Document:

Exhibit 10

Exhibit 10.21

FOURTH AMENDMENT

UAL CORPORATION

SUPPLEMENTAL ESOP

(Effective as of July 12, 1994)

      By virtue and in exercise of the amending
power reserved to UAL Corporation (the "Company") under Section 13.1(a)
of the UAL Corporation Supplemental ESOP (effective as of July 12, 1994)
(the "Plan"), which amending power thereunder is subject to the approval
of the Air Line Pilots Association International ("ALPA") and the International
Association of Machinists and Aerospace Workers (the "IAM"), the Company
hereby amends the Plan, subject to the approval of ALPA and the IAM, as
follows, effective as of August 15, 1996 (except as specified below).

      1.  Section 1.1(c) is amended by
adding the following to the end of the Section:

      "For Convertible Shares to be allocated
under this Plan for Plan Years beginning on or after January 1, 1996, the
percentages to be allocated shall be determined as follows: The number
of Convertible Shares to be allocated under this Plan shall, for each Plan
Year prior to the Plan Year beginning January 1, 2000, be the remainder
of deducting the shares allocated under Part A of the ESOP from 3,073,973.
For the Plan Year beginning January 1, 2000, the total number of shares
allocated under this Plan shall equal the remaining Convertible Shares
to be allocated to all Employee Groups, after the allocation under Part
A of the ESOP. The number of shares to be allocated to each of the Employee
Groups for each Plan Year (other than the Plan Year beginning January 1,
2000) shall equal, for the ALPA Group, the result of deducting the shares
allocated under Part A of the ESOP for such Plan Year from 1,421,097.718
shares, for the IAM Employee Group, the result of deducting the shares
allocated under Part A of the ESOP for such Plan Year from 1,141,366.175
shares, and for the Management and Salaried Group shall be the result of
deducting the shares allocated under Part A of the ESOP for such Plan Year
from 511,509.107 shares. For the Plan Year beginning January 1, 2000, the
number of shares to be allocated to each Employee Group under this Plan
shall be the total number of shares remaining to be allocated to such Employee
Group, after the allocations under Part .A of the ESOP."

      2.  Section 2.2 (a) is amended by
adding the following to the end of the Section:

      "Notwithstanding the foregoing, the maximum
number of Convertible Shares issued under this Plan and the ESOP (Part
B) shall be the result of deducting from 17,675,345 the number of Convertible
Shares allocated under Part A."

      3.  Section 3.1(b) (i) is amended
to read as follows, effective as of the date this amendment is adopted
and approved:

      "(i) as soon as practicable following
the Valuation Date coinciding with or next following the later of (x) the
earlier of the Participant's termination of employment with the Employer
and its Affiliates and the date the Participant is determined to have a
Total Disability, or (y) December 31, 1995, the Company shall pay such
Participant (or, if such Participant is not living at the time for payment,
to such Participant's Beneficiary) the value of the Participant's vested
Account; and"

      4.  Section 3.1(c) (v) is amended
by adding the following to the end of the Section:

      "In the case of any member of the IAM
Employee
Group whose employment with the Employer and its Affiliates is not terminated
at the time of his election, the foregoing sentence shall not apply. Instead,
any such election (or modification or revocation thereof) shall be void
unless made (x) at least one year prior to the Participant's termination
of employment with the Employer (and its Affiliates), (y) for a member
of the IAM Employee Group who had Convertible Shares allocated to the Participant's
Account under this Plan for the 1995 Plan Year, by September 15, 1996,
or (z) for a member of the IAM Employee Group who did not have Convertible
Shares allocated to the Participant's Account in this Plan for the 1995
Plan Year, by December 31, 1996."

 

IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to
be executed on July 15, 1996.

 

 

  

	UAL CORPORATION
	
	 /s/ Douglas A. Hacker
	Douglas A. Hacker
	
	
	APPROVED BY:
	
	AIR LINE PILOTS ASSOCIATION,
	INTERNATIONAL
	
	/s/ J. Randolph Babbitt
	J. Randolph Babbitt
	President
	
	/s/ Michael H. Glawe
	 Michael H. Glawe
	MEC Chairman
	
	INTERNATIONAL ASSOCIATION
	OF MACHINISTS AND
	AEROSPACE WORKERS
	
	/s/ Kenneth W. Thiede
	Kenneth W. ThiedeExhibit 10

Exhibit 10.22

 

 
FIFTH AMENDMENT
UAL CORPORATION

SUPPLEMENTAL ESOP

(Effective as of July 12, 1994)

By virtue and in exercise of the
amending power reserved to UAL Corporation (the "Company") under Section
13.1(a) of the UAL Corporation Supplemental ESOP (effective as of July
12, 1994) (the "Plan"), which amending power thereunder is subject to the
approval of the Air Line Pilots Association International ("ALPA") and
the International Association of Machinists and Aerospace Workers (the
"IAM"), the Company hereby amends the Plan, subject to the approval of
ALPA and the IAM, as follows, effective as of January 1, 1996 (except as
specified below).

1. The following new subsection 1.3(h)A
is added immediately following Section 1.3(h):

"(h)A "Distribution Period" means,
the first week of October, 1996, the first week of December 1996, and the
first week of each of the months of May, June, July, August, September,
October, November and December in 1997 and subsequent Plan Years."

2. The following new subsection (c)
is hereby added to Section 2.7:
"(c) For a Participant who, on
or after October 1, 1994 but before January 1, 1996, returned to employment
with the Company from qualified military service, shares were initially
credited under this Plan on account of such service. Such shares shall
be contributed to the ESOP to the extent provided in the ESOP pursuant
to Code section 414(u). To the extent such shares are contributed to the
ESOP for a Participant, they shall be reduced under this Plan."

3. Section 3.1(b)(i) is amended to read
as follows:
"(i) during the Distribution Period
following the Valuation Date coinciding with or next following the later
of (x) the earlier of the Participant's termination of employment with
the Employer and its Affiliates and the date the Participant is determined
to have a Total Disability, or (y) December 31, 1995, the Company shall
pay such Participant (or if such Participant is not living at the time
for payment, such Participant's Beneficiary) the value of the Participant's
vested Account; and"

4. The following is hereby added to
the end of Section 3.1(b):
"The Committee may, for any Participant
or group of Participants, defer all or part of a distribution to a subsequent
Distribution Period if distribution during the Distribution Period referred
to in clause (i) would not be practicable (e.g., because necessary information
is unavailable)."

5. Section 3.1(c)(v) is amended to read
as follows:
"Notwithstanding the foregoing,
any election (or modification or revocation thereof) under clauses (i)
or (ii) shall be void unless made at least one year prior to the Participant's
termination of employment with the Employer (and its Affiliates) or prior
to February 24, 1995. In the case of any member of the IAM Employee Group
whose employment with the Employer and its Affiliates is not terminated
at the time of his election, the foregoing sentence shall not apply. Instead
any such election (or modification or revocation thereof) shall be void
unless made (x) at least one year prior to the Participant's termination
of employment with the Employer (and its affiliates), or (y) by December
13, 1996. Notwithstanding the foregoing, any election under clauses (iii)
or (iv) shall be void unless made at least 30 days before the first day
of the Distribution Period in which the distribution will be made."

IN WITNESS WHEREOF, the Company has
caused this Fifth Amendment to be executed on December 31, 1996.

 

 
	UAL CORPORATION
	
	/s/ Douglas A. Hacker
	
	
	
	APPROVED BY:
	
	AIR LINE PILOTS ASSOCIATION,
	INTERNATIONAL
	
	/s/ J. Randolph Babbitt
	J. Randolph Babbitt, President
	
	/s/ Michael H. Glawe
	Michael H. Glawe, MEC Chairman
	
	
	INTERNATIONAL ASSOCIATION
	OF MACHINISTS AND
	AEROSPACE WORKERS
	
	/s/ Kenneth W. ThiedeAs Amended

Exhibit 10.30
As Amended

February 29, 1996

FIRST REFUSAL AGREEMENT

     This Agreement (the "Agreement") has been made
and entered into as of this 12th day of July, 1994 by and among UAL Corporation,
a Delaware corporation (the "Company"), The Air Line Pilots Association,
International ("ALPA"), pursuant to its authority as the collective bargaining
representative for the crafts or class of pilots employed by United Airlines,
Inc. ("United"), and The International Association of Machinists and Aerospace
Workers ("IAM"), pursuant to its authority as the collective bargaining
representative for the crafts or classes of mechanics and related employees,
ramp and stores employees, food service employees, dispatchers and security
officers employed by United, and the Salaried/Management Employee Director
(as defined in Article FIFTH, Section 1.66 of the Restated Certificate
(as defined below)) on behalf of the salaried and management employees
of United who are not represented by any collective bargaining organization
(the "SAM") (ALPA, IAM and the SAM, together, the "Employee Groups").

     WHEREAS, pursuant to the terms of and schedules
to the Agreement and Plan of Recapitalization, dated as of March 25, 1994,
by and among the Company, ALPA and the IAM (as amended, the "Recapitalization
Agreement"), including the terms of the restated certificate of incorporation
of the Company to be effective as of the Effective Time (as defined in
the Recapitalization Agreement) (the "Restated Certificate"), neither (i)
a Non-Dilutive Issuance (as defined in Article FIFTH, Section 3.4(b)(vii)
of the Restated Certificate) nor (ii) the issuance of Permitted Bankruptcy
Equity (as defined in Article FIFTH, Section 3.4(b)(vii)(B) of the Restated
Certificate) (a "Bankruptcy Issuance") shall constitute an Other Extraordinary
Matter (as defined in Article FIFTH, Section 3.4(b) of the Restated Certificate)
if, among other things, such issuance is subject to the right of first
refusal provided for hereunder; and

     WHEREAS, the parties hereto have entered into
this Agreement in order to effectuate the terms and intent of the Recapitalization
Agreement and the Restated Certificate with respect to the Company's grant
of such right of first refusal to the Employee Groups in connection with
such Non-Dilutive Issuance and/or such Bankruptcy Issuance;

     NOW, THEREFORE, in consideration of the foregoing
premises, the mutual covenants herein contained and other good and valuable
consideration the receipt of which is hereby acknowledged, the parties
hereto hereby agree as follows:

1.     Right of First Refusal.

     A.  If, during the term of this Agreement,
the Company proposes to issue Equity Securities (as defined in Article
FIFTH, Section 1.37 of the Restated Certificate) pursuant to a transaction
which would constitute an Other Extraordinary Matter pursuant to Article
FIFTH, Section 3.4(b) of the Restated Certificate or would not constitute
an Other Extraordinary Matter pursuant to Article FIFTH, Section 3.4(b)(vii)(A)
or (B) of the Restated Certificate (a "Proposed Equity Issuance"), the
Company, prior to making such Proposed Equity Issuance, shall provide each
of the Employee Groups with a written statement of the specific terms of
such Proposed Equity Issuance (the "Proposed Sale Notice"); provided,
however, that the issuance of Equity Securities in exchange for
the Series A Convertible Preferred Stock, without par value (the "Series
A Preferred Stock") of the Company, or any underlying Equity Security upon
the conversion of any Equity Security so issued in exchange, shall not
constitute a Proposed Equity Issuance; provided, further,
that the issuance of Equity Securities in the four-for-one stock split
in the form of a stock dividend of Common Stock, $.01 par value ("Common
Stock"), on or with respect to the Common Stock of the Company, and approved
at the February 29, 1996 meeting of the Board of Directors of the Company
(the "Stock Split"), shall not constitute a Proposed Equity Issuance. 
Each of the Employee Groups shall then have 30 days to provide to the Company
a binding commitment to purchase up to its respective Proportionate Percentage
(as defined in subsection D below) of the Equity Securities proposed to
be issued in such Proposed Equity Issuance on terms that are Equivalent
(as defined in subsection E below) to the terms set forth in the Proposed
Sale Notice (the "Purchase Commitment"), and the Company shall not consummate
the Proposed Equity Issuance during such 30 day period.  If the Company
consummates a Proposed Equity Issuance within 180 days of the end of the
30 day notice period with respect thereto, it shall honor all the timely
Purchase Commitments and shall reduce the amount of securities offered
pursuant to the Proposed Equity Issuance by the amount of securities covered
by such Purchase Commitments.

     B.  In addition to and not in limitation
of the foregoing, if one or more Employee Groups submit a Purchase Commitment
within the 30 day period provided for in subsection A above and any other
Employee Group either (i) indicates in writing during such period that
it does not intend to submit a Purchase Commitment for all of its Proportionate
Percentage of the Proposed Equity Issuance or (ii) does not submit a Purchase
Commitment for all of its Proportionate Percentage of the Proposed Equity
Issuance within such 30 day period, then the Company, prior to consummating
a Proposed Equity Issuance, must provide each of the Employee Groups that
submitted a Purchase Commitment for all of its Proportionate Percentage
of the Proposed Equity Issuance with the opportunity to provide an additional
purchase commitment with respect to the portion of the Proposed Equity
Issuance that is not subject to a Purchase Commitment (an "Additional Purchase
Commitment") within the last to expire of (a) 15 days after receipt of
written notice from the Company of the opportunity to make an Additional
Purchase Commitment and (b) the unexpired portion of the 30 day period
referred to in subsection A above which remains after receipt of written
notice from the Company that any portion of the Proposed Equity Issuance
is not subject to a Purchase Commitment from any other Employee Group (such
longer period, the "APC Period").  The Company shall not consummate
the Proposed Equity Issuance during such APC Period and if the Company
consummates a Proposed Equity Issuance within 180 days of the end of the
notice period referred to in the preceding sentence, it shall honor all
the timely Additional Purchase Commitments and shall reduce the amount
of securities offered pursuant to the Proposed Equity Issuance to any person
or entity other than the Employee Groups by the amount of securities covered
by such Additional Purchase Commitments.

     C.  Notwithstanding anything set forth
in subsection B to the contrary, if more than one Employee Group submit
Additional Purchase Commitments which in the aggregate are in excess of
the securities being offered pursuant to the Proposed Equity Issuance,
the Company shall accept such Additional Purchase Commitments in proportion
to the relative proportion that such Employee Groups Proportionate Percentages
bear to each other; provided, however, that in no event shall any Employee
Group be obligated to purchase Equity Securities in excess of the amount
set forth in its Additional Purchase Commitment.

     D.  For the purposes of this Agreement,
"Proportionate Percentage" shall mean, for each of the Employee Groups,
the following:

 

 

	ALPA:	46.23%
	IAM:	37.13%
	SAM:	16.64%

     E.  For the purpose of this Agreement,"Equivalent"
shall mean, in connection with a Proposed Equity Issuance, a Purchase Commitment
on substantially the same terms as that set forth in a Proposed Sale Notice. 
If any Proposed Sale Notice provides for consideration other than cash
to be paid to the Company (the "Non-Cash Consideration"), a Purchase Commitment
must provide for consideration to be paid to the Company, whether in cash
or otherwise, with a fair market value, as determined by the board of directors
of the Company, equal to the Non-Cash Consideration to be paid to the Company
pursuant to the Proposed Sale Notice in order for such Purchase Commitment
to be deemed Equivalent for the purpose of subsection A above.

     F.  In the event that no Employee Group
submits a Purchase Commitment within the time period provided for in subsection
A above or the Purchase Commitments and Additional Purchase Commitments,
if any, submitted are for less than all of the securities being offered
in the Proposed Equity Issuance, the Company may then consummate the Proposed
Equity Issuance of such securities not subject to Purchase Commitments
or Additional Purchase Commitments only upon the terms set forth in the
Proposed Sale Notice.  Such Proposed Equity Issuance may not be consummated
unless it is consummated (i) within 180 days after the later of the 30
day period provided for in subsection A above or, if applicable, the APC
Period provided for in subsection B above and (ii) on the specific terms
set forth in the Proposed Sale Notice.  Any subsequent Proposed Equity
Issuance proposed by the Company shall be subject to each of the provisions
and requirements of this Section 1 as if the prior Proposed Equity Issuance
that was not consummated for any reason never was proposed by the Company.

     G.  Notwithstanding anything contained
in this Section 1 to the contrary, the provisions of this Section 1 shall
be inapplicable to issuances of Equity Securities (a) in accordance with
Article FIFTH, Subsection 3.4(b)(vii)(C) of the Restated Certificate, (b)
in exchange for the Series A Preferred Stock or upon the conversion of
any Equity Security so issued in exchange, or (c) in connection with the
Stock Split.

     H.  The Salaried/Management Employee Director
may consult with the senior executive of United having responsibility for
human resources concerning the exercise of any rights under this Agreement. 
The Company shall assist the Salaried/Management Director in the exercise
of such rights, including providing administrative and logistical support
in disseminating Proposed Sale Notices to the Salaried/Management Employees
and collating and processing any Purchase Commitments and Additional Purchase
Commitments received from such employees and, if requested, shall similarly
assist ALPA and the IAM.

     I.  To the extent consistent with its
policies and practices, United may, but shall not be obligated to, assist
the SAM Employee Group (to the same extent that either of the other Employee
Groups assists its members) in the exercise of their rights under this
Agreement in order to enable them to consummate their Purchase Commitments
made hereunder.

2.     Term.  This Agreement shall terminate
and be of no further force or effect upon the Termination Date (as defined
in the Restated Certificate).

3.     Assignments.  All right, title
and interest in and to, and all benefits and obligations arising under,
this Agreement may be assigned in whole or in part by any of the Employee
Groups to any of the Existing Plans and/or the ESOPs (as defined in Article
FIFTH, Sections 1.41 and 1.39 of the Restated Certificate, respectively)
without the consent of any other party hereto and may not otherwise be
assigned.

4.     Binding Effect.  The provisions
of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns.  This
Agreement is being entered into for the benefit of the parties hereto (other
than the Salaried/Management Director) and for the Employee Groups named
herein.  The Salaried/Management Director is not a party to this Agreement
in a personal capacity but only in the capacity of the Salaried/Management
Director as the nominal representative of the SAM Employee Group to acknowledge
their acceptance of the benefits of this Agreement.  Upon the replacement
of the individual named herein as the Salaried/Management Director, each
such successor to the office of Salaried/Management Director, rather than
the individual named herein, shall be authorized to act hereunder as the
Salaried/Management Director.  The parties hereto, on behalf of themselves
and the Employee Groups that they represent, agree that the Salaried/Management
Director, and the successor Salaried/Management Directors, shall not have
any personal liability under this Agreement.

5.     Governing Law.  This Agreement
shall be construed in accordance with and governed by the laws of the State
of Delaware without regard to the conflicts of laws principles thereof.

6.     Counterparts.  This Agreement
may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signature thereto and hereto were
upon the same instrument.

7.     Specific Performance.  The parties
hereto agree that if any of the provisions of this Agreement were not performed
in accordance with their specific terms or were otherwise breached, irreparable
damage would occur, no adequate remedy of law would exist and damages would
be difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law
or equity.

8.     Amendments.  This Agreement may
not be amended or modified unless such amendment or modification is approved
in writing by each of the parties hereto.

9.     Entire Agreement.  This Agreement
constitutes the entire agreement between the parties hereto with respect
to the subject matter hereof and, except as otherwise contemplated hereby,
supersedes all other prior agreements and understandings, both written
and oral, between the parties hereto with respect to the subject matter
hereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first above written.

 

	UAL CORPORATION
	 
	By:  /s/ James M. Guyette
	 
	 
	AIR LINE PILOTS ASSOCIATION, INTERNATIONAL
	 
	By:  /s/ R. D. Hall
	 
	 
	INTERNATIONAL ASSOCIATION OF
	MACHINISTS AND AEROSPACE
	WORKERS
	 
	By:  /s/ Ken Thiede
	 
	 
	/s/ Joseph V. Vittoria
	Joseph V. Vittoria
	Salaried/Management Employee Director (not personally but
as representative of the Salaried/Management Employees)

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