Form of Time-Based Restricted Stock Award Agreement under the Air Transport Services Group, Inc. Amended and Restated 2015 Long-Term Incentive Plan

Air Transport Services Group, Inc. (the “Company”) and its stockholders believe that their business interests are best served by extending to you an opportunity to earn additional compensation based on the growth and success of the Company’s business. To this end, the Company and its stockholders adopted the Air Transport Services Group, Inc. Amended and Restated 2015 Long-Term Incentive Plan (the “Plan”) as a means through which you may share in the Company’s success. This is done by granting Awards to key employees like you. If the conditions described in this Award Agreement (and the Plan) are met, your Award will mature into common shares of the Company.

This Award Agreement describes many features of your Award and the conditions that must be satisfied before you may receive the value associated with your Award. All capitalized terms have the meaning set forth in the Plan unless otherwise specified in this Award Agreement. To ensure you fully understand these terms and conditions, you should:

•Read the Plan and the Plan’s Prospectus (the “Prospectus”) carefully to ensure you understand how the Plan works;

•Read this Award Agreement carefully to ensure you understand the nature of your Award and what you must do to earn it; and

•Contact [Name] at [Telephone Number] if you have any questions about your Award.

Also, no later than [Date], you must return a signed copy of the Award Agreement to:

[Name]

Air Transport Services Group, Inc.

145 Hunter Drive

Wilmington, Ohio 45177

If you do not do this, your Award will be revoked automatically as of the date it was granted and you will not be entitled to receive anything on account of the retroactively revoked Award.

Section 409A of the Internal Revenue Code (“Section 409A”) imposes substantial penalties on persons who receive some forms of deferred compensation (see the Plan’s Prospectus for more information about these penalties). Your Award has been designed to avoid these penalties. As a condition of accepting this Award, you must agree to accept any revisions to your Award Agreement that the Company subsequently determines necessary in order for you to avoid these

penalties, without any further consideration, even if those revisions change the terms of your Award and reduce its value or potential value.

You have been granted Restricted Stock. If you satisfy the conditions described in this Award Agreement, your shares of Restricted Stock will vest, which means that the restrictions imposed on your shares will be removed and the shares will no longer be subject to a risk of forfeiture. Federal income tax rules apply to Restricted Stock. These and other conditions affecting your Restricted Stock are described in this Award Agreement, the Plan and the Prospectus, all of which you should read carefully.

Grant Date: Your shares of Restricted Stock were issued on [Date].

Number of Shares of Restricted Stock: You have been granted [Number] shares of Restricted Stock. The conditions that you must meet as a condition to the vesting of your shares of Restricted Stock are discussed below in the section titled “When Your Award Will Be Settled.”

Restricted Period: The period that begins on the Grant Date (i.e., [Date]) and ends on [Date] (unless sooner terminated in accordance with the Plan and your Award Agreement) (the “Settlement Date”).

During the Restricted Period, your Restricted Stock will be held in escrow. On the Settlement Date, these shares either will be distributed to you, free of any restrictions, or forfeited, depending on whether or not the conditions described in this Award Agreement and in the Plan have been satisfied. You may exercise any voting rights associated with your Restricted Stock while it is held in escrow. Any dividends paid on your Restricted Stock during the Restricted Period also will be held in escrow and paid or forfeited on the Settlement Date, depending on whether or not you satisfy the conditions described in this Award Agreement and in the Plan have been satisfied.

Settlement Date: Normally, restrictions on your shares of Restricted Stock will be removed automatically and your shares will be distributed to you if you are actively employed on [Date] and have been actively employed since the Grant Date. However, your Restricted Stock may be settled earlier in the circumstances described in the next section.

When Your Restricted Stock Might Be Settled Earlier Than the Settlement Date: All restrictions on your Restricted Stock will be removed automatically and the shares of Company common stock will be distributed to you if, before the Settlement Date:

•Your employment terminates because of death or Disability;

•On or after the first anniversary of the Grant Date, you qualify for Retirement whether or not your employment terminates; or

•There is a Change in Control.

Special Rules for Retirement:

The Plan defines “Retirement” as termination of employment after you are 55 or older and have completed 10 or more continuous years of service; or after you are 65 or older and have completed at least 5 continuous years of service. You should check with _______ to determine when you will qualify for Retirement.

An employee who is granted Restricted Stock will recognize ordinary income equal to the Fair Market Value of the Restricted Stock at such time as the employee would be entitled to receive fully vested shares by terminating his or her employment, including as a result of Retirement. See page [___] of the Prospectus. If, before the Settlement Date, but on or after the first anniversary of the Grant Date, you satisfy the eligibility requirements for Retirement whether or not your employment terminates as a result of Retirement, the Company will distribute to you your shares of Restricted Stock.

•How Your Restricted Stock May Be Forfeited: Notwithstanding any provision contained in this Award Agreement to the contrary, you will forfeit any Restricted Stock if, before your Restricted Stock is settled:

•You are involuntarily terminated by the Company for “Cause” as defined in the Plan.

•You breach any agreement or covenant with, or obligation to, the Company or any Subsidiary, including without limitation, any non-competition agreement, non-solicitation agreement, confidentiality or non-disclosure agreement, or assignment of inventions or ownership of works agreement, as determined by the Committee;

•Without the Company’s advance written consent, you engage directly or indirectly in any manner or capacity as principal, agent, officer, director, employee or otherwise in any business or activity competitive with the business conducted by the Company or any of its Subsidiaries, as determined by the Company; or

•You perform any act or engage in any activity that is detrimental to the best interests of the Company or any of its Subsidiaries, as determined by the Committee.

If all applicable conditions have been met, your Restricted Stock will be settled automatically.

Rights During the Restricted Period: During the Restricted Period (and even though your shares of Restricted Stock are held in escrow until they are settled), you may exercise any voting rights

associated with your Restricted Stock. Dividends paid on the Restricted Stock, if any, will be held in escrow until the Award is settled and distributed to you (or forfeited) depending on whether or not you have met the conditions described in this Award Agreement and in the Plan.

Beneficiary: Your Beneficiary will be your surviving spouse or, if you do not have a surviving spouse, your estate.

Tax Withholding: Income taxes must be withheld when your Award is settled (see the Plan’s Prospectus for a discussion of the tax treatment of your Award). These taxes may be paid in one of several ways. They are:

•The Company or Affiliate may withhold this amount from other amounts owed to you (e.g., from your salary).

•You may pay these taxes by giving the Company a check (payable to “Air Transport Services Group, Inc.”) in an amount equal to the taxes that must be withheld.

•By having the Company withhold a portion of the shares that otherwise would be distributed. The number of shares withheld will have a fair market value equal to the taxes that must be withheld.

•If approved by the Committee, you may give the Company other shares of Company stock (that you have owned for at least six months) with a value equal to the taxes that must be withheld.

The Company may reject your requested method of withholding for any reason (or for no reason). If this happens, the Company will specify (from among the alternatives just listed) how these taxes are to be paid.

If you do not choose a method within 30 days of the Settlement Date, the Company will withhold a portion of the shares that otherwise would be distributed. The number of shares withheld will have a fair market value equal to the taxes that must be withheld and the balance of the shares will be distributed to you.

Governing Law: This Award Agreement will be construed in accordance with and governed by the laws (other than laws governing conflicts of laws) of the United States and of the State of Ohio, except to the extent that the Delaware General Corporation Law is mandatorily applicable.

Other Agreements: Also, your Restricted Stock will be subject to the terms of any other written agreements between you and the Company.

Company Executive Officer Clawback Policy: Your Restricted Stock may be subject to the Company’s Executive Officer Clawback Policy if you are an “Executive Officer” as defined in such plan.

Other Rules: Your Restricted Stock also is subject to more rules described in the Plan and in the Plan’s Prospectus. You should read both these documents carefully to ensure you fully understand all the conditions of this Award.

Plan Controls: In the event that this Award Agreement conflicts or is inconsistent with any term of the Plan, the Plan shall be deemed controlling.

You may contact [Name] at [Telephone Number] or at the address given below if you have any questions about your Award or this Award Agreement.