Exhibit 10.48

AMENDMENT NO. 1
TO
PETER D. MCDONALD
SECULAR TRUST AGREEMENT

THIS AMENDMENT NO. 1 is made as of this 12th day of March, 2007 to the Peter D.
McDonald Trust Agreement, dated September 29, 2006 (the “Trust”), by and among
UAL Corporation (the “Company”), Peter D. McDonald (the “Executive”) and The
Northern Trust Company, as trustee (the “Trustee”).

WHEREAS, Section 9(a) of the Trust authorizes its amendment by a written
instrument executed by the Company, the Executive and the Trustee; and

WHEREAS, the parties hereto wish to amend the Trust in the manner described
herein.

NOW THEREFORE, the Company, the Executive and the Trustee agree as follows:

1.   Amendment and Restatement of Section 1(d).   Section 1(d) of the Trust
shall be amended and restated in its entirety to read as follows.

“The Trust is intended to be taxed as a simple trust, and the Trust’s income
shall be distributed currently to the Executive at the times provided herein.
The Trust’s fiscal year is the calendar year.”

2.   Amendment and Restatement of Section 2(i).   Section 2(i) of the Trust
shall be amended and restated in its entirety to read as follows:

“All current earnings arising from investment of the Trust Fund shall be
distributed to the Executive as of the last business day of the calendar quarter
in which earned by the Trust. The Trustee, or such other tax advisor as may be
selected by the Company, shall prepare the annual tax returns for the Trust and
deliver such returns to the Trustee and the Company for review and submission to
the proper tax authorities.”

3.   Amendment of Section 4(a)(16).   Section 4(a)(16) of the Trust shall be
amended by replacing the word “Code” therein with the following text “Internal
Revenue Code of 1986, as amended”.

 

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IN WITNESS WHEREOF, the parties have executed this Amendment No. 1 as of the
date first above written.

Attest:

 

 

UAL CORPORATION

 

 

 

 

 

 

/s/ Deborah Porter

 

By:

/s/ Paul R. Lovejoy

 

 

 

 

 

Name:

Deborah Porter

 

Name:

Paul R. Lovejoy

 

 

 

 

 

Title:

 

Assistant Secretary

 

Title:

Senior Vice President,
General Counsel and Secretary

 

 

 

 

 

Attest:

 

 

THE NORTHERN TRUST COMPANY,

 

 

 

as Trustee

 

 

 

 

 

 

/s/ Clark Delanois

 

By:

/s/ David M. Cyganiak

 

 

 

 

 

Name:

Clark Delanois

 

Name:

David M. Cyganiak

 

 

 

 

 

Title:

Sr. Vice President

 

Title:

Vice President

 

 

 

 

 

 

 

 

 

 

 

 

 

PETER D. MCDONALD

 

 

 

 

 

 

 

/s/ Peter D. McDonald

 

 

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