Compensation of Outside Directors

Executive Compensation Plan Agreement

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This Executive Compensation Plan Agreement involves

ATLAS AIR WORLDWIDE HOLDINGS INC

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Title: Compensation of Outside Directors
Date: 2/26/2009
Industry: Airline Sector: Transportation

Exhibit 10.18

Compensation of Outside Directors

Cash Compensation. Each of our outside Directors is paid $50,000 in cash compensation annually, which is payable quarterly in advance, and also receives the following additional cash compensation as applicable:

Standing Committee Membership

	•		Each member of the Audit Committee, $15,000 annually;

	•		Each member of the Compensation Committee, $5,000 annually; and

	•		Each member of the Nominating and Governance Committee, $5,000 annually.

Chairman Position

	•		Chairman of the Board, $100,000 annually; and

	•		Chairman of each of the Audit Committee, the Compensation Committee and the Nominating and Governance Committee, $25,000 annually.

Meeting Fees

•

For each meeting of the Board or a Committee of the Board, including any ad hoc committee, attended in person by a member, a fee to such member of $1,500 or $

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