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Items of Business:
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1.
To consider and vote on a proposal to adopt the Agreement and Plan of Merger, dated as of August 4, 2022 (the “merger agreement”), by and among the Company, Rand Parent, LLC, a Delaware limited liability company (“Parent”), and Rand Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Parent (“MergerCo”), pursuant to which and subject to the terms and conditions thereof, MergerCo will be merged with and into the Company (the “merger”), with the Company surviving the merger as a wholly-owned subsidiary of Parent (the “surviving corporation”). We refer to this proposal as the “merger agreement proposal”.
2.
To consider and vote on a proposal to approve, by advisory (non-binding) vote, the compensation that may be paid or become payable to our named executive officers in connection with the consummation of the merger, which proposal we refer to as the “advisory compensation proposal”.
3.
To consider and vote on a proposal to approve any adjournment of the special meeting for the purpose of soliciting additional proxies if there are insufficient votes at the special meeting to adopt the merger agreement, which proposal we refer to as the “adjournment proposal”.
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Record Date:
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| | Only the Company’s stockholders of record at the close of business on October 18, 2022 — the record date for the special meeting — will be entitled to notice of, and to vote at, the special meeting and any postponement or adjournment thereof. | |
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General:
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The merger agreement proposal must be approved by the affirmative vote (in person or by proxy) of the holders of a majority of outstanding shares of Company common stock entitled to vote thereon. Assuming a quorum is present, if you fail to authorize a proxy to vote your shares of common stock or vote at the virtual special meeting, fail to instruct your bank, broker or other nominee on how to vote, or abstain from the merger agreement proposal, it will have the same effect as a vote against the merger agreement proposal. Accordingly, your vote is very important regardless of the number of shares of common stock that you own. Whether or not you plan to attend the virtual special meeting, we request that you vote your shares of common stock. If you attend the virtual special meeting and you are a Company stockholder of record at the close of business on the record date, you may continue to have your shares of common stock voted as instructed in your proxy, or you may withdraw your proxy and vote your shares of common stock at the virtual special meeting.
If you fail to authorize a proxy to vote your shares or to vote at the virtual special meeting, or fail to instruct your broker, bank or other nominee on how to vote, the effect will be that the shares of common stock that you own will not be counted for purposes of determining whether a quorum is present at the virtual special meeting and will have the same effect as a vote “AGAINST” the merger agreement proposal.
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The approval of the advisory compensation proposal and the adjournment proposal each requires the affirmative vote (in person or by proxy) of a majority of the votes cast on the proposal. Assuming a quorum is present, if you fail to authorize a proxy to vote your shares or vote at the virtual special meeting, or fail to instruct your bank, broker or other nominee on how to vote, it will have no effect on the outcome of these proposals. Abstentions will not be considered votes cast and therefore will have no effect on the outcome of the advisory compensation proposal or the adjournment proposal.
If a quorum is not present or represented at the special meeting of the stockholders, the Chairman of the board of directors of the Company (the “Board”) or the stockholders entitled to vote thereat, present in person or by proxy, may adjourn the special meeting.
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| | | | For Company stockholders of record, any proxy may be revoked at any time prior to its exercise by delivery of a properly executed, later-dated proxy card, by submitting a written revocation of your proxy to our Corporate Secretary, or by voting at the virtual special meeting. For Company stockholders that hold their shares in “street name”, any proxy may be revoked through such stockholder’s broker, bank or other nominee and in accordance with its procedures or by voting at the virtual special meeting. Attendance at the virtual special meeting alone will not be sufficient to revoke a previously authorized proxy. | |
| | | | For more information concerning the virtual special meeting, the merger agreement, the merger and the other transactions contemplated by the merger agreement, please review the accompanying proxy statement and the copy of the merger agreement attached as Annex A thereto. | |
| | | | The Board has reviewed and considered the terms and conditions of the merger agreement, the merger and the other transactions contemplated by the merger agreement. The Board unanimously (i) determined and declared that it is advisable and fair to, and in the best interests of, the Company and | |
| | | | the Company’s stockholders, that the Company enter into the merger agreement and consummate the transactions contemplated by the merger agreement, (ii) approved and declared the advisability of the merger agreement and the consummation of the transactions contemplated by the merger agreement, including the merger, (iii) recommended that the Company’s stockholders entitled to vote adopt the merger agreement and (iv) directed that the merger agreement be submitted to the Company’s stockholders entitled to vote for adoption. | |
| | | | Accordingly, the Board recommends a vote “FOR” the merger agreement proposal, “FOR” the advisory compensation proposal and “FOR” the adjournment proposal. | |
| | | | Whether or not you plan to attend the virtual special meeting, we want to make sure your shares are represented at the meeting. You may cast your vote by authorizing your proxy in advance of the virtual special meeting by mail. Please sign, date and return, as promptly as possible, the enclosed proxy card in the reply envelope provided. If you attend the special meeting and vote thereat, your vote will revoke any proxy that you have previously submitted. If you hold your shares in “street name”, you should instruct your bank, broker or other nominee how to vote your shares in accordance with the voting instruction form that you will receive from your bank, broker or other nominee. Your bank, broker or other nominee cannot vote on any of the proposals, including the merger agreement proposal, without your instructions. If you sign, date and mail your proxy card without indicating how you wish to vote, your proxy will be counted as a vote “FOR” the merger agreement proposal, “FOR” the compensation proposal and “FOR” the adjournment proposal. | |
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TABLE OF CONTENTS
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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TABLE OF CONTENTS
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| | Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement | |
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TABLE OF CONTENTS
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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2
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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3
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SUMMARY
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4
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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5
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SUMMARY
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6
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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7
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SUMMARY
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8
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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9
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SUMMARY
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10
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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11
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SUMMARY
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12
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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13
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SUMMARY
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14
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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15
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SUMMARY
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16
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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SUMMARY
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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17
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SUMMARY
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18
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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19
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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20
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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21
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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22
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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23
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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24
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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25
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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26
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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QUESTIONS AND ANSWERS ABOUT THE SPECIAL MEETING AND THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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27
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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28
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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29
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THE PARTIES
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30
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE PARTIES
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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31
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THE SPECIAL MEETING
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32
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE SPECIAL MEETING
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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33
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THE SPECIAL MEETING
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34
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE SPECIAL MEETING
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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35
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THE SPECIAL MEETING
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36
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE SPECIAL MEETING
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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37
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THE SPECIAL MEETING
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38
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE SPECIAL MEETING
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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39
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PROPOSAL 1: MERGER AGREEMENT PROPOSAL
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40
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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PROPOSAL 2
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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41
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PROPOSAL 3
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42
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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43
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THE MERGER
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44
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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45
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THE MERGER
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46
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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47
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THE MERGER
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48
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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49
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THE MERGER
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50
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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51
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THE MERGER
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52
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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53
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THE MERGER
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54
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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55
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THE MERGER
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56
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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57
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THE MERGER
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58
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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59
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THE MERGER
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60
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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61
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THE MERGER
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62
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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63
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THE MERGER
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| | | |
Fiscal Year ending December 31,
|
| |||||||||||||||||||||||||||
|
($ millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
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Operating Revenue
|
| | | | 4,353 | | | | | | 4,546 | | | | | | 4,611 | | | | | | 4,653 | | | | | | 4,700 | | |
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Adjusted EBITDAR(1)
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| | | | 1,048 | | | | | | 1,034 | | | | | | 944 | | | | | | 914 | | | | | | 876 | | |
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Adjusted Net Income(2)
|
| | | | 477 | | | | | | 431 | | | | | | 362 | | | | | | 357 | | | | | | 333 | | |
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Capital Expenditures
|
| | | | (977) | | | | | | (536) | | | | | | (178) | | | | | | (179) | | | | | | (174) | | |
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64
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Fiscal Year ending December 31,
|
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($ millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
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2026E
|
| |||||||||||||||
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Operating Revenue
|
| | | | 4,373 | | | | | | 4,779 | | | | | | 4,855 | | | | | | 4,917 | | | | | | 4,971 | | |
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Adjusted EBITDAR(1)
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| | | | 1,042 | | | | | | 1,135 | | | | | | 1,089 | | | | | | 1,066 | | | | | | 1,055 | | |
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Adjusted Net Income(2)
|
| | | | 471 | | | | | | 508 | | | | | | 472 | | | | | | 474 | | | | | | 469 | | |
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Capital Expenditures
|
| | | | (977) | | | | | | (536) | | | | | | (178) | | | | | | (179) | | | | | | (174) | | |
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Fiscal Year ending December 31,
|
| |||||||||||||||||||||||||||
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($ millions)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
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Operating Revenue
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| | | | 4,853 | | | | | | 5,624 | | | | | | 5,751 | | | | | | 5,786 | | | | | | 5,850 | | |
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Adjusted EBITDAR(1)
|
| | | | 1,020 | | | | | | 1,073 | | | | | | 958 | | | | | | 881 | | | | | | 875 | | |
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Adjusted Net Income(2)
|
| | | | 458 | | | | | | 459 | | | | | | 370 | | | | | | 331 | | | | | | 330 | | |
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Capital Expenditures
|
| | | | (989) | | | | | | (536) | | | | | | (178) | | | | | | (179) | | | | | | (174) | | |
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Fiscal Year ending December 31,
|
| |
Terminal
Year |
| ||||||||||||||||||||||||||||||
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($ millions)
|
| |
2H22E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||||||||
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Unlevered Free Cash Flow(3)
|
| | | | (28) | | | | | | 427 | | | | | | 570 | | | | | | 566 | | | | | | 562 | | | | | | 251 | | |
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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65
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THE MERGER
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66
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| | |
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
67
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THE MERGER
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68
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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| | | |
Implied Equity Value Per Share Range
for the Company |
|
| 4.25x – 5.25x LTM Exit AAV/EBITDAR | | |
$93.00 – $113.00
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|
| | | |
Implied Equity Value Per Share Range
for the Company |
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| 3.5x – 4.5x NTM EBITDAR as of 12/31/2022 | | |
$59.00 – $93.00
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| 3.5x – 4.5x NTM EBITDAR as of 12/31/2023 | | |
$54.00 – $82.00
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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69
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THE MERGER
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AAV / EBITDAR
2022 / 2023 |
|
| ATSG | | |
5.7x / 5.2x
|
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| Heartland | | |
5.0x / 5.1x
|
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| Knight-Swift | | |
5.6x / 6.3x
|
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| Werner | | |
4.7x / 4.9x
|
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| ArcBest | | |
3.6x / 3.9x
|
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| Yellow | | |
4.1x / 4.2x
|
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| A.P. | | |
1.7x / 3.7x
|
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| Hapag-Lloyd | | |
3.3x / 7.3x
|
|
| COSCO | | |
0.8x / 1.7x
|
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| Evergreen | | |
1.1x / 2.5x
|
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| Comparable Companies Mean | | |
3.6x / 4.5x
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| Comparable Companies Median | | |
3.8x / 4.5x
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| The Company | | |
3.9x / 4.0x
|
|
|
70
|
| | |
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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|
| | | |
Implied Value Per
Share Range the Company |
|
| Management 3.5x – 4.5x AAV / 2022E EBITDAR | | |
$61.00 – $92.00
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|
| Consensus 3.5x – 4.5x AAV / 2022E EBITDAR | | |
$64.00 – $95.00
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|
|
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
71
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THE MERGER
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| | | |
Selected Precedent
Transaction Multiple |
| |
Implied Equity Value Per Share
for the Company |
| ||||||
| Acquisition of Southern Air by the Company | | | | | 5.3x | | | | | $ | 82.00 | | |
| Acquisition of Omni by ATSG | | | | | 5.8x | | | | | $ | 93.00 | | |
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72
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
73
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THE MERGER
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74
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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75
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THE MERGER
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76
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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77
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THE MERGER
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78
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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79
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THE MERGER
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80
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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81
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THE MERGER
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82
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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83
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THE MERGER
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84
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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THE MERGER
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
85
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|
|
Name
|
| |
Severance
($)(1) |
| |
Long-Term
Incentives ($)(2) |
| |
Nonqualified
Deferred Compensation ($)(3) |
| |
Perquisites/
Benefits ($)(4) |
| |
Total ($)(5)
|
| |||||||||||||||
| John W. Dietrich | | | | | 2,850,000 | | | | | | 24,326,256 | | | | |
|
—
|
| | | | | 226,711 | | | | | | 27,402,967 | | |
| Michael T. Steen | | | | | 2,025,000 | | | | | | 17,141,617 | | | | |
|
—
|
| | | | | 313,624 | | | | | | 19,480,241 | | |
| Adam R. Kokas | | | | | 1,875,000 | | | | | | 15,645,001 | | | | |
|
—
|
| | | | | 548,108 | | | | | | 18,068,109 | | |
| Spencer Schwartz | | | | | 1,875,000 | | | | | | 15,645,001 | | | | |
|
—
|
| | | | | 371,764 | | | | | | 17,891,765 | | |
| James A. Forbes | | | | | 1,650,000 | | | | | | 8,293,432 | | | | | | 328,439 | | | | | | 34,407 | | | | | | 10,306,278 | | |
|
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
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|
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
|
|
Name of Beneficial Owner
|
| |
Number of
Shares of Common Stock Beneficially Owned |
| |
Percent of
Outstanding Shares of Common Stock Beneficially Owned |
| ||||||
| Holders of 5% or more of Common Stock: | | | | | | | | | | | | | |
|
BlackRock, Inc.(a)
55 East 52nd Street New York, NY 10055 |
| | | | 4,379,868 | | | | | | 15.4% | | |
|
The Vanguard Group(b)
100 Vanguard Boulevard Malvern, PA 19355 |
| | | | 3,037,323 | | | | | | 10.7% | | |
|
Sixth Street Partners Management Company, L.P.(c)
c/o Sixth Street Partners, LLC 2100 McKinney Avenue, Suite 1500 Dallas, TX 72501 |
| | | | 2,007,000 | | | | | | 7.1% | | |
|
Dimensional Fund Advisors LP(d)
Building One 6300 Bee Cave Road Austin, TX 78746 |
| | | | 1,955,936 | | | | | | 6.9% | | |
|
Hill City Capital LP(e)
121 High Street, 3rd Floor Boston, MA 02110 |
| | | | 1,434,268 | | | | | | 5.1% | | |
| Directors and Executive Officers: | | | | | | | | | | | | | |
| Charles F. Bolden, Jr.(f) | | | | | 15,621 | | | | | | * | | |
| Walter G. Borst(f) | | | | | 1,578 | | | | | | * | | |
| Raymond L. Conner(f) | | | | | 1,578 | | | | | | * | | |
| Beverly K. Goulet(f) | | | | | 3,080 | | | | | | * | | |
| Bobby J. Griffin(f) | | | | | 14,930 | | | | | | * | | |
| Duncan J. McNabb(f) | | | | | 21,118 | | | | | | * | | |
| Sheila A. Stamps(f) | | | | | 7,972 | | | | | | * | | |
| George A. Willis(f) | | | | | 1,578 | | | | | | * | | |
| Carol J. Zierhoffer(g) | | | | | 3,080 | | | | | | * | | |
| Director and NEO: | | | | | | | | | | | | | |
| John W. Dietrich | | | | | 64,989 | | | | | | * | | |
| Other NEO: | | | | | | | | | | | | | |
| James A. Forbes | | | | | 9,658 | | | | | | * | | |
| Adam R. Kokas | | | | | 33,356 | | | | | | * | | |
| Spencer Schwartz | | | | | 39,153 | | | | | | * | | |
| Michael T. Steen | | | | | 98,092 | | | | | | * | | |
|
All directors and executive officers as a group (15 persons, including the persons listed above)
|
| | |
|
325,199
|
| | | |
|
1.1%
|
| |
|
124
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
|
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| | |
125
|
|
|
MARKET PRICE AND DIVIDEND INFORMATION
|
|
| | | | |
High
|
| | |
Low
|
| ||||||
| 2022 | | | | | | | | | | | | | | | |
|
October 1, 2022 through October 18, 2022
|
| | | | $ | 100.28 | | | | | | $ | 95.65 | | |
|
Third quarter
|
| | | | $ | 101.62 | | | | | | $ | 58.70 | | |
|
Second quarter
|
| | | | $ | 87.43 | | | | | | $ | 60.48 | | |
|
First quarter
|
| | | | $ | 97.13 | | | | | | $ | 73.18 | | |
| 2021 | | | | | | | | | | | | | | | |
|
Fourth quarter
|
| | | | $ | 95.00 | | | | | | $ | 76.69 | | |
|
Third quarter
|
| | | | $ | 85.77 | | | | | | $ | 62.13 | | |
|
Second quarter
|
| | | | $ | 76.22 | | | | | | $ | 60.06 | | |
|
First quarter
|
| | | | $ | 63.19 | | | | | | $ | 50.22 | | |
| 2020 | | | | | | | | | | | | | | | |
|
Fourth quarter
|
| | | | $ | 69.08 | | | | | | $ | 50.25 | | |
|
Third quarter
|
| | | | $ | 63.47 | | | | | | $ | 43.44 | | |
|
Second quarter
|
| | | | $ | 47.70 | | | | | | $ | 20.00 | | |
|
First quarter
|
| | | | $ | 33.85 | | | | | | $ | 14.97 | | |
| 2019 | | | | | | | | | | | | | | | |
|
Fourth quarter
|
| | | | $ | 28.59 | | | | | | $ | 20.61 | | |
|
Third quarter
|
| | | | $ | 46.84 | | | | | | $ | 23.60 | | |
|
Second quarter
|
| | | | $ | 51.99 | | | | | | $ | 35.04 | | |
|
First quarter
|
| | | | $ | 60.72 | | | | | | $ | 39.88 | | |
|
126
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HOUSEHOLDING
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STOCKHOLDER PROPOSALS
|
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128
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WHERE YOU CAN FIND ADDITIONAL INFORMATION
|
|
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Annex A
|
|
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Annex A
|
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Page
|
| |||
ARTICLE I
|
| ||||||
THE MERGER | | | | | A-2 | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-3 | | | |
ARTICLE II
|
| ||||||
| | | | A-3 | | | |
| | | | A-3 | | | |
| | | | A-4 | | | |
| | | | A-7 | | | |
| | | | A-7 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
| | | | A-8 | | | |
ARTICLE III
|
| ||||||
REPRESENTATIONS AND WARRANTIES OF THE COMPANY | | | | | A-9 | | |
| | | | A-9 | | | |
| | | | A-10 | | | |
| | | | A-11 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-16 | | | |
| | | | A-16 | | | |
| | | | A-17 | | | |
| | | | A-18 | | | |
| | | | A-19 | | | |
| | | | A-21 | | | |
| | | | A-22 | | | |
| | | | A-22 | | |
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A-i
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Annex A
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| | |
Page
|
| |||
| | | | A-24 | | | |
| | | | A-24 | | | |
| | | | A-25 | | | |
| | | | A-27 | | | |
| | | | A-28 | | | |
| | | | A-29 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-30 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-31 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
ARTICLE IV
|
| ||||||
REPRESENTATIONS AND WARRANTIES OF PARENT AND MERGERCO | | | | | A-32 | | |
| | | | A-32 | | | |
| | | | A-32 | | | |
| | | | A-33 | | | |
| | | | A-34 | | | |
| | | | A-34 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
ARTICLE V
|
| ||||||
ADDITIONAL COVENANTS AND AGREEMENTS | | | | | A-38 | | |
| | | | A-38 | | | |
| | | | A-44 | | | |
| | | | A-49 | | |
|
A-ii
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Annex A
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|
| | |
Page
|
| |||
| | | | A-53 | | | |
| | | | A-53 | | | |
| | | | A-54 | | | |
| | | | A-56 | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
| | | | A-59 | | | |
| | | | A-59 | | | |
| | | | A-59 | | | |
| | | | A-62 | | | |
| | | | A-67 | | | |
| | | | A-70 | | | |
| | | | A-71 | | | |
ARTICLE VI
|
| ||||||
CONDITIONS TO THE MERGER | | | | | A-71 | | |
| | | | A-71 | | | |
| | | | A-71 | | | |
| | | | A-72 | | | |
ARTICLE VII
|
| ||||||
TERMINATION | | | | | A-72 | | |
| | | | A-72 | | | |
| | | | A-75 | | | |
| | | | A-75 | | | |
ARTICLE VIII
|
| ||||||
MISCELLANEOUS | | | | | A-77 | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-78 | | | |
| | | | A-79 | | | |
| | | | A-80 | | | |
| | | | A-81 | | | |
| | | | A-82 | | |
|
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A-iii
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A-iv
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Annex A
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A-2
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Annex A
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A-3
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Annex A
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A-4
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-5
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Annex A
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A-6
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-7
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Annex A
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A-8
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-9
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Annex A
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A-10
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-11
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Annex A
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A-12
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-13
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Annex A
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A-14
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-15
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Annex A
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A-16
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-17
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Annex A
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A-18
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-19
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Annex A
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A-20
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-21
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Annex A
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A-22
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-23
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Annex A
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A-24
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-25
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Annex A
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A-26
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-27
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Annex A
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A-28
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-29
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Annex A
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A-30
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-31
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Annex A
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A-32
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-33
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Annex A
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A-34
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-35
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Annex A
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A-36
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-37
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Annex A
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A-38
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-39
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Annex A
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A-40
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-41
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Annex A
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A-42
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-43
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Annex A
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A-44
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-45
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Annex A
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A-46
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-47
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Annex A
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A-48
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-49
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Annex A
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A-50
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-51
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Annex A
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A-52
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-53
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Annex A
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A-54
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-55
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Annex A
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A-56
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-57
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Annex A
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A-58
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-59
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Annex A
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A-60
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-61
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Annex A
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A-62
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-63
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Annex A
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A-64
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-65
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Annex A
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A-66
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-67
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Annex A
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A-68
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-69
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Annex A
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A-70
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-71
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Annex A
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A-72
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-73
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Annex A
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A-74
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-75
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Annex A
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A-76
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-77
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Annex A
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A-78
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-79
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Annex A
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A-80
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-81
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Annex A
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A-82
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-83
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Annex A
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A-84
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-85
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Annex A
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A-86
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-87
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Annex A
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A-88
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-89
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Annex A
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A-90
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-91
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Annex A
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A-92
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-93
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Annex A
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A-94
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Terms Not Defined in this Section 8.12
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| | |
Section
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| |
| | Acceptable Confidentiality Agreement | | | | 5.02(h) | | |
| | Action | | | | 3.08 | | |
| | Adverse Recommendation Change | | | | 5.02(d) | | |
| | Agreement | | | | Preamble | | |
| | Aircraft | | | | 3.19(a) | | |
| | Alternative Financing | | | | 5.13(i) | | |
| | Announcement | | | | 5.04 | | |
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-95
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Annex A
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Terms Not Defined in this Section 8.12
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| | |
Section
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| |
| | Applicable Jurisdictions | | | | 6.01(a) | | |
| | Appraisal Shares | | | | 2.07(a) | | |
| | Aviation Regulations | | | | 3.05 | | |
| | Aviation Regulators | | | | 3.05 | | |
| | Balance Sheet Date | | | | 3.06(c) | | |
| | Bankruptcy and Equity Exception | | | | 3.04(a) | | |
| | Book-Entry Share | | | | 2.01(c) | | |
| | Capex Plan | | | | 5.01(b)(xv) | | |
| | Capitalization Date | | | | 3.02 | | |
| | Certificate of Merger | | | | 1.03 | | |
| | Claim | | | | 5.06(c) | | |
| | Closing | | | | 1.02 | | |
| | Closing Date | | | | 1.02 | | |
| | Commitment Letters | | | | 5.14(h) | | |
| | Company | | | | Preamble | | |
| | Company Acquisition Agreement | | | | 5.02(d) | | |
| | Company Associated Party Contract | | | | 3.24 | | |
| | Company Board | | | | 3.22 | | |
| | Company Board Recommendation | | | | Recitals | | |
| | Company Cash Award | | | | 2.03(c) | | |
| | Company Common Stock | | | | Recitals | | |
| | Company Disclosure Letter | | | | III | | |
| | Company Equity Award | | | | 3.02(ii)(a) | | |
| | Company Intellectual Property | | | | 3.14(b) | | |
| | Company Preferred Shares | | | | 3.02 | | |
| | Company PSU | | | | 2.03(b) | | |
| | Company Related Parties | | | | 7.03(d) | | |
| | Company RSU | | | | 2.03(a) | | |
| | Company SEC Documents | | | | 3.06 | | |
| | Company Securities | | | | 3.02(b) | | |
| | Company Stockholder Approval | | | | 3.04(c) | | |
| | Company Stockholders’ Meeting | | | | 5.13(d) | | |
| | Company Subsidiary Securities | | | | 3.03(c) | | |
| | Company Termination Fee | | | | 7.03(a)(ii) | | |
| | Comparability Period | | | | 5.07 | | |
| | Confidentiality Agreement | | | | 5.05 | | |
| | Continuing Employee | | | | 5.07 | | |
| | Covered Guarantee | | | | Recitals | | |
| | CPARS | | | | 3.18(g) | | |
| | D&O Tail Policy | | | | 5.06(d) | | |
| | Debt Commitment Letter | | | | 5.14(h) | | |
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A-96
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Terms Not Defined in this Section 8.12
|
| | |
Section
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| |
| | Debt Financing | | | | 5.14(h) | | |
| | Debt Offer | | | | 5.15(a) | | |
| | Debt Offer Documents | | | | 5.15(a) | | |
| | DGCL | | | | Recitals | | |
| | DHS | | | | 3.05 | | |
| | DOJ | | | | 5.03(d) | | |
| | DOT | | | | 3.05 | | |
| | DTC | | | | 2.02(b) | | |
| | Effective Time | | | | 1.03 | | |
| | Equity Commitment Parties | | | | Recitals | | |
| | Event Notice Period | | | | 5.02(e) | | |
| | Exchange Act | | | | 3.05 | | |
| | Exchange Fund | | | | 2.02(a) | | |
| | FAA | | | | 3.05 | | |
| | FCC | | | | 3.05 | | |
| | Filed SEC Documents | | | | III | | |
| | Financing | | | | 5.14(h) | | |
| | Financing Uses | | | | 4.05(f) | | |
| | FTC | | | | 5.03(d) | | |
| | Fundamental Representations | | | | 6.02(a) | | |
| | Guarantor | | | | Recitals | | |
| | Indebtedness | | | | 5.01(b)(vi) | | |
| | Indemnitee | | | | 5.06 | | |
| | Indemnitees | | | | 5.06 | | |
| | Insurance Policies | | | | 3.21 | | |
| | Intervening Event | | | | 5.02(k) | | |
| | IP Contracts | | | | 3.14(c) | | |
| | Judgment | | | | 3.08 | | |
| | Laws | | | | 3.09(a) | | |
| | Leased Aircraft | | | | 3.19(a) | | |
| | Limited Guarantee | | | | Recitals | | |
| | Malicious Code | | | | 3.15(c) | | |
| | Maintenance Capex | | | | 5.01(b)(xv) | | |
| | Material Contract | | | | 3.17 | | |
| | Maximum Amount | | | | 5.06(d) | | |
| | Merger | | | | Recitals | | |
| | Merger Consideration | | | | 2.01(c) | | |
| | MergerCo | | | | Preamble | | |
| | Morgan Stanley | | | | 3.23 | | |
| | NASDAQ | | | | 3.05 | | |
| | Operated Aircraft | | | | 3.19(a) | | |
|
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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A-97
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Annex A
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Terms Not Defined in this Section 8.12
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| | |
Section
|
| |
| | Other Joint Venture Entity | | | | 3.03(c) | | |
| | Other JV Interest | | | | 3.03(c) | | |
| | Other Required Company Filing | | | | 5.13(a) | | |
| | Other Required Parent Filing | | | | 5.13(a) | | |
| | Outside Date | | | | 7.01(b)(i) | | |
| | Owned Aircraft | | | | 3.19(d) | | |
| | Parent | | | | Preamble | | |
| | Parent Related Parties | | | | 7.03(d) | | |
| | Parent Termination Fee | | | | 7.03(b) | | |
| | Paying Agent | | | | 2.02(a) | | |
| | Payoff Amount | | | | 5.16 | | |
| | Permits | | | | 3.09(b) | | |
| | Privacy Policies | | | | 3.15 | | |
| | Proxy Statement | | | | 3.05 | | |
| | Restraints | | | | 6.01(a) | | |
| | SEC | | | | 3.05 | | |
| | Secretary of State of Delaware | | | | 1.03 | | |
| | Securities Act | | | | 3.06 | | |
| | Security Notification | | | | 5.03(f) | | |
| | Share Certificate | | | | 2.01(c) | | |
| | Significant Customers | | | | 3.26 | | |
| | Significant Vendors | | | | 3.26 | | |
| | Specified Collateral | | | | 5.01(b)(vi) | | |
| | Subject Indebtedness | | | | 5.16 | | |
| | Superior Proposal | | | | 5.02(j) | | |
| | Surviving Corporation | | | | 1.01 | | |
| | Takeover Law | | | | 3.22(b) | | |
| | Takeover Proposal | | | | 5.02(i) | | |
| | Transaction Documents | | | | 8.06 | | |
| | Transaction Expenses | | | | 8.13 | | |
| | Transaction Litigation | | | | 5.08(a) | | |
| | TSA | | | | 3.05 | | |
| | U.S | | | | 2.02(a) | | |
| | U.S.C | | | | 3.05 | | |
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A-98
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
A-99
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Annex A
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A-100
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex A
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
A-101
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Annex A
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A-102
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex B
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
B-1
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Annex B
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B-2
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| | |
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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Annex B
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Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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| | |
B-3
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Annex B
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B-4
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| | |
Atlas Air Worldwide Holdings, Inc. 2022 Notice & Proxy Statement
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