X0202 4 2007-04-02 0001135185 ATLAS AIR WORLDWIDE HOLDINGS INC AAWW 0001394268 Steen Michael C/O ATLAS AIR WORLDWIDE HOLDINGS, INC. 2000 WESTCHESTER AVENUE PURCHASE NY 10577 0 1 0 0 Sr. VP & CMO Common Stock, $0.01 par value 2007-04-02 4 A 0 8840 0 A 8840 D Employee Stock Option (right to buy) 53.69 2007-04-02 4 A 0 10200 0 A 2014-04-02 Common Stock 10200 10200 D Represents the maximum number of performance-based shares that may be earned by the reporting person on completion of the performance period ended December 31, 2009. The target amount is 50% of such shares. The exact number of shares, if any, that may be earned by the reporting person on completion of such performance period is subject to the satisfaction of certain growth-related performance factors over a three-year period relative to a peer group selected by the registrant. The option vests in four equal annual installments on April 2, 2008, 2009, 2010 and 2011. /s/ Michael W. Borkowski, Attorney-in-Fact 2007-04-03