 11,250 options annually in accordance with the Plan.

4.    TERMINATION OF EMPLOYMENT PERIOD

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

            4.1   AT WILL ARRANGEMENT. Atlas may terminate the Employment Period
upon written notice to the Employee at any time and for any reason. Atlas and
Employee expressly understand and agree that the employment relationship is
at-will. Atlas is entitled to sever the employment relationship for any reason.
Employee hereby agrees to 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 (including the giving of notice by Atlas pursuant to Section
1.2 hereof of Atlas' election

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not to extend the Employment Period) 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 18 months severance based on Employee's monthly salary;
and (ii) 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 subject to the Employee paying the same
portion for the premiums for such coverage as he paid during 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, 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.

            (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 death or Permanent Disability of the
Employee, Employee or Employee's personal representative shall be entitled to
the compensation and benefits as 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 (including the giving of notice by
Employee pursuant to Section 1.2 hereof of Employee's election not to extend the
Employment Period), 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.

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            4.3   NON-COMPETITION PROVISION. (a) Employee covenants and agrees
that 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
subsidiaries or affiliates (collectively the "Atlas Companies" and each, an
"Atlas Company") which is not in the public domain.

            (b)   In addition, Employee covenants and agrees that, at no time
before eighteen (18) months after 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 relation- ships 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 eighteen (18) months after 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 cargo-affiliate of any other
airline

                                     - 8 -
<PAGE>

or (iii) any company that leases cargo aircraft as a significant part of its
business on an ACMI, wet lease, charter or dry lease basis. The parties agree d
intend that breach of this non-competition clause shall a 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")

            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 a 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

                                     - 9 -
<PAGE>

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.

            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

                                     - 10 -
<PAGE>

treasonable 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 determined otherwise 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 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

                                     - 11 -
<PAGE>

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 a
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.

            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

                                     - 12 -
<PAGE>

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
on the date and year first above written.

WAKELEE SMITH                                 ATLAS AIR WORLDWIDE HOLDINGS, INC.

-------------------------------               ----------------------------------

                                     - 13 -
<PAGE>

                      AMENDMENT TO EMPLOYMENT AGREEMENT OF
                                  WAKELEE SMITH

            WHEREAS, by this Amendment dated as of January 29, 2004 (the
"Amendment") ATLAS AIR WORLDWIDE HOLDINGS, INC. ("ATLAS") and Wakelee Smith
("Employee") wish to update, amend and modify provisions of the Employment
Agreement between them dated February 1, 2003, (hereafter referred to as the
"AGREEMENT") as set forth herein.

            Now, therefore, for good and valuable consideration, the receipt of
which is hereby acknowledged, the terms and conditions of the above-referenced
AGREEMENT are updated, amended and modified as follows:

1.0         Effective February 1, 2004, Employee's job title as set forth in
            Article 2.1 of the Agreement shall be changed to Senior Vice
            President, Corporate Planning and Development

2.0         Section 3 of the Agreement is amended by striking "ATLAS" in line 1
            and replacing it with "Atlas Air, Inc., a wholly-owned subsidiary of
            ATLAS".

3.0         Section 3.1 is amended by striking "ATLAS" in line 1 and replacing
            it with "Atlas Air, Inc., a wholly-owned subsidiary of ATLAS". In
            addition, effective February 1, 2004, Employee's Base Annual Salary
            shall be increased to $260,000 per annum. Effective June 30, 2004,
            Employee's Base Annual Salary shall be increased to $280,000.00 per
            annum, it being understood that the second installment of Key
            Employee Retention Program which is payable on or about July 1,
            2004, shall be paid Employee based on a $280,000 Base Annual Salary.

                                     - 14 -
<PAGE>

            With the exception of the amendments and modifications reflected in
Paragraphs 1.0 through 3.0 of this AMENDMENT, the AGREEMENT otherwise remains in
full force and effect.

AGREED TO AND ACCEPTED BY:

EMPLOYEE

----------------------------------           ---------------------
WAKELEE SMITH                                Date

ATLAS AIR WORLDWIDE HOLDINGS, INC.

By:
----------------------------------           ---------------------
Name:                                        Date

                                     - 15 -
<PAGE>

                   AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT OF
                                  WAKELEE SMITH

            WHEREAS, by this Amendment No. 2 dated as of June 15, 2004 (the
"Amendment No. 2") ATLAS AIR WORLDWIDE HOLDINGS, INC. ("ATLAS") and Wakelee
Smith ("Employee") wish to update, amend and modify provisions of the Employment
Agreement between them dated February 1, 2003, (hereafter referred to as the
"AGREEMENT") as set forth herein.

            Now, therefore, for good and valuable consideration, the receipt of
which is hereby acknowledged, the terms and conditions of the above-referenced
AGREEMENT are updated, amended and modified as follows:

1.0         Effective June 16, 2004, Employee's job title as set forth in
            Article 2.1 of the Agreement shall be changed to Senior Vice
            President & Chief Operating Officer.

2.0         Effective June 16, 2004, Employee's Base Annual Salary shall be
            increased to $300,000 per annum, it being understood that the second
            installment of Key Employee Retention Program which is payable on or
            about August 29, 2004, shall be paid Employee based on Employee's
            $300,000 Base Annual Salary.

3.0         The Agreement is amended to add Article 4.1.1 as follows:

            "4.1.1 Notwithstanding Article 1.5(i) and (ii), 4.2(a), or any other
            provision to the contrary, if the Company relocates its corporate
            headquarters from Purchase, New York, and Employee elects not to
            relocate his principal residence to the new location, the

                                     - 16 -
<PAGE>

            Company may (i) restore Employee to his previous title or other
            Senior Vice President position in the Company's discretion, and
            Employee's compensation package (including Base Annual Salary, bonus
            and benefits) shall be set at the level as of June 16, 2004, it
            being understood that (A) Employee shall be required to spend a
            reasonable amount of office time at the Company's new location as
            requested by the CEO, and (B) any such change in title or
            compensation shall not be deemed to constitute Good Reason, or (ii)
            terminate Employee's employment and the Employment Agreement without
            further payment or recourse, and, subject to Employee executing a
            release satisfactory to the Company, the Company will pay Employee
            nine (9) months salary as severance.

            With the exception of the amendments and modifications reflected in
Paragraphs 1.0 through 3.0 of this AMENDMENT, the AGREEMENT otherwise remains in
full force and effect.

AGREED TO AND ACCEPTED BY:

EMPLOYEE

/s/ Wakelee Smith                            6/21/04
----------------------------------           ---------------------
WAKELEE SMITH                                Date

ATLAS AIR WORLDWIDE HOLDINGS, INC.

By: /s/ John Dietrich                        6/21/04
----------------------------------           ---------------------
Name: John Dietrich                          Date
        SVP

                                     - 17 -

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