Document:

EXHIBIT 10.28.1

                       ATLAS AIR WORLDWIDE HOLDINGS, INC.
                         2004 EMPLOYEE STOCK OPTION PLAN

                  1. PURPOSES.

                  The purpose of the Atlas Air Worldwide Holdings, Inc. 2004
Employee Stock Option Plan is to advance the interests of Atlas Air Worldwide
Holdings, Inc. and its shareholders by providing a means to attract, retain, and
motivate employees, to provide for competitive compensation opportunities, to
encourage long term service, to recognize individual contributions and reward
achievement of performance goals, and to promote the creation of long term value
for stockholders by aligning the interests of such employees with those of
stockholders.

                  2. DEFINITIONS.

                  For purposes of the Plan, the following terms shall be defined
as set forth below:

                  (a) "Affiliate" means any entity other than the Company and
its Subsidiaries that is designated by the Board or the Committee as a
participating employer under the Plan; PROVIDED, HOWEVER, that the Company
directly or indirectly owns at least 20% of the combined voting power of all
classes of stock of such entity or at least 20% of the ownership interests in
such entity.

                  (b) "Beneficiary" means the person, persons, trust or trusts
which have been designated by an Eligible Person in his or her most recent
written beneficiary designation filed with the Company to receive the benefits
specified under this Plan upon the death of the Eligible Person, or, if there is
no designated Beneficiary or surviving designated Beneficiary, then the person,
persons, trust or trusts entitled by will or the laws of descent and
distribution to receive such benefits.

                  (c) "Board" means the Board of Directors of the Company.

                  (d) "Code" means the Internal Revenue Code of 1986, as amended
from time to time. References to any provision of the Code shall be deemed to
include successor provisions thereto and regulations thereunder.

                  (e) "Committee" means the Compensation Committee of the Board,
or such other Board committee (which may include the entire Board) as may be
designated by the Board to administer the Plan; PROVIDED, HOWEVER, that, unless
otherwise determined by the Board, the Committee shall consist of two or more
directors of the Company, each of whom is

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a "non-employee director" within the meaning of Rule 16b-3 under the Exchange
Act, to the extent applicable, and each of whom is an "outside director" within
the meaning of Section 162(m) of the Code, to the extent applicable; PROVIDED,
FURTHER, that the mere fact that the Committee shall fail to qualify under
either of the foregoing requirements shall not invalidate any Option granted
made by the Committee which Option is otherwise validly granted under the Plan.

                  (f) "Company" means Atlas Air Worldwide Holdings, Inc., a
corporation organized under the laws of Delaware, or any successor corporation.

                  (g) "Eligible Person" means an employee of the Company, a
Subsidiary or an Affiliate, who is covered by a collective bargaining agreement
that provides or allows for the granting of stock options.

                  (h) "Effective Date" means September 22, 2004.

                  (i) "Exchange Act" means the Securities Exchange Act of 1934,
as amended from time to time. References to any provision of the Exchange Act
shall be deemed to include successor provisions thereto and regulations
thereunder.

                  (j) "Fair Market Value" means, with respect to Shares or other
property, the fair market value of such Shares or other property determined by
such methods or procedures as shall be established from time to time by the
Committee. If the Shares are listed on any established stock exchange or a
national market system, unless otherwise determined by the Committee in good
faith, the Fair Market Value of Shares shall mean the mean between the high and
low selling prices per Share on the date (or, if the Shares were not traded on
that day, the next preceding day that the Shares were traded) on the principal
exchange or market system on which the Shares are traded, as such prices are
officially quoted on such exchange.

(k)      "ISO" means any Option intended to be and designated as an incentive
         stock option within the meaning of Section 422 of the Code.

                  (l) "NQSO" means any Option that is not an ISO.

                  (m) "Option" means a right, granted under Section 5(b), to
purchase Shares.

                  (n) "Option Agreement" means any written agreement, contract,
or other instrument or document evidencing an Option.

                  (o) "Participant" means an Eligible Person who has been
granted an Option under the Plan.
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                  (p) "Plan" means this Atlas Air Worldwide Holdings, Inc. 2004
Employee Stock Option Plan.

                  (q) "Rule 16b-3" means Rule 16b-3, as from time to time in
effect and applicable to the Plan and Participants, promulgated by the
Securities and Exchange Commission under Section 16 of the Exchange Act.

                  (r) "Shares" means common stock, $.01 par value per share, of
the Company, and such other securities as may be substituted for Shares pursuant
to Section 4(c) hereof.

                  (s) "Subsidiary" means any corporation (other than the
Company) in an unbroken chain of corporations beginning with the Company if each
of the corporations (other than the last corporation in the unbroken chain) owns
shares possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in the chain.

                  (t) "Termination of Service" means the termination of the
Participant's employment with the Company, its Subsidiaries and its Affiliates,
as the case may be. A Participant employed by a Subsidiary of the Company or one
of its Affiliates shall also be deemed to incur a Termination of Service if the
Subsidiary of the Company or Affiliate ceases to be such a Subsidiary or an
Affiliate, as the case may be, and the Participant does not immediately
thereafter become an employee of the Company, another Subsidiary of the Company
or an Affiliate. Temporary absences from employment because of illness, vacation
or leave of absence and transfers among the Company and its Subsidiaries and
Affiliates shall not be considered a Termination of Service.

                  3. ADMINISTRATION.

                  (a) AUTHORITY OF THE COMMITTEE. The Plan shall be administered
by the Committee, and the Committee shall have full and final authority to take
the following actions, in each case subject to and consistent with the
provisions of the Plan:

                  (i) to select Eligible Persons to whom Options may be granted;

                  (ii) to designate Affiliates;

                  (iii) to determine the type and number of Options to be
          granted, the number of Shares to which an Option may relate, the terms
          and conditions of any Option granted under the Plan (including, but
          not limited to, any exercise price, any restriction or condition, any
          schedule for lapse of restrictions or conditions relating to
          transferability or forfeiture, exercisability, or settlement of an
          Option, and waiver or accelera-

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          tions thereof, and waivers of performance conditions relating to an
          Option, based in each case on such considerations as the Committee
          shall determine), and all other matters to be determined in connection
          with an Option;

                  (iv) to determine whether, to what extent, and under what
          circumstances an Option may be settled, or the exercise price of an
          Option may be paid, in cash, Shares, or other property, or an Option
          may be canceled, forfeited, exchanged, or surrendered;

                  (v) to prescribe the form of each Option Agreement, which need
          not be identical for each Eligible Person;

                  (vi) to adopt, amend, suspend, waive, and rescind such rules
          and regulations and appoint such agents as the Committee may deem
          necessary or advisable to administer the Plan;

                  (vii) to correct any defect or supply any omission or
          reconcile any inconsistency in the Plan and to construe and interpret
          the Plan and any Option, rules and regulations, Option Agreement, or
          other instrument hereunder;

                  (viii) to accelerate the exercisability or vesting of all or
          any portion of any Option or to extend the period during which an
          Option is exercisable;

                  (ix) to determine whether uncertificated Shares may be used in
          satisfying Options and otherwise in connection with the Plan; and

                  (x) to make all other decisions and determinations as may be
          required under the terms of the Plan or as the Committee may deem
          necessary or advisable for the administration of the Plan.

                  (b) MANNER OF EXERCISE OF COMMITTEE AUTHORITY. The Committee
shall have sole discretion in exercising its authority under the Plan. Any
action of the Committee with respect to the Plan shall be final, conclusive, and
binding on all persons, including the Company, Subsidiaries, Affiliates,
Eligible Persons, any person claiming any rights under the Plan from or through
any Eligible Person, and shareholders. The express grant of any specific power
to the Committee, and the taking of any action by the Committee, shall not be
construed as limiting any power or authority of the Committee. The Committee may
delegate to other members of the Board or officers or managers of the Company or
any Subsidiary or Affiliate the authority, subject to such terms as the
Committee shall determine, to perform administrative functions and, with respect
to Options granted to persons not subject to Section 16 of the Exchange Act, to
perform such other functions as the Committee may determine, to the extent
permitted under Rule 16b-3 (if applicable) and applicable law.
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                                      -5-

                  (c) LIMITATION OF LIABILITY. Each member of the Committee
shall be entitled to, in good faith, rely or act upon any report or other
information furnished to him or her by any officer or other employee of the
Company or any Subsidiary or Affiliate, the Company's independent certified
public accountants, or other professional retained by the Company to assist in
the administration of the Plan. No member of the Committee, and no officer or
employee of the Company acting on behalf of the Committee, shall be personally
liable for any action, determination, or interpretation taken or made in good
faith with respect to the Plan, and all members of the Committee and any officer
or employee of the Company acting on their behalf shall, to the extent permitted
by law, be fully indemnified and protected by the Company with respect to any
such action, determination, or interpretation.

                  4. SHARES SUBJECT TO THE PLAN.

                  (a) Subject to adjustment as provided in Section 4(c) hereof,
the total number of Shares reserved for issuance in connection with Options
under the Plan shall be 495,303, with 300,000 of such Shares reserved for
issuance pursuant to that certain Letter of Agreement, dated as of the Effective
Date, between Atlas Air, Inc. and the Air Line Pilots in the service of Atlas
Air, Inc. as represented by The Air Line Pilots Association, International,
pursuant to the terms thereof. No Option may be granted if the number of Shares
to which such Option relates, when added to the number of Shares previously
issued under the Plan, exceeds the number of Shares reserved under the preceding
sentence. If any Options are forfeited, canceled, terminated, exchanged or
surrendered or such Option is settled in cash or otherwise terminates without a
distribution of Shares to the Participant, any Shares counted against the number
of Shares reserved and available under the Plan with respect to such Option
shall not be reallocated and available for Options under the Plan.

                  (b) In the event that the Committee shall determine that any
dividend in Shares, recapitalization, Share split, reverse split,
reorganization, merger, consolidation, spin-off, combination, repurchase, or
share exchange, or other similar corporate transaction or event, affects the
Shares such that an adjustment is appropriate in order to prevent dilution or
enlargement of the rights of Eligible Persons under the Plan, then the Committee
shall make such equitable changes or adjustments as it deems appropriate and, in
such manner as it may deem equitable, adjust any or all of (i) the number and
kind of shares which may thereafter be issued under the Plan, (ii) the number
and kind of shares, other securities or other consideration issued or issuable
in respect of outstanding Options, and (iii) the exercise price relating to any
Option; PROVIDED, HOWEVER, in each case that, with respect to ISOs, such
adjustment shall be made in accordance with Section 424(a) of the Code, unless
the Committee determines otherwise. In addition, the Committee is authorized to
make adjustments in the terms and conditions of, and the criteria and
performance objectives, if any, included in, Options in recognition of unusual
or non-recurring events (including, without limitation, events described in the
preceding sentence) affecting the Company or any Subsidiary or Affiliate or the
financial

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                                      -6-

statements of the Company or any Subsidiary or Affiliate, or in response to
changes in applicable laws, regulations, or accounting principles.

                  (c) Any Shares distributed pursuant to an Option may consist,
in whole or in part, of authorized and unissued Shares or treasury Shares
including Shares acquired by purchase in the open market or in private
transactions.

                  5. SPECIFIC TERMS OF OPTIONS.

                  (a) GENERAL. Options may be granted on the terms and
conditions set forth in this Section 5. In addition, the Committee may impose on
any Option or the exercise thereof, at the date of grant or thereafter (subject
to Section 7(d)), such additional terms and conditions, not inconsistent with
the provisions of the Plan, as the Committee shall determine, including terms
regarding forfeiture of Options or continued exercisability of Options in the
event of Termination of Service by the Eligible Person.

                  (b) OPTIONS. The Committee is authorized to grant Options,
which may be NQSOs or ISOs, to Eligible Persons on the following terms and
conditions:

                  (i) EXERCISE PRICE. The exercise price per Share purchasable
          under an Option shall be determined by the Committee. The Committee
          may, without limitation, set an exercise price that is based upon
          achievement of performance criteria if deemed appropriate by the
          Committee.

                  (ii) OPTION TERM. The term of each Option shall be determined
          by the Committee; PROVIDED, HOWEVER, that such term shall not be
          longer than ten years from the date of grant of the Option.

                  (iii) TIME AND METHOD OF EXERCISE. The Committee shall
          determine at the date of grant or thereafter the time or times at
          which an Option may be exercised in whole or in part (including,
          without limitation, upon achievement of performance criteria if deemed
          appropriate by the Committee), the methods by which such exercise
          price may be paid or deemed to be paid (including, without limitation,
          broker-assisted exercise arrangements), the form of such payment
          (including, without limitation, cash, Shares or other property), and
          the methods by which Shares will be delivered or deemed to be
          delivered to Eligible Persons; PROVIDED, HOWEVER, that in no event may
          any portion of the exercise price be paid with Shares acquired either
          under an Option granted pursuant to this Plan, upon exercise of a
          stock option granted under another Company plan or as a stock bonus or
          other stock award granted under another Company plan unless, in any
          such case, the Shares were acquired and vested more than six months in
          advance of the date of exercise.
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                                      -7-

                  (iv) ISOS. The terms of any ISO granted under the Plan shall
          comply in all respects with the provisions of Section 422 of the Code,
          including but not limited to the requirement that the ISO shall be
          granted within ten years from the earlier of the date of adoption or
          shareholder approval of the Plan. ISOs may only be granted to
          employees of the Company or a Subsidiary.

                  6. CERTAIN PROVISIONS APPLICABLE TO OPTIONS.

                  (a) STAND-ALONE, ADDITIONAL, TANDEM AND SUBSTITUTE OPTIONS.
Options granted under the Plan may, in the discretion of the Committee, be
granted to Eligible Persons either alone or in addition to, in tandem with, or
in exchange or substitution for, any other awards granted under any other plan
or agreement of the Company, any Subsidiary or Affiliate, or any business entity
to be acquired by the Company or a Subsidiary or Affiliate, or any other right
of an Eligible Person to receive payment from the Company or any Subsidiary or
Affiliate.

                  (b) TERM OF OPTIONS. The term of each Option granted to an
Eligible Person shall be for such period as may be determined by the Committee;
PROVIDED, HOWEVER, that in no event shall the term of any Option exceed a period
of ten years from the date of its grant (or such shorter period as may be
applicable under Section 422 of the Code).

                  (c) FORM OF PAYMENT UNDER OPTIONS. Subject to the terms of the
Plan and any applicable Option Agreement, payments to be made by the Company or
a Subsidiary or Affiliate upon the grant, maturation, or exercise of an Option
may be made in such forms as the Committee shall determine at the date of grant
or thereafter, including, without limitation, cash, Shares, notes or other
property, and may be made in a single payment or transfer, in installments, or
on a deferred basis.

                  (d) NONTRANSFERABILITY. Unless otherwise set forth by the
Committee in an Option Agreement, Options shall not be transferable by an
Eligible Person except by will or the laws of descent and distribution (except
pursuant to a Beneficiary designation) and shall be exercisable during the
lifetime of an Eligible Person only by such Eligible Person or his guardian or
legal representative. An Eligible Person's rights under the Plan may not be
pledged, mortgaged, hypothecated, or otherwise encumbered, and shall not be
subject to claims of the Eligible Person's creditors.

                  (e) NONCOMPETITION. The Committee may, by way of the Option
Agreements or otherwise, establish such other terms, conditions, restrictions
and/or limitations, if any, of any Option, provided they are not inconsistent
with the Plan, including, without limitation, the requirement that the
Participant not engage in competition with the Company.

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                                      -8-

                  7. GENERAL PROVISIONS.

                  (a) COMPLIANCE WITH LEGAL AND TRADING REQUIREMENTS. The Plan,
the granting and exercising of Options thereunder, and the other obligations of
the Company under the Plan and any Option Agreement, shall be subject to all
applicable federal, state and foreign laws, rules and regulations, and to such
approvals by any stock exchange, regulatory or governmental agency as may be
required. The Company, in its discretion, may postpone the issuance or delivery
of Shares under any Option until completion of such stock exchange or market
system listing or registration or qualification of such Shares or other required
action under any state, federal or foreign law, rule or regulation as the
Company may consider appropriate, and may require any Participant to make such
representations and furnish such information as it may consider appropriate in
connection with the issuance or delivery of Shares in compliance with applicable
laws, rules and regulations. No provisions of the Plan shall be interpreted or
construed to obligate the Company to register any Shares under federal, state or
foreign law. The Shares issued under the Plan may be subject to such other
restrictions on transfer as determined by the Committee.

                  (b) NO RIGHT TO CONTINUED EMPLOYMENT OR SERVICE. Neither the
Plan nor any action taken thereunder shall be construed as giving any employee
the right to be retained in the employ or service of the Company or any of its
Subsidiaries or Affiliates, nor shall it interfere in any way with the right of
the Company or any of its Subsidiaries or Affiliates to terminate any employee's
employment or service at any time.

                  (c) TAXES. The Company or any Subsidiary or Affiliate is
authorized to withhold from any Option exercised, amounts of withholding and
other taxes due in connection therewith, and to take such other action as the
Committee may deem advisable to enable the Company and Eligible Persons to
satisfy obligations for the payment of withholding taxes and other tax
obligations relating to any Option. This authority shall include authority to
withhold or receive Shares or other property and to make cash payments in
respect thereof in satisfaction of an Eligible Person's tax obligations.

                  (d) CHANGES TO THE PLAN AND OPTIONS. The Board may amend,
alter, suspend, discontinue, or terminate the Plan or the Committee's authority
to grant Options under the Plan without the consent of shareholders of the
Company or Participants, except that any such amendment or alteration as it
applies to ISOs shall be subject to the approval of the Company's shareholders
to the extent such shareholder approval is required under Section 422 of the
Code and any such amendment or alteration shall be subject to the approval of
the Company's shareholders to the extent such approval is required under the
rules of any stock exchange or automated quotation system on which the Shares
may then be listed or quoted; PROVIDED, HOWEVER, that, without the consent of an
affected Participant, no amendment, alteration, suspension, discontinuation, or
termination of the Plan may materially and adversely affect the rights of such
Participant under any Option theretofore granted to him or her. The Committee
may waive any conditions or rights under, amend any terms of, or amend, alter,
suspend, discontinue or terminate, any Option theretofore granted, prospectively
or retrospectively; PROVIDED, HOWEVER, that, without the consent of a
Participant, no amendment, alteration, suspension, discontinuation or
termination of any Option may materially and adversely affect the rights of such
Participant under any Option theretofore granted to him or her.

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                                      -9-

                  (e) NO RIGHTS TO OPTIONS; NO SHAREHOLDER RIGHTS. No Eligible
Person or employee shall have any claim to be granted any Options under the
Plan, and there is no obligation for uniformity of treatment of Eligible Persons
and employees. No Option shall confer on any Eligible Person any of the rights
of a shareholder of the Company unless and until Shares are duly issued or
transferred to the Eligible Person in accordance with the terms of the Option.

                  (f) UNFUNDED STATUS OF OPTIONS. The Plan is intended to
constitute an "unfunded" plan for incentive compensation. With respect to any
payments not yet made to a Participant pursuant to an Option , nothing contained
in the Plan or any Option shall give any such Participant any rights that are
greater than those of a general creditor of the Company; PROVIDED, HOWEVER, that
the Committee may authorize the creation of trusts or make other arrangements to
meet the Company's obligations under the Plan to deliver Shares pursuant to any
Option, which trusts or other arrangements shall be consistent with the
"unfunded" status of the Plan unless the Committee otherwise determines with the
consent of each affected Participant.

                  (g) NONEXCLUSIVITY OF THE PLAN. Neither the adoption of the
Plan by the Board nor its submission to the shareholders of the Company for
approval, as applicable, shall be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem
desirable, including, without limitation, the granting of options and other
awards otherwise than under the Plan, and such arrangements may be either
applicable generally or only in specific cases.

                  (h) NOT COMPENSATION FOR BENEFIT PLANS. No Option payable
under this Plan shall be deemed salary or compensation for the purpose of
computing benefits under any benefit plan or other arrangement of the Company
for the benefit of its employees unless the Company shall determine otherwise.

                  (i) NO FRACTIONAL SHARES. No fractional Shares shall be issued
or delivered pursuant to the Plan or any Option. The Committee shall determine
whether cash, other Options, or other property shall be issued or paid in lieu
of such fractional Shares or whether such fractional Shares or any rights
thereto shall be forfeited or otherwise eliminated.

                  (j) GOVERNING LAW. The validity, construction, and effect of
the Plan, any rules and regulations relating to the Plan, and any Option
Agreement shall be determined in

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                                      -10-

accordance with the laws of New York without giving effect to principles of
conflict of laws thereof.

                  (k) EFFECTIVE DATE; PLAN TERMINATION. The Plan shall become
effective as of the Effective Date. The Plan shall terminate as to future awards
on the date which is ten (10) years after the Effective Date.

                  (l) TITLES AND HEADINGS. The titles and headings of the
sections in the Plan are for convenience of reference only. In the event of any
conflict, the text of the Plan, rather than such titles or headings, shall
control.<PAGE>

                                                                   Exhibit 4.2.1

                FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT

         THIS FIRST AMENDMENT TO REGISTRATION RIGHTS AGREEMENT (this
"AMENDMENT"), dated as of June 7, 2005, is by and among Leap Wireless
International, Inc., a Delaware corporation (the "COMPANY"), and the Holders of
Registrable Securities who are parties hereto.

                                    RECITALS

         A. The Company and the Holders of Registrable Securities who are
parties hereto previously entered into that certain Registration Rights
Agreement dated as of August 16, 2004 (the "AGREEMENT").

         B. Pursuant to Section 10.3 of the Agreement, the Agreement may be
amended only by a written agreement signed by the Company and the Holders of a
majority of the Registrable Securities then outstanding.

         C. The Company and the Holders of Registrable Securities who are
parties hereto, constituting a majority of the outstanding Registrable
Securities, now desire to amend the Agreement as set forth herein.

                                   AGREEMENTS

         In consideration of the foregoing, and the agreements set forth below,
the parties hereby agree with each other as follows:

         1. DEFINITIONS. Capitalized terms used herein and not otherwise defined
herein shall have the meanings assigned to such terms in the Agreement.

         2. AMENDMENT TO SECTION 4.1. The phrase "within thirty (30) days
following the issuance by the Company's independent public accountants of their
audit report covering the Company's post-emergence "fresh-start" financial
statements" set forth in the first sentence of Section 4.1 of the Agreement
shall be deleted in its entirety and shall be replaced with the phrase "not
later than June 30, 2005".

         3. NO OTHER AMENDMENTS. Except as expressly provided in this Amendment,
the Agreement is, and shall continue to be, in full force and effect in
accordance with its terms, without amendment thereto, and is, in all respects,
ratified and confirmed. This Amendment may be executed in any number of
counterparts and each of such counterparts shall for all purposes be deemed to
be an original, and all such counterparts shall together constitute one and the
same instrument. This Amendment may be executed by facsimile signatures.

                  [Remainder of page intentionally left blank.]

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
to Registration Rights Agreement to be duly executed and delivered as of the
date first above written.

                                    LEAP WIRELESS INTERNATIONAL, INC.

                                    By: /s/ Robert J. Irving, Jr.
                                        ----------------------------------------
                                        Name:  Robert J. Irving, Jr.
                                        Title: Secretary

                                    MHR INSTITUTIONAL PARTNERS II LP
                                    MHR INSTITUTIONAL PARTNERS IIA LP
                                    BY MHR INSTITUTIONAL ADVISORS II LLC, ITS GP

                                    By: /s/ Hal Goldstein
                                        ----------------------------------------
                                        Name: Hal Goldstein
                                        Title: Authorized Signatory

                                    HIGHLAND CAPITAL MANAGEMENT, L.P.

                                    By: /s/ James Dondero
                                        ----------------------------------------
                                        Name: James Dondero, CFA, CPA
                                        Title: President

                                       2

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