Document:

EX-10.8

 Exhibit 10.8 

UNITED CONTINENTAL HOLDINGS, INC. 

PERFORMANCE-BASED RSU PROGRAM 

(adopted pursuant to the 2017 Incentive Compensation Plan) 

I. PURPOSE OF PROGRAM 

1.1 Purpose. This United Continental Holdings, Inc. Performance-Based RSU Program (the “Program”) has been adopted by
the Compensation Committee of the Board of Directors of United Continental Holdings, Inc., a Delaware corporation (the “Company”), to implement in part the “RSU” and “Performance Compensation Award” provisions of the
United Continental Holdings, Inc. 2017 Incentive Compensation Plan (as amended from time to time, the “ICP”), and is intended to provide a method for attracting, motivating, and retaining key employees to assist in the development and
growth of the Company and its Subsidiaries. The Program and Awards hereunder shall be subject to the terms of the ICP, including the limitation on the maximum amount of compensation that may be paid pursuant to Section 4(a) of the ICP with
respect to awards that are settled in cash based on the fair market value of shares of common stock of the Company. 
 II. DEFINITIONS
AND CONSTRUCTION 
 2.1 Definitions. Where the following words and phrases are used in the Program, they shall have
the respective meanings set forth below, unless the context clearly indicates to the contrary: 
 (a) “Administrator” means the
Committee or the Chief Executive Officer of the Company (if the Chief Executive Officer is a director of the Company), subject to the provisions of Section 3.1. 

(b) “Award” means, with respect to each Participant for a Performance Period, such Participant’s opportunity to earn a Payment
Amount for such Performance Period upon the satisfaction of the terms and conditions of the Program. Awards hereunder constitute RSU and Performance Compensation Awards under the ICP. 

(c) “Award Notice” means a written or electronic notice issued by the Company to a Participant evidencing such Participant’s
receipt of an Award with respect to a Performance Period. 
 (d) “Board” means the Board of Directors of the Company. 

(e) “Change of Control” means a “Change of Control” as defined in the ICP as in effect on the date of grant of the
applicable Award. 
 (f) “Change of Control Level” means, with respect to a Performance Period, the percentage established by the
Committee to be the Change of Control Level of the applicable Performance Measure with respect to such Performance Period pursuant to Section 3.1. 

 (g) “Code” means the Internal Revenue Code of 1986, as amended. 

(h) “Committee” means the Compensation Committee of the Board, or a subcommittee thereof, or such other committee of the Board as
may be designated by the Board to administer the Program, in each case, comprised solely of two or more outside directors (within the meaning of the term “outside directors” as used in section 162(m) of the Code). 

(i) “Company” means United Continental Holdings, Inc., a Delaware corporation. 

(j) “Company Stock” means the common stock, par value $0.01 per share, of the Company. 

(k) “Disability” or “Disabled” means, with respect to a Participant, that such Participant has incurred a
“Disability” within the meaning assigned to such term in the ICP. 
 (l) “Eligible Employee” means any individual who is
an officer of the Company or a Subsidiary. 
 (m) “Entry Level” means, with respect to a Performance Period, the percentage
established by the Committee to be the Entry Level of the applicable Performance Measure with respect to such Performance Period pursuant to Section 3.1. 

(n) “Entry Level RSU Percentage” means, with respect to each Participant who receives an Award for a Performance Period, the
percentage established by the Administrator as the Entry Level RSU Percentage for such Participant with respect to such Award pursuant to Section 3.1. 

(o) “Fair Market Value” means, as of any specified date, the simple average of the closing sales prices of Company Stock on the
principal securities market on which the Company Stock is then traded over the 20 most recent consecutive Trading Days ending on the last Trading Day preceding the specified date, adjusted appropriately by the Committee for any stock splits, stock
dividends, reverse stock splits, special dividends or other similar matters occurring during or with respect to any relevant measurement period. 

(p) “ICP” means the United Continental Holdings, Inc. 2017 Incentive Compensation Plan, as amended from time to time. 

(q) “Maximum Payment Amount” means, with respect to each RSU, a dollar amount determined by the Committee in its sole discretion;
provided, however, that the Committee may, in its sole discretion, determine whether or not to establish a Maximum Payment Amount with respect to any particular RSU. The Maximum Payment Amount, if any, with respect to an outstanding RSU shall be
subject to appropriate adjustment by the Committee for any stock splits, stock dividends, reverse stock splits, special dividends or other similar matters relating to Company Stock occurring after the date of grant of such Award. 

(r) “Participant” means an Eligible Employee who has received an Award under the Program with respect to a Performance Period
pursuant to Section 4.1. 

 (s) “Payment Amount” means, with respect to each Participant and each Performance
Period for which the Performance Goal is satisfied, an amount equal to (i) the number of RSUs subject to such Participant’s Award for such Performance Period, multiplied by (ii) such Participant’s Vested Percentage for such
Performance Period, multiplied by (iii) the Fair Market Value as of the Payment Computation Date for such Performance Period. Notwithstanding the foregoing, a Payment Amount may be prorated as provided in the Program. 

(t) “Payment Computation Date” means, with respect to each Participant and each Performance Period, the last day of such Performance
Period; provided however, that in no event shall the Payment Computation Date be later than the date upon which a Change of Control occurs. 

(u) “Performance Period” means each three-year period commencing on the first day of a calendar year, as determined by the
Committee. Notwithstanding the foregoing, no new Performance Period shall commence on or after the date upon which a Change of Control occurs, unless otherwise determined by the Committee. Notwithstanding the foregoing, the Committee may establish
an additional sub-performance period under an Award which may coincide with or be of shorter duration than the Performance Period applicable to such Award and require that any vesting under the Award shall be contingent on the achievement of an
additional Performance Measure during such additional sub-performance period. 
 (v) “Performance Goal” means, with respect to a
Performance Period, the minimum level of the Performance Measure as established by the Committee that must be achieved for such Performance Period in order for a Participant to receive a Payment Amount for such Performance Period. Achievement of the
Performance Goal for a Performance Period means that the Performance Measure with respect to such Performance Period equals or exceeds, as applicable, the Entry Level of such Performance Measure as established by the Committee for such Performance
Period. 
 (w) “Performance Measure” means the measure or measures that the Committee shall select for purposes of establishing
the Performance Goal(s) for a Performance Period; provided, however, to the extent necessary for an Award to qualify as a “Performance Compensation Award” under the Plan, the measures shall be based on the Performance Criteria set forth in
Section 6(e)(iv) of the Plan. 
 (x) “Program” means this United Continental Holdings, Inc. Performance-Based RSU Program, as
amended from time to time. 
 (y) “Qualifying Event” means, with respect to a Participant, the termination of such
Participant’s employment with the Company under circumstances which would permit such Participant to receive a cash severance payment pursuant to an employment agreement between such Participant and the Company or a Subsidiary or, if no such
employment agreement exists, then pursuant to the severance plan, if any, of the Company or a Subsidiary covering such Participant as of the date of grant of the Award; provided, however, that a Qualifying Event shall not include any such
termination that results from such Participant’s voluntary separation from service which is not treated as an “involuntary separation from service” pursuant to Treasury regulation section 1.409A-1(n)(2). 

 (z) “Retirement,” “Retires” or “Retired” means the
Participant’s termination of employment from the Company and its Subsidiaries upon having achieved age 50 with 20 years of service with the Company and its Subsidiaries, age 55 with ten years of service with the Company and its Subsidiaries, or
age 65. 
 (aa) “Section 16” means Section 16 of the Securities Exchange Act of 1934, as amended (including any successor
section to the same or similar effect). 
 (bb) “Stretch Level” means, with respect to a Performance Period, the percentage
established by the Committee to be the Stretch Level of the applicable Performance Measure with respect to such Performance Period pursuant to Section 3.1. 

(cc) “Stretch Level RSU Percentage” means, with respect to each Participant who receives an Award for a Performance Period, the
percentage established by the Administrator as the Stretch Level RSU Percentage for such Participant with respect to such Award pursuant to Section 3.1. 

(dd) “Subsidiary” for purposes of participation in the Program means any entity in which the Company, directly or indirectly,
possesses fifty percent (50%) or more of the total combined voting power of all classes of its stock. 
 (ee) “Target Level”
means, with respect to a Performance Period, the percentage established by the Committee to be the Target Level of the applicable Performance Measure with respect to such Performance Period pursuant to Section 3.1. 

(ff) “Target Level RSU Percentage” means, with respect to each Participant who receives an Award for a Performance Period, the
percentage established by the Administrator as the Target Level RSU Percentage for such Participant with respect to such Award pursuant to Section 3.1. 

(gg) “Trading Day” means a day during which trading in securities generally occurs on the principal securities market in which
Company Stock is traded. 
 (hh) “Vested Percentage” means, with respect to each Participant for a Performance Period: (i) if
the Performance Goal for such Performance Period is not satisfied, then zero percent (0%); and (ii) if the Performance Goal for such Performance Period is satisfied, then the percentage determined in accordance with the following table (the
Administrator may provide for varying percentages (including through straight line interpolation) between levels): 
  

			
	 Level of Performance Achieved
	 	 Percentage

	 Entry Level of the specified Performance Measure
	 	Participant’s Entry Level RSU Percentage
		
	 Target Level of the specified Performance Measure
	 	Participant’s Target Level RSU Percentage
		
	 Stretch Level of the specified Performance Measure (or
higher)
	 	Participant’s Stretch Level RSU Percentage

 2.2 Number, Gender, Headings, and Periods of Time. Wherever appropriate herein,
words used in the singular shall be considered to include the plural, and words used in the plural shall be considered to include the singular. The masculine gender, where appearing in the Program, shall be deemed to include the feminine gender. The
headings of Articles, Sections, and Paragraphs herein are included solely for convenience. If there is any conflict between such headings and the text of the Program, the text shall control. All references to Articles, Sections, and Paragraphs are
to the Program unless otherwise indicated. Any reference in the Program to a period or number of days, weeks, months, or years shall mean, respectively, calendar days, calendar weeks, calendar months, or calendar years unless expressly provided
otherwise. 
 III. ADMINISTRATION 

3.1 Administration by the Administrator. The Program shall be administered by the Administrator, so that (i) Awards made
to, and the administration (or interpretation of any provision) of the Program as it relates to, any person who is subject to Section 16, shall be made or effected by the Committee, and (ii) Awards made to, and the administration (or
interpretation of any provision) of the Program as it relates to, any person who is not subject to Section 16, shall be made or effected by the Committee or the Chief Executive Officer of the Company (or, if the Chief Executive Officer is not a
director of the Company, the Committee), unless the Program specifies that the Committee shall take specific action (in which case such action may only be taken by the Committee) or the Committee (as to any Award described in this clause
(ii) or the administration or interpretation of any specific provision of the Program) specifies that it shall serve as Administrator. Notwithstanding the foregoing, the Committee may from time to time in its discretion put any conditions and
restrictions on the powers that may be exercised by the Chief Executive Officer of the Company in his or her capacity as Administrator. The action of a majority of the members of the Committee shall be the act of the Committee. 

Within 90 days after the first day of each Performance Period or, if applicable, a sub-performance period (or such earlier date if required
for a performance goal to be considered pre-established under section 162(m) of the Code, to the extent applicable): 
 (i)
the Committee shall establish in writing for purposes of the Program [the applicable Entry Level, Change of Control Level, Target Level and Stretch Level for the Performance Measure(s) as selected by the Committee for each such Performance Period,
provided, that, in each case, the Stretch Level shall be equal to or higher than the Target Level, which in turn shall be equal to or higher than the Entry Level; and 

(ii) the Administrator shall establish in writing the Entry Level RSU Percentage, Target Level RSU Percentage and Stretch Level
RSU Percentage for each Participant with respect to such Performance Period and with respect to each Performance Measure, as applicable (provided, however, that the Administrator may select a Participant to participate and establish the percentages
under this clause (ii) after such 90-day period), and each of the items established under this clause (ii) may, but are not required to, be established by officer level; and 

 (iii) the Committee shall establish in writing the Maximum Payment Amount, if
any, applicable to each RSU subject to an Award for such Performance Period. 
 The targets and other amounts established by the
Administrator pursuant to the preceding sentence shall in each case be subject to adjustment as determined by the Administrator in its discretion as a result of changes in accounting principles and other significant extraordinary items or events;
provided that in respect of any Award intended to qualify as performance-based compensation within the meaning of section 162(m) of the Code, such adjustments may only be made if and to the extent permitted by section 162(m) of the Code. 

3.2 Powers of the Administrator. The Administrator shall supervise the administration and enforcement of the Program according
to the terms and provisions hereof and shall have the sole discretionary authority and all of the powers necessary to accomplish these purposes. The Administrator (which shall be limited solely to the Committee to the extent provided in the Program)
shall have all of the powers specified for it under the Program, including, without limitation, the power, right, or authority: (a) to designate an Eligible Employee as a Participant with respect to a Performance Period at any time prior to the
last day of such period, (b) from time to time to establish rules and procedures for the administration of the Program, which are not inconsistent with the provisions of the Program or the ICP, and any such rules and procedures shall be
effective as if included in the Program, (c) to construe in its discretion all terms, provisions, conditions and limitations of the Program and any Award Notice, and to determine the number of RSUs subject to an Award to a Participant (which
determination with respect to any person who is subject to Section 16 shall be made only by the Committee), (d) to correct any defect or to supply any omission or to reconcile any inconsistency that may appear in the Program or in any
Award Notice in such manner and to such extent as the Administrator shall deem appropriate, (e) to determine the Entry Level, Target Level, Stretch Level, and Change of Control Level of each Performance Measure as selected by the Committee; and
the Entry Level RSU Percentages, Target Level RSU Percentages and Stretch Level RSU Percentages with respect to each relevant Performance Period, (f) to determine the Maximum Payment Amount, if any, for each RSU, (g) to make determinations
as to whether the Performance Goals for the various Performance Periods were satisfied, (h) to certify in writing, prior to the payment of any amount under the Program with respect to a Performance Period, whether the Performance Goals relating
to such Performance Period and any other material terms of the Program have in fact been satisfied, (i) to exercise its discretion to reduce or eliminate certain Payment Amounts pursuant to Section 5.2(b), and (j) to make all other
determinations necessary or advisable for the administration of the Program. 
 3.3 Administrator Decisions Conclusive; Standard of
Care. The Administrator shall, in its sole discretion exercised in good faith (which, for purposes of this Section 3.3, shall mean the application of reasonable business judgment), make all decisions and determinations and take all
actions necessary in connection with the administration of the Program. All such decisions, determinations, and actions by the Administrator shall be final, binding, and conclusive upon all persons. However, in the event of any conflict in any such
determination as 

 
between the Committee and the Chief Executive Officer of the Company, each acting in its or his capacity as Administrator of the Program, the determination of the Committee shall be conclusive.
The Administrator shall not be liable for any action or determination taken or made in good faith or upon reliance in good faith on the records of the Company or information presented to the Administrator by the Company’s officers, employees,
or other persons (including the Company’s outside auditors) as to matters the Administrator reasonably believes are within such other person’s professional or expert competence. If a Participant disagrees with any decision, determination,
or action made or taken by the Administrator, then the dispute will be limited to whether the Administrator has satisfied its duty to make such decision or determination or take such action in good faith. No liability whatsoever shall attach to or
be incurred by any past, present or future stockholders, officers, directors or employees, as such, of the Company or any of its Subsidiaries, under or by reason of the Program or the administration thereof, and each Participant, in consideration of
receiving benefits and participating hereunder, expressly waives and releases any and all claims relating to any such liability. 
 IV.
PARTICIPATION AND AWARD NOTICES 
 4.1 Participation. Each individual who is an Eligible Employee on the first day
of a Performance Period or who becomes an Eligible Employee after the first day of a Performance Period shall become a Participant and receive an Award with respect to such Performance Period only if such individual is selected by the Administrator
in its sole discretion for participation in the Program with respect to such Performance Period prior to the last day of such Performance Period. Unless otherwise determined by the Administrator, Payment Amounts with respect to an Award for an
individual who becomes a Participant with respect to such Award after the first day of the related Performance Period shall be pro-rated based on a fraction, the numerator of which is (except as otherwise provided in Article V) the number of days
during the period beginning on the date of such Participant’s commencement of participation in the Program for such Performance Period and ending on the last day of such Performance Period, and the denominator of which is the total number of
days in such Performance Period. 
 4.2 Award Notices. The Company shall provide an Award Notice to each Eligible Employee who
becomes a Participant with respect to a Performance Period within 90 days after such Eligible Employee becomes such a Participant. The Administrator shall determine in each case the number of RSUs subject to the Award as of the date of grant of the
Award. Each Award Notice shall specify (a) the Performance Period to which the Award relates, (b) the applicable Entry Level, Target Level, Stretch Level and Change of Control Level applicable to each Performance Measure as has been
selected by the Committee with respect to such Award, (c) the number of RSUs subject to the Award as of the date of grant of the Award, (d) the applicable Vested Percentages set forth in Section 2.1(hh) with respect to the
Participant, and (e) the Maximum Payment Amount, if any, applicable to the Award. 
 V. AWARD PAYMENTS 

5.1 Determinations and Certification by the Committee. As soon as administratively feasible after the end of each Performance
Period, the Committee shall determine whether a Performance Goal has been achieved for such Performance Period and, if so, the level of such achievement. The Committee’s determination as to whether the applicable

 
Performance Goal for a Performance Period has been satisfied shall be certified by the Committee in writing (including by electronic mail transmission) prior to the settlement of Awards with
respect to such Performance Period. For purposes of the preceding sentence, approved minutes of the Committee meeting in which the certification is made shall be treated as a written certification. Notwithstanding the foregoing, each written
certification by the Committee (including a certification by electronic email transmission) under this Section 5.1 shall be made by a date which will permit the Company to comply with the time of payment requirements of Sections 5.2 and 5.3
(after giving effect to the provisions of Section 5.7). Subject to Section 5.2(b), the Committee shall not exercise its discretion under Section 6(e)(vi)(D) of the ICP to reduce or eliminate the amount of a payment otherwise due under
the Program. 
 5.2 Eligibility for Payment of Awards.  

(a) In General. Subject to Section 5.2(b) and the delayed payment restrictions of Section 5.6, upon the Committee’s
written certification in accordance with Section 5.1 that the applicable Performance Goal for a Performance Period has been satisfied, each Participant who has received an Award with respect to such Performance Period, who has remained
continuously employed by the Company from the date he or she received such Award until the last day of such Performance Period and who has not surrendered such Award to the Company shall be entitled to the Payment Amount applicable to such
Participant’s Award for such Performance Period. Except as provided in Section 5.3 and Section 5.4, if a Participant’s employment with the Company terminates for any reason whatsoever prior to the last day of a Performance
Period, then such Participant shall not be entitled to receive any payment under the Program with respect to his or her Award for such Performance Period, unless otherwise determined by the Administrator. Payment of the amount to which a Participant
becomes entitled pursuant to this Section 5.2 shall be made by the Company no later than March 15 of the year following the end of the applicable Performance Period. 

(b) Negative Discretion. Notwithstanding the provisions of Section 5.2(a) and, except as provided in the last sentence of this
paragraph, notwithstanding the provisions of Section 5.3(b), (i) the Committee shall have the right to reduce or eliminate any Payment Amount with respect to a Performance Period that is otherwise payable pursuant to such Sections if the
Committee determines in its discretion that such reduction or elimination is appropriate and in the best interest of the Company based on the Company’s unrestricted cash, cash equivalents and short term investments and cash readily accessible
under the Company’s unused lines of credit as of the end of such Performance Period; provided, however, that any such reduction or elimination shall apply in a uniform and nondiscriminatory manner to all Participants who are, but for the
application of this paragraph, entitled to receive a Payment Amount under such Sections with respect to such Performance Period and (ii) the Committee shall have the right to reduce any Payment Amount with respect to a Performance Period that
is otherwise payable if such reduction is made in accordance with and to implement the 162(m)-design of the Program. The Committee shall not have the right to reduce or eliminate any Payment Amount that is payable pursuant to Section 5.3(a),
Section 5.4 or, following a Change of Control, Section 5.3(b). 

 (c) Maximum Payment Amount Limitation. Notwithstanding the preceding provisions of this
Section 5.2 or the provisions of Sections 5.3 and 5.4, in no event shall the payments under the Program to a Participant with respect to an RSU subject to an Award exceed an amount equal to the Maximum Payment Amount, if any, applicable to such
RSU. To the extent that any payment provided under the Program with respect to an RSU (determined without regard to the limitation described in the preceding sentence) would exceed the limitation described in the preceding sentence, then such excess
shall not be paid under the Program and the holder of such RSU shall have no rights or entitlements to any such excess amount. 
 5.3
Death, Disability or Retirement During a Performance Period. 
 (a) Death or Disability. If, during a Performance Period
with respect to which a Participant has received an Award, such Participant dies or becomes Disabled, then as to such Participant only (i) the Performance Goal for each Performance Period that began prior to the date of such Participant’s
death or Disability and which has not ended as of such date shall be deemed to have been satisfied (determined based upon achievement of the Target Level of performance as applicable to such Award), and (ii) the provisions of Sections 5.1 and
5.2 shall cease to apply with respect to such Performance Period. With respect to each Performance Period that began prior to the date of such Participant’s death or Disability and which has not ended as of such date with respect to which the
Target Levels of performance have been deemed satisfied in the manner described in clause (i) of the preceding sentence, such Participant (or, in the case of death, such Participant’s estate) shall (A) receive a payment from the
Company, as soon as administratively practicable after the date of such Participant’s death or Disability (but in no event later than March 15 of the calendar year following the calendar year in which occurred the Participant’s death
or Disability), equal to the relevant Payment Amount applicable to such Participant’s Award for such Performance Period (determined as if the Payment Computation Date occurred on the date such Participant died or became Disabled) multiplied by
a fraction, the numerator of which is the number of days during the period beginning on the first day of such Performance Period and ending on the date such Participant died or became Disabled, and the denominator of which is the number of days in
the entire Performance Period, and (B) not be entitled to any additional payment under the Program with respect to such Performance Period. 

(b) Retirement. If a Participant Retires during a Performance Period, then such Participant shall (i) obtain a Vested Percentage
with respect to each related Award based on the actual level of performance achieved (or, if Section 5.4(a) applies to any corresponding Award held by a Participant who has not terminated employment, then based on the deemed achievement of the
Change of Control Level established with respect to the applicable Performance Measure as established by the Committee with respect to such Award), and (ii) subject to Section 5.2(b), receive a Payment Amount with respect to each such
Award if and at the same time as payments are made to other Participants who have received corresponding Awards and who have not terminated employment (or, if earlier, no later than March 15 of the calendar year following the calendar year in
which a Change of Control occurs), subject, however, to proration based on a fraction, the numerator of which is the number of days during the period beginning on the first day of the Performance Period and ending on the date such Participant
Retired, and the denominator of which is the number of days in the entire related Performance Period. 

 (c) Change of Control. The preceding provisions of this Section 5.3 shall not be
applicable to a Participant who dies, becomes Disabled or Retires on or after the date upon which a Change of Control occurs. 
 5.4
Change of Control During a Performance Period. 
 (a) Upon the occurrence of a Change of Control, with respect to each
Participant who is employed by the Company on the day immediately preceding the date of such Change of Control, (i) the Performance Goal for each Performance Period that began prior to the date of such Change of Control and which has not ended
as of such date shall be deemed to have been achieved at the Change of Control Level established with respect to the applicable Performance Measure as established by the Committee with respect to such Award for such Performance Period and
(ii) the provisions of Sections 5.1 and 5.2 shall cease to apply. 
 (b) With respect to a Performance Period described in
Section 5.4(a), on or before the Applicable Payment Date (as defined below) following the end of each calendar year in such Performance Period ending on or after the date of such Change of Control, each Retirement Eligible Participant (as
defined below) with respect to such calendar year who has received an Award with respect to such Performance Period shall receive a payment from the Company equal to (i) the Payment Amount applicable to such Participant’s Award for such
Performance Period multiplied by a fraction, the numerator of which is the number of days during the period beginning on the first day of the Performance Period and ending on the last day of such calendar year, and the denominator of which is the
number of days in the entire Performance Period, minus (ii) the aggregate payments, if any, made to such Participant pursuant to this paragraph with respect to prior calendar years. For purposes of the preceding sentence, (A) the
“Applicable Payment Date” with respect to a calendar year shall mean March 15 of the year following the end of such calendar year, and (B) a Participant shall be considered a “Retirement Eligible Participant” with
respect to a calendar year if such Participant was eligible to Retire during such year and did not suffer a Qualifying Event, die, become Disabled or Retire during such year. 

(c) If a Change of Control occurs and on the date thereof or thereafter during a Performance Period described in Section 5.4(a) a
Participant who has received an Award with respect to such Performance Period suffers a Qualifying Event or dies, becomes Disabled, or Retires, then, with respect to such Performance Period, such Participant (or, in the case of death, such
Participant’s estate) shall (i) no later than March 15 of the year following the occurrence of the Qualifying Event, death, Disability or Retirement, receive a payment from the Company equal to (A) the Payment Amount applicable
to such Participant’s Award for such Performance Period multiplied by a fraction, the numerator of which is the number of days during the period beginning on the first day of the Performance Period and ending on the date such Participant died,
became Disabled, Retired or suffered the Qualifying Event, and the denominator of which is the number of days in the entire Performance Period, minus (B) the aggregate payments, if any, made or payable to such Participant pursuant to
Section 5.4(b) with respect to calendar years that ended prior to the date of such Participant’s Qualifying Event, death, Disability or Retirement, and (ii) not be entitled to any additional payment under the Program with respect to
such Performance Period (other than any unpaid amount owed to such Participant pursuant to Section 5.4(b) with respect to a calendar year that ended prior to the date of such Participant’s Qualifying Event, death, Disability or
Retirement). 

 (d) With respect to a Participant who received an Award with respect to a Performance Period
described in Section 5.4(a), who did not die, become Disabled, Retire or suffer a Qualifying Event during such Performance Period and who remained continuously employed by the Company from the date he or she received such Award until the last
day of such Performance Period, such Participant shall receive a payment from the Company on or before March 15 of the year following the last day of such Performance Period in an amount equal to (i) the Payment Amount applicable to such
Participant’s Award for such Performance Period, minus (ii) the aggregate payments, if any, made or payable to such Participant pursuant to Section 5.4(b) with respect to such Award. 

5.5 Form of Payment of Awards. The Committee shall specify in the Award Notice whether the Award shall be settled in cash or
shares of Common Stock. 
 5.6 Delayed Payment Restriction. With respect to a Participant who is identified as a specified
employee (within the meaning of section 409A(a)(2)(B)(i) of the Code and as determined by the Company in accordance with any of the methods permitted under the regulations issued under section 409A of the Code) and who is to receive a payment
hereunder (which payment is not a “short-term deferral” for purposes of section 409A of the Code) on account of such Participant’s separation from service (within the meaning of section 409A(a)(2)(A)(i) of the Code and applicable
administrative guidance thereunder, but excluding a separation from service by reason of death), the payment to such Participant shall not be made prior to the earlier of (a) the date that is six months after the Participant’s termination
of employment or (b) the date of death of the Participant. In such event, any payment to which the Participant would have otherwise been entitled during the first six months following the Participant’s termination of employment (or, if
earlier, prior to the Participant’s date of death) shall be accumulated and paid in the form of a single lump sum payment to the Participant on the date that is six months after the Participant’s termination of employment or to the
Participant’s estate on the date of the Participant’s death, as applicable. 
 5.7 Time of Payment Obligations. Any
obligation hereunder to make a payment on a specified date shall be deemed to have been satisfied in the event that such payment is made within five business days after such specified date; provided, however, that, with respect to a payment that is
intended to qualify as a “short-term deferral” under section 409A of the Code, in no event shall such payment be made later than the date required in order for such payment to so qualify. Each payment under an Award granted under this
Program shall be considered a separate payment for purposes of section 409A of the Code. 
 VI. TERMINATION AND AMENDMENT OF
PROGRAM 
 6.1 Termination and Amendment. Subject to the terms of this Section 6.1, the Committee may amend the
Program at any time and from time to time, and the Committee may at any time terminate the Program (in its entirety or as it applies to one or more specified Subsidiaries) with respect to Performance Periods that have not commenced as of the date of
such Committee action; provided, however, that, (a) except as provided in the following sentence, the Program may not be amended in a manner that would materially impair the rights of any Participant with respect to any outstanding Award
without the consent of such Participant, and (b) to the extent required by section 409A of the Code, the Program may not be amended or 

 
terminated in a manner that would give rise to an impermissible acceleration of the time or form of a payment of a benefit under the Program pursuant to section 409A(a)(3) of the Code and any
regulations or guidance issued thereunder. Notwithstanding anything in the Program or an Award Notice to the contrary, if the Committee determines that the terms of the Program and/or any Award Notice do not, in whole or in part, satisfy the
requirements of section 409A of the Code (or the requirements for an exemption to the application of section 409A of the Code), then the Committee, in its sole discretion, may unilaterally modify the Program and any such Award Notice in such manner
as it deems appropriate to comply with such section and any regulations or guidance issued thereunder (or to qualify for an exemption to the application of such section). No Participant’s participation herein may be terminated in contemplation
of or in connection with a Change of Control. The Program may not be amended or terminated in contemplation of or in connection with a Change of Control unless adequate and effective provision for the making of all payments otherwise payable
pursuant to Section 5.4 (as in effect on the date of the grant of the affected Award) with respect to such Change of Control shall be made in connection with any such amendment or termination. The Committee shall remain in existence after the
termination of the Program for the period determined necessary by the Committee to facilitate the termination of the Program and the payment of any outstanding Awards hereunder, and all provisions of the Program that are necessary, in the opinion of
the Committee, for equitable operation of the Program during such period shall remain in force. 
 VII. MISCELLANEOUS PROVISIONS

 7.1 No Effect on Employment Relationship. Except as expressly provided otherwise herein, for all purposes of the
Program, a Participant shall be considered to be in the employment of the Company as long as he or she has not incurred a separation from service with the Company and its affiliates within the meaning of section 409A(a)(2)(A)(i) of the Code and
applicable administrative guidance issued thereunder; provided, however, that whether such a separation from service has occurred shall be determined based upon a reasonably anticipated permanent reduction in the level of bona fide services to be
performed to no more than 20% of the average level of bona fide services provided in the immediately preceding 36 months. Nothing in the adoption of the Program, the grant of Awards, or the payment of amounts under the Program shall confer on any
person the right to continued employment by the Company or any Subsidiary or affect in any way the right of the Company (or a Subsidiary, if applicable) to terminate such employment at any time. Unless otherwise provided in a written employment
agreement, the employment of each Participant shall be on an at-will basis, and the employment relationship may be terminated at any time by either the Participant or the Participant’s employer for any reason whatsoever, with or without cause.
Any question as to whether and when there has been a termination of a Participant’s employment for purposes of the Program, and the reason for such termination, shall be determined solely by and in the discretion of the Administrator, and its
determination shall be final, binding, and conclusive on all parties. 
 7.2 Prohibition Against Assignment or Encumbrance. No
Award or other right, title, interest, or benefit hereunder shall ever be assignable or transferable, or liable for, or charged with any of the torts or obligations of a Participant or any person claiming under a Participant, or be subject to
seizure by any creditor of a Participant or any person claiming under a Participant. No Participant or any person claiming under a Participant shall have the power to anticipate or dispose of any Award or other right, title, interest, or benefit
hereunder in any 

 
manner until the same shall have actually been distributed free and clear of the terms of the Program. Payments with respect to an Award shall be payable only to the Participant (or (a) in
the event of a Disability that renders such Participant incapable of conducting his or her own affairs, any payment due under the Program to such Participant shall be made to his or her duly appointed legal representative and (b) in the event
of the death of a Participant, any payment due under the Program to such Participant shall be made to his or her estate). Notwithstanding the preceding provisions of this Section, the Administrator shall comply with the terms of any qualified
domestic relations order providing for the transfer or assignment of all or any portion of a Participant’s interest under the Program. The provisions of the Program shall be binding on all successors and permitted assigns of a Participant,
including without limitation the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in bankruptcy or representative of the Participant’s creditors. 

7.3 Unfunded, Unsecured Program. The Program shall constitute an unfunded, unsecured obligation of the Company to make payments
of incentive compensation to certain individuals from its general assets in accordance with the Program. Each Award granted under the Program merely constitutes a mechanism for measuring such incentive compensation and does not constitute a property
right or interest in the Company, any Subsidiary, or any of their assets. Neither the establishment of the Program, the granting of Awards, nor any other action taken in connection with the Program shall be deemed to create an escrow or trust fund
of any kind. 
 7.4 No Rights of Participant. No Participant shall have any security or other interest in any assets or stock
of the Company or any Subsidiary as a result of participation in the Program (except after payment thereof to the Participant). Participants and all persons claiming under Participants shall rely solely on the unsecured promise of the Company set
forth herein, and nothing in the Program, an Award or an Award Notice shall be construed to give a Participant or anyone claiming under a Participant any right, title, interest, or claim in or to any specific asset, fund, entity, reserve, account,
or property of any kind whatsoever owned by the Company or any Subsidiary or in which the Company or any Subsidiary may have an interest now or in the future; but each Participant shall have the right to enforce any claim hereunder in the same
manner as a general creditor. Neither the establishment of the Program nor participation hereunder shall create any right in any Participant to make any decision, or provide input with respect to any decision, relating to the business of the Company
or any Subsidiary. 
 7.5 Clawback. Notwithstanding any provision in the Program to the contrary, the payments and benefits
provided under the Program shall be subject to a clawback to the extent necessary to comply with applicable law including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any Securities and
Exchange Commission rule. 
 7.6 Tax Withholding. The Company and the Subsidiaries shall deduct and withhold, or cause to be
withheld, from a Participant’s payment made under the Program, or from any other payment to such Participant, an amount necessary to satisfy any and all tax withholding obligations arising under applicable local, state, federal, or foreign laws
associated with such payment. The Company and the Subsidiaries may take any other action as may in their opinion be necessary to satisfy all obligations for the payment and withholding of such taxes. 

 7.7 No Effect on Other Compensation Arrangements. Nothing contained in the Program
or any Participant’s Award or Award Notice shall prevent the Company or any Subsidiary from adopting or continuing in effect other or additional compensation arrangements affecting any Participant. Nothing in the Program shall be construed to
affect the provisions of any other compensation plan or program maintained by the Company or any Subsidiary. 
 7.8
Subsidiaries. The Company may require any Subsidiary employing a Participant to assume and guarantee the Company’s obligations hereunder to such Participant, either at all times or solely in the event that such Subsidiary ceases to
be a Subsidiary. 
 7.9 Governing Law. The Program shall be construed in accordance with the laws of the State of Delaware,
without giving effect to the conflict of laws provisions thereof. 

 EXHIBIT A 

to 
 United Continental
Holdings, Inc. 
 Performance-Based RSU Program 

Relative Pre-Tax Margin Performance 

1. Purpose. The purpose of this Exhibit A to the United Continental Holdings, Inc. Performance Based RSU Program (the
“Program”) is to set forth supplemental definitions and terms applicable to Awards granted under the Program that measure performance based on the Company’s relative Pre-Tax Margin as compared to an Industry Group. Capitalized terms
not defined in this Exhibit shall have the respective meanings specified in the Program or the Plan. 
 2. Certain
Definitions. For purposes of the Program and this Exhibit A, the following capitalized terms shall have the respective meanings set forth below. 

(a) “Industry Group” means, with respect to each Performance Period, the companies determined in accordance with the
provisions of Section 3 of this Exhibit A for such Performance Period. 
 (b) “Industry Pre-tax Margin” with respect
to a Performance Period means, as established by the Committee within 90 days after the commencement of the Performance Period (but in no event after the date required for a Performance Goal to be considered pre-established under section 162(m) of
the Code, to the extent applicable), either: 
  

	 	(A)	the percentage determined by dividing (i) the cumulative Pre-tax Income of all companies in the Industry Group for such Performance Period by (ii) all such companies’ cumulative revenues (determined on a
consolidated basis based on the regularly prepared and publicly available statements of operations of the companies prepared in accordance with applicable accounting rules) over such Performance Period; or 

 

	 	(B)	(i) the percentage determined under clause (A) above, minus (ii) the percentage determined by dividing (a) the cumulative Pre-tax Income of all companies in the Industry Group for the
calendar year immediately preceding the first day of such Performance Period by (b) all such companies’ cumulative revenues (determined on a consolidated basis based on the regularly prepared and publicly available statements of operations
of the companies prepared in accordance with applicable accounting rules) over such calendar year (with the calculation in this clause (B) representing the Industry Group average Pre-tax Margin change over the Performance Period).

 If the fiscal year of a company in the Industry Group is not the calendar year, then such company’s cumulative revenues for a
Performance Period shall be determined based upon the fiscal quarters of such company that coincide with the fiscal quarters contained in such Performance Period. 

 (c) “Pre-tax Income” means, with respect to the Company and each company in the
Industry Group and each Performance Period, the aggregate consolidated net income adjusted to exclude reported income taxes of the Company or such company for such Performance Period. Pre-tax Income shall be determined based on the regularly
prepared and publicly available statements of operations of the Company and each company in the Industry Group prepared in accordance with applicable accounting rules; provided, however, that Pre-tax Income shall be adjusted to exclude
(i) write-offs of assets (including aircraft and associated parts), (ii) one-time gains or losses from the disposal of assets, and (iii) any other item of gain, income, loss, or expense determined to be special, extraordinary or
unusual in nature or infrequent in occurrence, in each case under clauses (i), (ii) and (iii) as determined by the Committee in accordance with applicable accounting rules. If the fiscal year of a company in the Industry Group is not the
calendar year, then such company’s Pre-tax Income for a Performance Period shall be determined based upon the fiscal quarters of such company that coincide with the fiscal quarters in such Performance Period. 

(d) “Pre-tax Margin” with respect to the Company and with respect to a Performance Period means, as established by the
Committee within 90 days after the commencement of the Performance Period (but in no event after the date required for a Performance Goal to be considered pre-established under section 162(m) of the Code, to the extent applicable),
either: 
 (A) the cumulative Pre-tax Income for the Company for such Performance Period divided by the Company’s
cumulative revenues (determined on a consolidated basis based on the regularly prepared and publicly available statements of operations of the Company prepared in accordance with applicable accounting rules) over such Performance Period; provided,
however, that, such cumulative revenues shall be adjusted to exclude any item determined to be special, extraordinary or unusual in nature or infrequent in occurrence as determined by the Committee in accordance with applicable accounting rules; or

 (B) (i) the percentage determined under clause (A) above, minus (ii) the percentage determined by dividing
(a) the cumulative Pre-tax Income of the Company for the calendar year immediately preceding the commencement of such Performance Period by (b) the Company’s cumulative revenues (determined as provided in clause (A) above) over
such calendar year (with the calculation in this clause (B) representing the Company’s average Pre-tax Margin change over the Performance Period). 

3. Industry Group.  
 (a)
Initial Designation. The Industry Group shall consist of Alaska Air Group, Inc., American Airlines Group, Inc., Delta Air Lines, Inc., Southwest Airlines Co., and JetBlue Airways Corporation; provided, however, that (A) within 90 days
after the commencement of each Performance Period (but in no event after the date required for a Performance Goal to be considered pre-established under section 162(m) of the Code, to the extent applicable), the Committee may in its discretion add
any air carrier to, or remove any such company from, the Industry Group for such Performance Period and (B) the Industry Group for each Performance Period shall be subject to adjustment as provided in Section 3(b). 

 (b) Adjustments to the Industry Group During a Performance Period. Except as provided in
clause (A) of the proviso to Section 3(a) above, no company shall be added to, or removed from, the Industry Group for a Performance Period during such period; provided, however, that a company shall be removed from the Industry Group for
a Performance Period if (A) during such period, (i) such company ceases to maintain publicly available statements of operations prepared in accordance with applicable accounting rules, (ii) such company is not the surviving entity in
any merger, consolidation, or other non-bankruptcy reorganization (or survives only as a subsidiary of an entity other than a previously wholly owned subsidiary of such company), unless such company separately maintains for the Performance Period
publicly available statements of operations prepared in accordance with applicable accounting rules, (iii) such company sells, leases, or exchanges all or substantially all of its assets to any other person or entity (other than a previously
wholly owned subsidiary of such company), or (iv) such company is dissolved and liquidated, or (B) more than 20% of such company’s revenues (determined on a consolidated basis based on the regularly prepared and publicly available
statements of operations of such company prepared in accordance with applicable accounting rules) for any fiscal year of such company that ends during such Performance Period are attributable to the operation of businesses other than such
company’s airline business.EX-10.9

 Exhibit 10.9 

PERFORMANCE-BASED RSU AWARD NOTICE 

to [Name] 
 Pursuant to
the United Continental Holdings, Inc. 
 Performance-Based RSU Program 

Relative Pre-tax Margin 

(Cash-Settled) 

Performance Period January 1, 20[    ] to December 31, 20[    ] 

1. The Program. This document constitutes your formal Award Notice with respect to an Award of RSUs as a Participant under the United
Continental Holdings, Inc. Performance-Based RSU Program (as amended from time to time, the “Program”) adopted under the United Continental Holdings, Inc. 2017 Incentive Compensation Plan (as amended from time to time, the
“ICP”). This Award Notice evidences your receipt of an award of RSUs under the Program with respect to the performance period commencing on January 1, 20[    ] and ending on December 31, 20[__]
(the “Performance Period”) and with respect to Performance Goals based on the Company’s achievement of relative pre-tax margin performance. This Award is subject to the terms of the Program and the ICP. The effective date of
your commencement in the Program with respect to this Award is [                    ]. 

2. Number of RSUs; Performance Measure and Performance Goals. The Committee has established certain Performance Goals for RSUs under
the Program. The Committee has established the following terms and Performance Goals with respect to your Award: 
 (a)
RSUs. The number of RSUs subject to this Award as of the effective date of grant is              (stretch level). 

(b) Performance Measure and Performance Goal. Achievement of the Performance Goal for the Performance Period means that
the Pre-tax Margin achieved by the Company with respect to the Performance Period equals or exceeds the Entry Level for the Performance Period. The Entry Level, Target Level, and Stretch Level are as follows: 

 

	 	i.	Entry Level Pre-tax Margin generally means [(A)] the percentage determined by dividing the cumulative Pre-tax Income of all companies in the Industry Group (currently
[                        ]) for the Performance Period by all such companies’ cumulative revenues over such period
[(B) minus the percentage determined by dividing the cumulative Pre-tax Income of the Industry Group for calendar year [            ] by the cumulative revenues of the Industry Group
for such year (as more specifically defined in the Program, the “Industry Pre-Tax Margin”) [[plus][minus] [            ] Basis Points)]1; 

  

	 	ii.	Target Level Pre-tax Margin is equal to Industry Pre-tax Margin plus [            ] Basis Points; and 

 

	 	iii.	Stretch Level Pre-tax Margin is equal to Industry Pre-tax Margin plus [            ] Basis Points. 

 

	1 	Insert clause (B) if the Committee establishes the Pre-tax Margin goals for the Performance Period with reference to relative change versus the Industry Group. 

 If a Change of Control occurs during the Performance Period, then the Company’s Pre-tax Margin for the
Performance Period will be deemed to equal Target Level Pre-tax Margin. 
 (c) [Overall Performance Goal. Notwithstanding any
other provision of the Program or this Award (except in the case of a Change of Control), in order for the restrictions on the RSUs to lapse, the Company must achieve as a Performance Goal not less than
[$                of [                ] during the period beginning
                and ending                 , as determined by the Committee
based on the Company’s [            ] financial statements].]2 

3. Payout upon Achievement of Goal. 

(a) Payment Amount. If the Pre-tax Margin for the Performance Period equals or exceeds the Entry Level Pre-tax Margin for the
Performance Period and you have remained continuously employed by the Company or a Subsidiary through the end of the Performance Period, then the Payment Amount with respect to this Award will be an amount equal to (i) the number of RSUs
subject to your Award for the Performance Period, multiplied by (ii) your Vested Percentage for the Performance Period, multiplied by (iii) the Fair Market Value of the Company Stock as of the Payment Computation Date for the Performance
Period (which is generally the last day of the Performance Period, subject to limited exceptions). [Notwithstanding the foregoing, in no event will the payment under the Program with respect to an RSU subject to this Award exceed an amount equal to
$        (the “Maximum Payment Amount”), which amount is subject to adjustment as provided in the Program.]3 

(b) Vested Percentage. Your Vested Percentage with respect to the Performance Period will be determined in accordance with the
following table (straight line interpolation will be used between levels): 
  

			
	 Level of Pre-tax Margin Achieved
	  	 Vested Percentage

	Entry	  	    % (Entry Level RSU Percentage)
		
	Target	  	    % (Target Level RSU Percentage)
		
	Stretch (or higher)	  	    % (Stretch Level RSU Percentage)

 4. Continuous Employment Required. Receipt of a Payment Amount is conditioned on your continuous
employment with the Company or its Subsidiaries through the last day of the Performance Period (with limited exceptions, as described in the Program). 

5. Pro-Rated Payment. Your Payment Amount may be prorated as provided in the Program under certain circumstances. 

6. Negative Discretion. In general, and subject to limited exceptions (as described in the Program), the Committee will have the right
to reduce or eliminate the Payment Amount that would otherwise be payable for the Performance Period in accordance with Section 3(b) of this 

 

	2 	[This provision to be included if the Committee establishes an additional performance goal for the Award.] 

	3 	 [The Maximum Payment Amount will be included if established by the Committee in accordance with the terms of the
Program at the time the Award is granted.] 

 
Award Notice if the Committee determines in its discretion that such reduction or elimination is appropriate and in the best interest of the Company based on the Company’s unrestricted cash,
cash equivalents, and short term investments and cash readily accessible under the Company’s unused lines of credit as of the end of the Performance Period; provided, however, that any such reduction or elimination shall apply in a uniform and
nondiscriminatory manner to all Participants who are otherwise entitled to receive a Payment Amount with respect to the Performance Period. 

7. Program and ICP Control. Capitalized terms used in this Award Notice are defined in the Program. The Program and the ICP are hereby
incorporated into this Award Notice by reference. All statements in this Award Notice are qualified in their entirety by reference to the Program and the ICP. If you have any questions, please contact
                    , or if you wish to obtain a copy of the Program or the ICP, please contact
                    .

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