Exhibit 10.1

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

This SECOND AMENDMENT TO EMPLOYMENT AGREEMENT (this “Second Amendment”) is made
and entered into as of April 21, 2017, by and among United Continental
Holdings, Inc., a Delaware corporation (the “Company”), United Airlines, Inc., a
Delaware corporation (“United”) (the Company and United are hereinafter
collectively referred to as the “Employers”), and Oscar Munoz (“Executive”).

 

WHEREAS, the Employers and Executive entered into an Employment Agreement, dated
December 31, 2015, as amended by the Amendment to Employment Agreement, dated as
of April 19, 2016 (the “Employment Agreement”);

 

WHEREAS, the Employment Agreement provides that it is the expectation of the
Company that Executive shall be appointed Chairman of the Company’s Board of
Directors (the “Board”) on the date of the Company’s 2018 annual meeting of
stockholders; and

 

WHEREAS, Executive desires to remove the provisions in the Employment Agreement
related to the future appointment of Executive as Chairman of the Board, and to
leave future determinations related to the Chairman position to the discretion
of the Board, and the Board is willing to agree to such change.

 

NOW, THEREFORE, in consideration of the sum of one dollar ($1.00) and the mutual
covenants herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

1.              Amendments.

 

(a)         The third sentence of Section 2 of the Employment Agreement is
hereby deleted in its entirety.

 

(b)         Clause (iv) of the definition of “Good Reason” contained in
Section 4(e) of the Employment Agreement is hereby deleted in its entirety and
clauses (v) and (vi) are renumbered accordingly.

 

2.              Effective Date.  This Second Amendment is effective as of the
date first set forth above.

 

3.              Governing Law.  This Second Amendment shall be governed by the
internal laws (as opposed to the conflicts of law provisions) of the State of
Illinois.

 

4.              Effect of Amendment.  Except as modified hereby, the Employment
Agreement is reaffirmed in all respects, and all references therein to “the
Agreement” shall mean the Employment Agreement, as modified hereby.

 

5.              Execution in Counterparts.  This Second Amendment may be
executed in two or more counterparts, each of which shall be deemed an original
and all of which together shall

 

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constitute one and the same instrument.  Signatures delivered via facsimile or
electronic file shall be the same as original signatures.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the
date first set forth above.

 

 

 

UNITED CONTINENTAL HOLDINGS, INC.

 

 

 

/s/ Brett J. Hart

 

By: Brett J. Hart

 

Its: Executive Vice President and General Counsel

 

 

 

 

 

UNITED AIRLINES, INC.

 

 

 

/s/ Brett J. Hart

 

By: Brett J. Hart

 

Its: Executive Vice President and General Counsel

 

 

 

 

 

OSCAR MUNOZ

 

 

 

/s/ Oscar Munoz

 

By: Oscar Munoz

 

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