Document:

Exhibit 10.1

 

EXECUTION VERSION

 

TRANSITION AGREEMENT

 

This Transition Agreement
(the “Agreement”) is entered into on December 4, 2019 (the “Effective Date”), by and among
United Airlines Holdings, Inc., a Delaware corporation (the “Company”), United Airlines, Inc., a Delaware corporation
(“United,” and together with the Company, the “Employers”), and Oscar Munoz (“Executive,”
and Executive and Employers collectively, the “Parties”).

 

WHEREAS, Executive
and the Employers are parties to an Employment Agreement, dated as of December 31, 2015 (as amended from time to time, the “Employment
Agreement”);

 

WHEREAS, Executive
currently serves as the Chief Executive Officer of the Employers and a member of the Company’s Board of Directors (the “Board”)
and as a director and officer of certain subsidiaries and affiliates of the Company;

 

WHEREAS, in
furtherance of the Company’s succession planning process for its executive officers, Executive has from time to time discussed
with the Board Executive’s plans with respect to his continuing service to the Employers and to ensuring a seamless transition
to a successor Chief Executive Officer;

 

WHEREAS, as
a result of such dialogue, Executive and the Board have mutually determined it to be in the best interest of Executive and Employers
to effectuate the transition to a successor Chief Executive Officer immediately following the Company’s 2020 annual meeting
of stockholders and to secure Executive’s continuing service for the benefit of the Employers through March 2022; and

 

WHEREAS, Executive
and Employers have entered into this Agreement for the purpose of setting forth the terms and conditions applicable to such transition
and Executive’s employment from the date hereof until Executive’s final transition.

 

NOW, THEREFORE,
in consideration of the mutual promises and agreements contained herein, the adequacy and sufficiency of which are hereby acknowledged,
Executive and the Employers hereby agree as follows:

 

    1 

     

    

 

EXECUTION VERSION

 

1.             Employment. Subject to Executive’s compliance with the terms of this Agreement and Executive’s continued
compliance with the covenants in this Agreement and Section 5 of the Employment Agreement (Restrictive Covenants), the terms of
this Section 1, including the payments and benefits described below, shall apply:

 

		a)	Pre-Transition Period.
Executive shall continue in his current position of Chief Executive Officer of the Employers and member of the Board and as a
director and officer of certain subsidiaries and affiliates of the Company through the Company’s 2020 annual meeting of
stockholders (the “First Transition Date,” and such period from the Effective Date until the First Transition
Date, the “Pre-Transition Period”). During the Pre-Transition Period, Executive shall: (i) continue to receive
base salary at the annual rate in effect as of the date immediately prior to the Effective Date; (ii) continue to be eligible
for an annual performance bonus for 2019 and 2020 with the same target bonus in effect as of the date immediately prior to the
Effective Date; provided, however, that Executive’s annual bonus for 2020 shall be prorated (based on the number
of days during 2020 that Executive serves as Chief Executive Officer of the Employers) and determined based on full year Company
performance for 2020, which performance shall be determined in a manner consistent with other senior executives under the Company’s
Annual Incentive Program; (iii) continue to be eligible to participate in such employee benefit plans, programs and policies as
are available to senior executives of the Company, as well as to receive other applicable benefits and perquisites under Section
3(e) of the Employment Agreement; and (iv) continue to be eligible to receive a 2020 long-term equity incentive award (the “2020
LTI Award”) with a grant date fair market value equal to $10,500,000, which shall be delivered through vehicles and
designs that are generally consistent with those awarded to the Company’s other senior executive officers, as contemplated
by the Employment Agreement. During the Pre-Transition Period, Executive shall devote his full business time and efforts to the
business and affairs of the Employers, provided that Executive shall be entitled to serve as a member of the board of directors
of a reasonable number of other companies, to serve on civic, charitable, educational, religious, public interest or public service
boards, and to manage Executive’s personal and family investments, in each case, to the extent such activities do not materially
interfere with the performance of Executive’s duties and responsibilities hereunder (such activities the “Outside
Activities”). Executive shall not become a director of any for profit entity without first receiving the approval of
the Nominating/Governance Committee of the Board, which shall not be unreasonably withheld.

 

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EXECUTION VERSION

 

		b)	First Transition Period.
                                         On the First Transition Date, Executive shall relinquish the position of Chief Executive
                                         Officer of the Employers and any, unless otherwise requested by the Company, positions
                                         held by Executive in any subsidiaries or affiliates of the Company and shall assume the
                                         position of Executive Chairman of the Board (“Executive Chairman”)
                                         pursuant to the Company’s Restated Bylaws (“Bylaws”) and remain
                                         a director, officer and employee of the Company. As Executive Chairman, Executive shall
                                         perform such duties and have such authority as are customarily associated with such position
                                         and contemplated by the Bylaws and shall also perform such other duties commensurate
                                         with such position as may be reasonably requested by the Board and the Company’s
                                         Chief Executive Officer. It is anticipated that such duties shall include, but not be
                                         limited to, providing support for strategic initiatives, particularly those relating
                                         to customers, employee experience and labor relations, social responsibility and community
                                         impact, and maintaining, fostering and transitioning relationships with business and
                                         industry boards and organizations, customers, employees, investors, regulators and other
                                         government entities on behalf of the Company. Executive shall serve as Executive Chairman
                                         from the First Transition Date until the date of the Company’s 2021 annual meeting
                                         of stockholders (the “Second Transition Date,” and the period from
                                         the First Transition Date until the Second Transition Date, the “First Transition
                                         Period”). During the First Transition Period, Executive shall receive a base
                                         salary at an annual rate of $2,000,000, which shall be paid in accordance with the Employers’
                                         normal payroll procedures, and shall continue to be eligible to participate in such employee
                                         benefit plans, programs and policies, and shall continue to receive the benefits and
                                         perquisites under Section 3(e)(i) through (v) (inclusive) of the Employment Agreement,
                                         as have been provided to Executive or are available to senior executives of the Company
                                         (including, if continued by the Employers for senior executives generally, reimbursement
                                         of up to $20,000 annually for financial planning and tax services (the “Financial
                                         Planning Reimbursement”), in accordance with applicable Company policy). Executive
                                         shall not be entitled to receive any annual incentive compensation with respect to any
                                         year after 2020 or any grants of long-term incentive compensation during the First Transition
                                         Period. During the First Transition Period, Executive shall devote such business time
                                         and efforts to the business and affairs of the Employers as reasonably necessary to discharge
                                         the duties of Executive Chairman contemplated by this Agreement (it being understood
                                         that such duties will involve a time commitment and effort substantially similar to the
                                         time commitment and effort during the Pre-Transition Period), and Executive shall be
                                         entitled to engage in Outside Activities. Executive shall not become a director of any
                                         for profit entity without first receiving the approval of the Nominating/Governance Committee
                                         of the Board, which shall not be unreasonably withheld.

 

		c)	Second Transition Period. On the Second Transition Date, Executive shall relinquish the
position of Executive Chairman and director of the Company and shall assume the role of a non-officer employee of the Company (a
“Non-Officer Employee”). As a Non-Officer Employee, Executive shall perform such duties as may be reasonably
requested by the Company’s Chief Executive Officer or the Board. Executive shall serve as a Non-Officer Employee from the
Second Transition Date until March 1, 2022 (the “Final Transition Date,” and the period from the Second Transition
Date until the Final Transition Date, the “Second Transition Period,” and the Second Transition Period together
with the First Transition Period, the “Executive Transition Period”). During the Second Transition Period, Executive
shall receive a base salary at an annual rate of $360,000, which shall be paid in accordance with the Employers’ normal payroll
procedures, and shall be eligible to participate in such employee benefit plans, programs and policies as are available to non-officer
employees of the Company. For the avoidance of doubt, Executive shall not be eligible for the Financial Planning Reimbursement
or any other senior executive benefits or perquisites during the Second Transition Period. Executive shall not be entitled to receive
any annual incentive compensation or grants of long-term incentive compensation during the Second Transition Period. During the
Second Transition Period, Executive shall devote such business time and efforts to the business and affairs of the Employers as
reasonably necessary to discharge the duties of a Non-Officer Employee contemplated by this Agreement (it being understood that
such duties will typically require a substantially reduced time commitment of less than 40 hours per month), and Executive shall
be entitled to engage in Outside Activities. Executive shall not become a director of any for profit entity without first receiving
the approval of the Nominating/Governance Committee of the Board, which shall not be unreasonably withheld.

 

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EXECUTION VERSION

 

		d)	Final Transition. Effective as of the Final Transition Date, Executive’s employment
with the Company shall terminate, and Executive shall be deemed to have resigned from his position as a Non-Officer Employee concurrent
with the termination of Executive’s employment. For the avoidance of doubt, any unvested portions of long-term equity incentive
awards or any other awards that are outstanding as of the Final Transition Date shall be forfeited to the extent provided under
the terms of the applicable plan or award agreement, and Executive shall not be entitled to any severance payments or benefits
under Section 4 of the Employment Agreement or otherwise upon a termination of Executive’s employment as of the Final Transition
Date.

 

		e)	Employment Location. During the Pre-Transition Period, Executive shall continue to be based
in the Company’s headquarters in Chicago, Illinois. During the First Transition Period, Executive shall be based in an office
at a location where the Company currently has existing office space in Chicago. The Company shall provide Executive with appropriate
administrative support through the Final Transition Date in order to allow Executive to fulfill his duties hereunder. In the event
that Executive’s employment with the Employers and their affiliates terminates for any reason prior to the Final Transition
Date, the Company shall not have any further obligation to provide Executive with office space or administrative support under
this Section 1(e).

 

		f)	Continuation Coverage. For a period of up to eleven months immediately following the completion
of the maximum allowable period for Executive’s (and each of Executive’s eligible dependents’) continuation coverage
under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), following the Final
Transition Date (such eleven-month period and the COBRA continuation period together, the “Continuation Period”),
the Company shall permit Executive to continue such continuation coverage in the Company’s group health plans, with Executive
being responsible for paying applicable premiums at the rate paid by COBRA-eligible participants. Notwithstanding the foregoing,
(i) in the event that, during the Continuation Period, Executive is or becomes eligible for group health benefit plan coverage
from a successor employer, the Company’s obligation under this Section 1(f) shall cease, and (ii) upon Executive becoming
eligible for coverage under Medicare, the Company’s obligation under this Section 1(f) shall cease solely with respect
to Executive (and in such event Executive’s eligible dependents may continue participation in the Company’s group health
plans under this Section 1(f) through the end of the Continuation Period).

 

		g)	Flight Benefits. Nothing in this Agreement shall alter any flight benefits to which Executive
is entitled pursuant to applicable Company policy, and Executive’s continued entitlement to such benefits during employment
and thereafter shall continue to be governed by terms of such policy.

 

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EXECUTION VERSION

 

Furthermore,
the Parties agree that: (i) if, during the Executive Transition Period, Executive commences employment with any other
employer without the Board’s consent, Executive will be deemed, for purposes of this Agreement and the Employment
Agreement, to have voluntarily terminated his employment with the Employers and to have resigned from any position he may
hold as a director of the Company and any of its subsidiaries or affiliates; and (ii) no changes contemplated by this
Agreement (including, without limitation, the changes to Executive’s position and duties as described in
this Section 1) shall constitute an event of “Good Reason” for purposes of the Employment Agreement
or shall otherwise give rise to a severance obligation or be deemed to breach any provision of the Employment Agreement.

 

2.             Termination of Employment Prior to Final Transition Date.

 

		a)	In the event that Executive’s employment with the Employers terminates for any reason during
the Pre-Transition Period, Executive shall have no further rights to the compensation and benefits payable hereunder, and Executive
shall be eligible to receive severance payments and benefits to the extent provided by, and in accordance with, the  Employment
Agreement.

 

		b)	In the event that, during the Executive Transition Period, Executive’s employment with the
Company is terminated by the Company for Cause (as defined below) or due to Executive’s resignation for any reason other
than Good Reason (as defined below), Executive shall cease to have any rights to salary or any other payments or benefits under
this Agreement or the Employment Agreement, other than any applicable accrued payments and benefits as described in Section 4(b)
of the Employment Agreement (the “Accrued Amounts”), and all Outstanding Equity Awards (as defined below) shall
be forfeited.

 

		c)	In the event that, during the Executive Transition Period, Executive’s employment with the
Company is terminated by the Company without Cause, by Executive for Good Reason or due to Executive’s death or Termination
due to Disability (as defined in the Employment Agreement) (the date of such termination, the “Transition Termination
Date”), then in lieu of any severance benefits otherwise payable under Section 4(c) or any other provision of the Employment
Agreement and subject to Section 7 hereof, Executive shall be entitled to receive (in addition to any Accrued Amounts):
(i) the total remaining amount of base salary that is unpaid as of the Transition Termination Date but that would have been paid
to Executive had he remained employed with the Employers through March 1, 2022, which amount shall be paid in a lump sum within
30 days following the Transition Termination Date; (ii) flight benefits as described in Section 1(g) hereof, in accordance with
the terms of applicable Company policy; and (iii) notwithstanding anything in any award agreement or other long-term incentive
plan document to the contrary, continued vesting with respect to any Company long-term equity incentive awards that remain outstanding
as of the Transition Termination Date (the “Outstanding Equity Awards”) through March 1, 2022, as if Executive
had remained employed with the Company following the Transition Termination Date and then terminated such employment as of March
1, 2022 pursuant to Section 1(d). For the avoidance of doubt, following a Transition Termination Date, any Outstanding Equity
Awards shall continue to vest subject to the same vesting schedule and performance conditions as were applicable to such awards
immediately prior to the Transition Termination Date and, except as modified by this Section 2, shall continue
to be subject to the terms and conditions set forth in the applicable award agreement.

 

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EXECUTION VERSION

 

		d)	Notwithstanding anything in Section 2(c) or in any equity or equity-based compensation plan
of the Company to the contrary, in the event that a “Change of Control” (as defined in the United Continental Holdings,
Inc. 2017 Incentive Compensation Plan or any predecessor plan (each, a “Company Plan”)) occurs during the Executive
Transition Period and a termination of Executive’s employment subsequently occurs that would otherwise result in accelerated
vesting of Executive’s Outstanding Equity Awards pursuant to the terms of the applicable Company Plan (a “Qualifying
Termination”), any Outstanding Equity Awards that would have otherwise vested had Executive remained employed through
March 1, 2022 shall immediately vest upon such Qualifying Termination, with any performance-based equity awards vesting at the
applicable change of control performance level determined by the Board (or a committee thereof). Any Outstanding Equity Awards
that do not vest pursuant to the preceding sentence shall be forfeited as of the Transition Termination Date, and Executive shall
not be eligible with respect to those forfeited awards for any accelerated vesting contemplated by the Company Plans.

 

		e)	For purposes of this Agreement, “Cause” shall mean the occurrence of any one
of the following, as determined by an express resolution of the independent members of the Board:

 

		i.	gross negligence or willful misconduct in the performance of, or Executive’s abuse of alcohol
or drugs rendering Executive unable to perform, the material duties and services required for Executive’s position with the
Company, which neglect or misconduct, if remediable, remains unremedied for 30 days following written notice of such by the Company
to Executive;

 

		ii.	Executive’s conviction or plea of nolo contendere for any crime involving moral turpitude
or a felony;

 

		iii.	Executive’s commission of an act of deceit or fraud intended to result in personal and unauthorized
enrichment of Executive at the expense of the Company or any of its affiliates;

 

		iv.	Executive’s willful refusal to comply with reasonable directions from the Board, which refusal
continues following written notice thereof by the Board to Executive; and

 

		v.	Executive’s material violation of the written policies of the Company or any of its affiliates
(including United’s Ethics and Compliance Principles and Corporate Governance Guidelines, as in effect from time to time),
Executive’s material breach of a material obligation of Executive to the Company pursuant to Executive’s duties and
obligations under the Company’s Bylaws, or
Executive’s material breach of a material obligation of Executive to the Company or any of its affiliates pursuant to this
Agreement, the Employment Agreement or any award or other agreement between Executive and the Company or any of its affiliates.

 

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EXECUTION VERSION

 

		f)	For purposes of this Agreement, “Good Reason” shall mean a material breach by
the Employers of any provision of this Agreement. Notwithstanding the foregoing or any other provision in this Agreement to the
contrary, any assertion by Executive of a Good Reason termination shall not be effective unless all of the following conditions
are satisfied: (A) the conditions described in the preceding sentence giving rise to Executive’s termination of
employment must have arisen without Executive’s written consent; (B) Executive must provide written notice to the
Company of such condition and Executive’s intent to terminate employment within 90 days after the initial existence of the
condition; (C) the condition specified in such notice must remain uncorrected for 30 days after receipt of such notice
by the Company; and (D)  the date of Executive’s termination of employment must occur within 90 days after the notice
provided by Executive pursuant to clause (B).

 

3.             Employment Agreement.

 

		a)	The restrictive covenants set forth in Section 5 of the Employment Agreement shall continue to
apply in connection with any termination of Executive’s employment. Except as set forth herein, Executive’s right to
payments or benefits upon any termination of employment shall be governed by this Agreement rather than the Employment Agreement,
and Executive shall not be entitled to any further benefits under the Employment Agreement.

 

		b)	Nothing in this Agreement or the Employment Agreement shall prohibit Executive from reporting
                                                                possible violations of federal law or regulation to any governmental agency or entity, or making other disclosures, that are
                                                                protected under the whistleblower or similar protective provisions of federal law or regulation (or similar state
                                                                laws).  Executive will not need the prior authorization of the Employers to make any such reports or disclosures, and
                                                                Executive will not be required to notify the Employers that Executive has made such reports or disclosures; provided, however,
                                                                that nothing shall waive any attorney client or similar privilege of the Employers or any of their affiliates. Nothing in
                                                                this Agreement in any way prohibits or is intended to restrict or impede Executive from exercising protected rights to the
                                                                extent that such rights cannot be waived by agreement. Nothing herein will prevent receipt by Executive of any rewards (or
                                                                similar awards or entitlements) in respect of the provision of information under any such whistleblower or similar protective
                                                                provision of federal law or regulation (or similar state laws).  Executive will not be held criminally or civilly liable
                                                                under any federal or state trade secret law for any disclosure of a trade secret that is made (i) in confidence to a federal,
                                                                state or local government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting
                                                                or investigating a suspected violation of law, or (ii) in a complaint or other document that is filed under seal in a lawsuit
                                                                or other proceeding.  If Executive files a lawsuit for retaliation by the Employers for
reporting a suspected violation of law, Executive may disclose trade secrets to Executive’s attorney and use the trade secret
information in the court proceeding if Executive (x) files any document containing the trade secret under seal and (y) does not
disclose the trade secret, except pursuant to court order.

 

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EXECUTION VERSION

 

		c)	The obligations of the Employers and the entitlement of Executive with respect to indemnification
set forth in Section 17 of the Employment Agreement shall continue in effect (including, but not limited to, after any termination
of Executive’s employment).

 

4.             Releases.

 

		a)	In consideration of the payments and benefits provided to Executive pursuant to the terms of this
Agreement, Executive hereby releases the Company, United and each of their subsidiaries and affiliates and their respective stockholders,
officers, directors, employees, representatives, agents and attorneys (collectively, the “Releasees”) from any
and all claims or liabilities, known or unknown, of any kind, including, without limitation, any and all claims and liabilities
relating to Executive’s employment by, or services rendered to or for, the Company, United, or any of their subsidiaries
or affiliates, or relating to the cessation of such employment or under the Age Discrimination in Employment Act, the Americans
with Disabilities Act, the Family and Medical Leave Act, Title VII of the Civil Rights Act of 1964, 42 U.S.C. Section 1981,
the Illinois Human Rights Act, the Illinois Wage Payment and Collection Act, and any other statutory, tort, contract or common
law cause of action, other than claims or liabilities arising from a breach by the Company or United of (i) its obligations
under this Agreement or the post-employment obligations under the Employment Agreement, if applicable, or (ii) its obligations
under its qualified retirement plans in which Executive participates (the “Qualified Plans”), under Executive’s
outstanding awards under the long term incentive programs of the Company and United (the “Incentive Programs”),
or under any other compensation plan or program of the Company or United.

 

		b)	The Company and United hereby release Executive from any and all claims or liabilities, known or
unknown, of any kind in any way relating to or pertaining to Executive’s employment by, or services rendered to or for, the
Company, United or any of their subsidiaries or affiliates, other than fraud or intentional malfeasance or claims arising from
a breach by Executive of this Agreement or the Employment Agreement or of Executive’s obligations under the Qualified Plans,
under Executive’s outstanding awards under the Incentive Programs, or under any other compensation plan or program of the
Company or United. 

 

		c)	The releases described in Section 4(a) and Section 4(b) above are to be broadly
                                                                construed in favor of the released persons.  These releases do not apply to any rights or claims that may arise after
                                                                the date of execution of this Agreement by Executive, the Company and United. Each Party agrees that this Agreement is not
                                                                and shall not be construed as an admission
of any wrongdoing or liability on the part of any such Party.

 

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EXECUTION VERSION

 

5.             Acceptance.  Executive may accept this Agreement by delivering a signed original of the Agreement
to the Company’s Executive Vice President – Human Resources and Labor Relations, 233 S. Wacker Drive, Chicago, IL
60606 within 21 calendar days of Executive’s receipt of this Agreement. Executive may decide to sign the Agreement before
the 21-day review period expires, and Executive’s signing the Agreement will be final and binding upon him on the Effective
Date, with the exception of Executive’s waiver of claims brought under the Age Discrimination in Employment Act (“ADEA”)
and the Older Workers Benefit Protection Act (“OWBPA”), which will become final and binding upon him unless
Executive rescinds the Agreement within the revocation period referenced in Section 6 below. If Executive fails
to return an executed original of this Agreement within the required timeframe referenced in this Section 5, the Parties
will have no obligations under this Agreement, and this Agreement will be considered null and void.

 

6.             Revocation.  Executive may revoke his waiver of claims under the ADEA and OWBPA within seven calendar
days after Executive executes this Agreement by delivering a written notice of revocation of Executive’s waiver of such claims
to the Company’s Executive Vice President – Human Resources and Labor Relations, 233 S. Wacker Drive, Chicago, IL
60606. Any such revocation must be received no later than the close of business on the seventh calendar day after Executive signs
this Agreement. Executive’s waiver of claims under the ADEA and OWBPA will not become effective or enforceable until the
eighth calendar day after Executive signs this Agreement (the “ADEA Effective Date”). If Executive revokes his
waiver of claims under the ADEA and OWBPA within the seven-day revocation period, this entire Agreement shall be deemed null and
void.

 

7.             Supplemental Release. Executive understands and agrees that other than in the event of Executive’s death, Executive’s
execution of the Supplemental Release attached hereto as Exhibit A (the “Supplemental Release”) within 21 days
after (but not before) the Final Transition Date (or, if earlier, the Transition Termination Date), without revocation thereof
as provided therein, is among the conditions to the Company’s obligation to pay or provide any amounts or benefits under
this Agreement (including, without limitation, any payments or benefits described in Section 2 above), and any failure to
execute and return the Supplemental Release or revocation of the Supplemental Release shall result in Executive no longer being
entitled to receive any payments or benefits under this Agreement.

 

8.             Cooperation. 
From and after the Final Transition Date, Executive will cooperate in good faith with the Employers, their successors and
their affiliates in any manner reasonably requested or directed by any Employer, successor or affiliate, including, without
limitation, cooperating with the Employers in any current or future investigation, litigation, proceeding, or other legal
matter (including, without limitation, meeting with and fully answering the questions of the Employers or their attorneys,
representatives or agents, and testifying and preparing to testify at any deposition, trial, or other proceeding without
subpoena).  The Employers agree to reimburse Executive for any reasonable out-of-pocket expenses incurred in
providing such assistance and cooperation, subject to such reasonable substantiation and documentation as may be specified by
the Employers from time to time, but Executive will not receive any other consideration for such cooperation. All business
expenses shall be submitted by Executive for reimbursement not later than 30 days after such expenses are incurred. Nothing
in this Agreement shall prohibit any person from giving truthful information, testimony or evidence to a governmental entity
or in any investigatory proceeding, or if properly subpoenaed or otherwise required to do so under applicable law.

 

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EXECUTION VERSION

 

9.             Communications Regarding Executive Transition. The Parties acknowledge that Executive’s continuing support
of the Employers during and after the Pre-Transition Period and the Executive Transition Period and the payments and benefits provided
to Executive hereunder, will be of considerable value to the Employers and Executive, respectively, and are a significant inducement
for the Employers and Executive to enter into this Agreement. Accordingly, the Employers and Executive agree that, during the Pre-Transition
Period, the Executive Transition Period and thereafter, the Board, the Employers and their executive officers and Executive will
not, except as permitted by Section 3(b) or Section 8 of this Agreement, directly or indirectly, make any statement
(whether public or private) or otherwise make any disclosure or comment:

 

		a)	concerning or in any way relating to the execution of this Agreement, the transitions contemplated
by this Agreement or the events or circumstances (including any negotiations) that led to such execution and transitions (collectively,
the “Transition Events”), in each case that is materially inconsistent with the Company’s public disclosures
regarding the Transition Events; or

 

		b)	that could, in the case of Executive, reasonably be construed as expressing a critical or negative
view of the Employers, the Board or any individual director or directors, any executive officer of the Company or any of the operations,
employee relations or future prospects of the Employers or, in the case of the Employers, the Board, any individual director or
directors or executive officer, reasonably be construed as expressing a critical or negative view of Executive.

 

Notwithstanding the
foregoing, Executive shall be permitted to discuss the Transition Events, and the Employers more generally, with Executive’s
financial and legal advisors and with Executive’s immediate family (collectively, the “Permitted Persons”),
provided that if any such Permitted Person makes a statement that, if made by Executive, would breach Executive’s obligations
under this Section 9, Executive shall be deemed to have breached his obligations under this Section 9. The Parties
agree that this Section 9 shall be considered a material obligation of Executive and of the Employers for purposes of Section
2(e)(v) and Section 2(f), respectively, of this Agreement.

 

10.             Property of the Companies.  Executive understands and agrees that all property of the Employers
and their subsidiaries and affiliates, including but not limited to business information, files, research, records, memoranda,
books, lists, Proprietary or Confidential Information (as defined in Section 5(a) of the Employment Agreement) and other documents
and materials (regardless of media), including computer disks, and other hardware and software and data that Executive received
during Executive’s employment with the Employers are the property of the Employers and that Executive will deliver to the
Employers all such materials, including all copies and excerpts thereof, in Executive’s possession or under Executive’s
control on or before the Final Transition Date.

 

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EXECUTION VERSION

 

11.             
Withholding of Taxes. The Company may withhold federal and state and local (based upon the location of
Executive’s office and place of residence) tax withholdings and any other deductions required by law or authorized by Executive
from any payments to be made hereunder or otherwise to Executive.

 

12.             
Entire Agreement.  This Agreement constitutes the entire agreement and understanding between the Parties with
respect to the subject matter hereof and supersedes and preempts any prior or contemporaneous understandings, agreements, discussions
or representations by or between the Parties, whether written or oral, which may have related in any manner to the subject matter
hereof, except as otherwise expressly set forth in this Agreement with respect to (i) the Employment Agreement, (ii) retirement
and health and welfare benefit plans, (iii) incentive compensation plans and related awards, or (iv) equity plans and related awards;
provided, however, that if there is any conflict between the terms of this Agreement and the terms of any arrangement described
in the preceding clauses (i) through (iv), the terms of this Agreement shall govern.

 

13.             
Arbitration/Injunctive Relief.

 

		a)	Arbitrable Claims.  The Employers and Executive mutually consent to the resolution
by final and binding arbitration of any and all disputes, controversies or claims arising out of or relating to this Agreement,
including any dispute as to the arbitrability of a matter under this Section 13 (collectively, “Claims”). 
The Employers and Executive expressly acknowledge that they waive the right to litigate Claims in a judicial forum before
a judge or jury.

 

		b)	Claim Initiation/Time Limits.  A Party must notify the other Parties in writing of
a request to arbitrate Claims within the same statute of limitations applicable to the legal claim asserted.  The written
request for arbitration must specify: (i) the factual basis on which the Claims are made; (ii) the statutory provision
or legal theory under which Claims are made; and (iii) the nature and extent of any relief or remedy sought.  No arbitration
claim as to any Qualified Plans will be initiated until after Executive has complied with any applicable claims process provided
in the applicable plan.

 

		c)	Procedures. The arbitration will be administered in accordance with the Employment Arbitration
Rules then in effect (“Rules”) of the American Arbitration Association (“AAA”), in
Chicago, Illinois, before a single arbitrator, experienced in employment law and licensed to practice law in that jurisdiction,
who has been selected in accordance with such Rules.  The Parties may be represented by counsel of their choosing.  The Parties
will pay their own legal fees and other fees and expenses incurred by them in obtaining or defending any right or benefit under
such Claims; provided, however, that the arbitrator may award a prevailing Party their reasonable attorney’s fees and
costs in accordance with the law applicable to the Claim.  The foregoing notwithstanding, the Employers will pay any
fees of the AAA, filing costs, arbitrator fees or expenses.

 

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EXECUTION VERSION

 

		d)	Responsibilities of Arbitrator; Award; Judgment.  The arbitrator will act as the impartial
decision maker of any Claims that come within the scope of this arbitration provision.  The arbitrator will have the powers
and authorities provided by the Rules and the law under which the claim is made.  For example, the arbitrator will have
the power and authority to include all remedies in the award available under the statute or common law under which the claim is
made including, without limitation, the issuance of an injunction.  The arbitrator will apply the elements and burdens of
proof, mitigation duty, interim earnings offsets and other legal rules or requirements under the statutory provision or common
law under which such claim is made.  The arbitrator will permit reasonable pre-hearing discovery.  The arbitrator will
have the power to issue subpoenas.  The arbitrator will have the authority to issue a summary disposition if there are no
material factual issues in dispute requiring a hearing and one of the Parties is clearly entitled to an award in the
Party’s favor.  The arbitrator will not have the power or authority to add to, detract from or modify any provision
of this Agreement, or any related agreements or plans.  The arbitrator, in rendering an award in any arbitration conducted
pursuant to this Section 13, will issue a reasoned award in a signed written opinion stating the findings of fact
and conclusions of law on which it is based.  The arbitrator will be required to follow the law of the State of
Illinois designated by the Parties herein.  Any judgment on or enforcement of any award, including an award providing
for interim or permanent injunctive relief, rendered by the arbitrator may be entered, enforced or appealed in any court having
jurisdiction thereof.  Any arbitration proceedings, decision or award rendered hereunder, and the validity, effect and interpretation
of this arbitration provision, will be governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq.  The Parties
agree that all arbitration proceedings and any award will be kept private and confidential except as necessary to enter, enforce,
or appeal the award in any court having jurisdiction thereof and except (in respect of the Employers) as required by law or stock
exchange rule.

 

		e)	Injunctive Relief.  Notwithstanding the foregoing, the Employers will be entitled
to seek injunctive or other equitable relief as to any provision of Section 5 of the Employment Agreement or Sections 8
or 9 of this Agreement, and Executive will be entitled to seek injunctive or other equitable relief for indemnification
under any applicable agreement, bylaw, law or common law, from a court of competent jurisdiction in Chicago, Illinois, without
the need to resort to arbitration.  Each Party hereby submits to the jurisdiction of such courts and waives any claim of inconvenient
forum or other challenge to venue in such courts.

 

14.             
Assignment; Binding Effect.  This Agreement is assignable only by the Employers (provided that no such
assignment will relieve the Employers of their obligations under this Agreement to Executive), will inure to the benefit of the
Employers’ assigns and to the Releasees, and is binding on the Parties, their representatives, agents and assigns, and as
to Executive, his spouse, heirs, legatees, administrators, and personal representatives, and will inure to the benefit of Executive’s
spouse, estate, heirs, legatees, administrators, and personal representatives.

 

    12

     

    

 

EXECUTION VERSION

 

15.             
Reformation.  If any provision, section, subsection or other portion of this Agreement will be determined
by any court of competent jurisdiction to be invalid, illegal or unenforceable in whole or in part, and such determination becomes
final, such provision or portion will be deemed to be severed or limited, but only to the extent required to render the remaining
provisions and portion of this Agreement enforceable.  This Agreement as amended will be enforced so as to give effect to
the intention of the Parties insofar as that is possible.  In addition, the Parties hereby expressly empower a court of competent
jurisdiction to modify any term or provision of this Agreement to the extent necessary to comply with existing law and to enforce
this Agreement as modified.

 

16.             
Construction.  The headings and captions of this Agreement are provided for convenience only and are intended
to have no effect in construing or interpreting this Agreement. The use herein of the word “including,” when following
any general provision, sentence, clause, statement, term or matter, will be deemed to mean “including, without limitation.”
As used herein, the words “day” or “days” will mean a calendar day or days.

 

17.             
Applicable Law.  This Agreement will be deemed to be made in the State of Illinois. The validity, interpretation,
and performance of this Agreement in all respects will be governed by the laws of the State of Illinois without regard to its principles
of conflicts of law.

 

18.             
Joint Preparation of Agreement. Each Party has cooperated in the preparation and drafting of this Agreement. 
Should any provision of this Agreement require interpretation or construction, the entity interpreting or construing this Agreement
should not apply a presumption against one Party by reason of the rule of construction that a document is to be construed
more strictly against the party who prepared the document.

 

19.              Section
409A. The intent of the Parties is that any payments and benefits under this Agreement that are subject to
Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), comply with
the requirements of Section 409A and any related regulations and other guidance promulgated with respect to such
Section by the U.S. Department of the Treasury or the Internal Revenue Service. Accordingly, to the maximum extent
permitted, this Agreement will be interpreted and administered in compliance therewith. All expense reimbursements paid
pursuant to this Agreement that are taxable income to Executive will in no event be paid later than the end of the calendar
year next following the calendar year in which Executive incurs such expense. With regard to any provision herein that
provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by this Agreement and
Section 409A, the right to reimbursement or in-kind benefits will not be subject to liquidation or exchange for another
benefit and the amount of expenses eligible for reimbursement, or in-kind benefits provided, during any taxable year will not
affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. For purposes
of applying the provisions of Section 409A to this Agreement, each separately identified amount to which Executive is
entitled under this Agreement will be treated as a separate payment. In addition, to the extent permissible under
Section 409A, any series of installment payments under this Agreement will be treated as a right to a series of separate
payments. Notwithstanding any other provision in this Agreement, to the extent any payments made or contemplated hereunder
constitute nonqualified deferred compensation, within the meaning of Section 409A, then (i) each such payment which is
conditioned upon Executive’s execution of a release and which is to be paid or provided during a designated period
that begins in one taxable year and ends in a second taxable year, shall be paid or provided in the later of the two taxable
years; (ii) if Executive is a specified employee (within the meaning of Section 409A) as of the date of Executive’s
separation from service, each such payment that is payable upon Executive’s separation from service and would have been
paid prior to the six-month anniversary of Executive’s separation from service, shall be delayed until the earlier to
occur of (A) the first day of the seventh month following Executive’s separation from service or (B) the date of
Executive’s death and (iii) each such payment may be accelerated by the Employers to the extent permitted by applicable
exemptions or exceptions under Section 409A, including, but not limited to, regulations 1.409A-1(b)(9)(iii) (separation pay
exemption), 1.409A-1(b)(4)(short-term deferrals) and 1.409A-3(j)(4)(iii) (compliance with conflicts of interest laws).

 

Signatures appear on following page

 

    13

     

    

 

EXECUTION VERSION

 

IN WITNESS WHEREOF, the undersigned have executed this
Agreement, to be effective on the Effective Date, with the exception of Executive’s waiver of claims brought under the ADEA
and OWBPA, which will be effective on the ADEA Effective Date.

 

	EXECUTIVE	
	 	 
	/s/ Oscar Munoz	 
	Oscar Munoz	 
	 	 
	UNITED AIRLINES HOLDINGS, INC.	 
	 	 
	By:	/s/ Jane C. Garvey	 
	Its:	Chairman of the Board	 
	 	 	 
	UNITED AIRLINES, INC.	 
	 	 
	By:	/s/ Brett J. Hart	 
	Its:	Executive Vice President and Chief Administrative Officer	 

 

    14

     

    

 

EXECUTION VERSION

 

EXHIBIT A

 

SUPPLEMENTAL RELEASE

 

In consideration of
the payments and benefits provided to Oscar Munoz (“Executive”) pursuant to the terms of the Transition Agreement
(the “Agreement”), dated as of December 4, 2019, among Executive, United Airlines Holdings, Inc. (the “Company”),
and United Airlines, Inc. (“United,” and together with the Company and Executive, the “Parties”),
pursuant to this Supplemental Release (the “Release”) and in accordance with the Agreement, Executive releases
the Company, United and each of their subsidiaries and affiliates and their respective stockholders, officers, directors, employees,
representatives, agents and attorneys from any and all claims or liabilities, known or unknown, of any kind, including, without
limitation, any and all claims and liabilities relating to Executive’s employment by, or services rendered to or for, the
Company, United, or any of their subsidiaries or affiliates, or relating to the cessation of such employment or under the Age Discrimination
in Employment Act, the Americans with Disabilities Act, the Family and Medical Leave Act, Title VII of the Civil Rights Act of
1964, 42 U.S.C. Section 1981, the Illinois Human Rights Act, the Illinois Wage Payment and Collection Act, and any other statutory,
tort, contract or common law cause of action, other than claims or liabilities arising from a breach by the Company or United of
(i) its post-employment obligations under the Agreement or the Employment Agreement, dated as of December 31, 2015, among
the Company, United and Executive (the “Employment Agreement”), if applicable, or (ii) its obligations
under its qualified retirement plans in which Executive participates (the “Qualified Plans”), under Executive’s
outstanding awards under the long term incentive programs of the Company and United (the “Incentive Programs”),
or under any other compensation plan or program of the Company or United. The Company and United hereby release Executive from
any and all claims or liabilities, known or unknown, of any kind in any way relating to or pertaining to Executive’s employment
by, or services rendered to or for, the Company, United or any of their subsidiaries or affiliates, other than fraud or intentional
malfeasance or claims arising from a breach by Executive of the Agreement or the Employment Agreement or of Executive’s obligations
under the Qualified Plans, under Executive’s outstanding awards under the Incentive Programs, or under any other compensation
plan or program of the Company or United.  These releases are to be broadly construed in favor of the released persons. 
These releases do not apply to any rights or claims that may arise after the date of execution of the Release by Executive, the
Company and United. Each Party agrees that the Release is not and shall not be construed as an admission of any wrongdoing or liability
on the part of any such Party.  Notwithstanding the foregoing, the post-employment obligations created by the Agreement, the
Employment Agreement, the Qualified Plans, Executive’s outstanding awards under the Incentive Programs, or under any other
compensation plan or program of the Company or United are not released, altered or modified in any way by this Release.

 

Executive acknowledges
that, by Executive’s free and voluntary act of signing below, Executive agrees to all of the terms of this Release and intends
to be legally bound thereby.

 

Executive understands
that Executive may consider whether to agree to the terms contained herein for a period of 21 days after the date Executive has
received this Release.  Executive acknowledges that Executive has been and is hereby advised to consult with an attorney prior
to executing this Release.

 

    

     

    

 

EXECUTION VERSION

 

This Release will
become effective, enforceable and irrevocable on the eighth day after the date on which it is executed by Executive (the “Effective
Date”).  During the seven-day period prior to the Effective Date, Executive may revoke Executive’s agreement
to accept the terms hereof by serving written notice in accordance with Section 7 of the Employment Agreement to the Company
of Executive’s intention to revoke.

 

Signatures appear on following page 

 

    

     

    

 

EXECUTION VERSION

 

Effective on the eighth calendar day following
the date set forth below.

 

	                             	UNITED AIRLINES HOLDINGS, INC.
	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 
	 	 	 
	 	UNITED AIRLINES,
INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	EXECUTIVE
	 	 
	 	 
	 	Name:	 
	 	Date Signed:Exhibit
10.2

 

STOCK
OPTION AWARD NOTICE

to J. Scott Kirby

 

Pursuant to the United Continental
Holdings, Inc.

2017 Incentive Compensation Plan

 

This Stock Option
Award Notice (this “Award Notice”), dated as of December 4, 2019 (the “Grant Date”), sets
forth the terms and conditions of an award (the “Award”) to purchase 306,865 shares of common stock, par
value $0.01 per share (“Shares”), of United Airlines Holdings, Inc., a Delaware corporation (the
“Company”), at a price per Share of $110.21 (the “Exercise Price”), that is subject to
the terms and conditions specified herein (the “Option”) and that is granted to J. Scott Kirby
(“you”) by the Company under the United Continental Holdings, Inc. 2017 Incentive Compensation Plan (the
“Plan”). The Option is not intended to qualify as an “incentive stock option” (within the
meaning of Section 422 of the Internal Revenue Code of 1986, as amended).

 

SECTION 1. Award
Subject to the Plan. This Award is made pursuant to the Plan, all the terms of which are hereby incorporated into this Award
Notice. In the event of any conflict between the terms of the Plan and the terms of this Award Notice, the terms of the Plan shall
govern. 

 

SECTION 2. Definitions.
Capitalized terms used in this Award Notice that are not defined in this Award Notice have the meanings as used or defined in the
Plan. As used in this Award Notice, the following terms have the meanings set forth below: 

 

“Cause”
shall have the meaning set forth in any employment agreement or severance plan of the Company applicable to you and as in effect
on the date hereof.

 

“Involuntary
Termination” shall mean any Termination of Employment by the Company which is not (i) by the Company due to Cause, (ii)
due to your resignation, including due to Retirement, or (iii) a result of your death or Disability. If you provide notice of resignation,
in no event shall your Termination of Employment be considered an Involuntary Termination by the Company, even if the effective
date of termination is accelerated by the Company.

 

“Retirement”
shall mean your Termination of Employment upon having achieved age 50 with 20 years of service with the Company and its Affiliates,
age 55 with ten years of service with the Company and its Affiliates, or age 65.

 

    1 

     

    

 

“Vesting Date”
means the date on which your rights with respect to all or a portion of the Option may become fully vested and exercisable, as
provided in Section 3(a) of this Award Notice.

 

SECTION 3. Vesting
and Exercise. (a) Vesting. On each Vesting Date set forth below, your rights with respect to the number of Shares subject
to the portion of the Option that corresponds to such Vesting Date, as specified in the chart below, shall become vested and such
Option may be exercised with respect to such Shares, provided that you must be actively employed by the Company or an Affiliate
on the relevant Vesting Date, except as otherwise determined by the Committee in its sole discretion; provided further
that, in the event of your Termination of Employment (i) by reason of death or Disability or (ii) during the two-year period following
a Change of Control if such Termination of Employment constitutes either (A) an Involuntary Termination or (B) if applicable to
you, a termination by you for “good reason” under the terms of any employment agreement or Company severance plan applicable
to you and as in effect on the date hereof (a “Change of Control Termination of Employment”), then the Option
shall immediately become fully vested and immediately exercisable. 

 

	Vesting Date	Percentage of Option

 that Vests	Number
    of Shares

    Subject to Option that 

    Vest 
	May 20, 2023	11%	33,755
	May 20, 2024	22%	67,510
	May 20, 2025	22%	67,510
	May 20, 2026	22%	67,510
	May 20, 2027	11%	33,755
	May 20, 2028	12%	36,825

 

(b) Exercise of
Option. The Option, to the extent vested, may be exercised, in whole or in part (but for the purchase of whole Shares
only), by delivery to the administrator of the Company’s equity compensation programs of (i) a written or electronic
notice, complying with the applicable procedures established by the Committee or the Company, stating the number of Shares
with respect to which the Option is thereby exercised and (ii) full payment of the aggregate Exercise Price for the Shares
with respect to which the Option is thereby exercised, in accordance with Section 3(c) of this Award Notice. The notice shall
be signed by you or any other person then entitled to exercise the Option. The Company may also establish procedures for you
to provide notice of exercise through a third party administrator. Upon exercise and full payment of the Exercise Price for
Shares with respect to which the Option is thereby exercised, the Company shall deliver to you or your legal representative
Shares with respect to the portion of the Option that you have exercised and paid.

 

    2 

     

    

 

(c)
Payment. No Shares shall be delivered pursuant to the exercise of the Option until payment in full of the aggregate
Exercise Price is received by the Company, and you have paid to the Company (or the Company has withheld in accordance with Section 7
of this Award Notice) an amount equal to any Federal, state, local or foreign income and employment taxes required to be withheld.
The payment of the aggregate Exercise Price may be made, as elected by you, either (i) in cash, (ii) by delivery to the Company
(either actual delivery or by attestation procedures established by the Company) of Shares having an aggregate Fair Market Value,
determined as of the date of exercise, equal to the aggregate Exercise Price payable pursuant to the Option by reason of such exercise,
(iii) by authorizing the Company to withhold whole Shares which would otherwise be delivered having an aggregate Fair Market Value,
determined as of the date of exercise, equal to the amount necessary to satisfy such obligation, (iv) except as may be prohibited
by applicable law, in cash by a broker-dealer acceptable to the Company to whom you have submitted an irrevocable notice of exercise
or (v) by a combination of (i), (ii) and (iii).

 

(d)
Expiration of Option. Notwithstanding any provision of the Plan or this Award Notice and subject to Section 3(e)
below, unless the Committee determines otherwise, in the case of the unexercised portion of the Option that has become vested prior
to your Termination of Employment, such unexercised portion of the Option shall expire (i) immediately upon your Termination of
Employment for Cause, (ii) one year following your Change of Control Termination of Employment, (iii) three years following your
Termination of Employment due to Retirement, (iv) one year following your Termination of Employment due to death or Disability
or (v) three months following your Termination of Employment for any other reason; provided that the Option shall automatically
expire on the tenth anniversary of the date of this Award Notice (the “Option Term”). For the avoidance of doubt,
if the expiration date specified in the immediately preceding sentence is not a business day, then the Option shall expire on the
last business day immediately preceding such expiration date.

 

(e)
Automatic Exercise of Option. If the Option is outstanding on the last business day of the Option Term (the “Automatic
Exercise Date”) and the Fair Market Value per Share exceeds the Exercise Price by at least $0.50 cents per Share, the
Option shall be automatically and without further action by you (or in the event of your death, your personal representative or
estate), be exercised on the Automatic Exercise Date. Payment of the aggregate Exercise Price and related taxes shall be made by
the Company withholding whole Shares which would otherwise be delivered to you upon exercise of the Option having an aggregate
Fair Market Value, determined as of the date of exercise and Tax Date (as applicable), equal to the aggregate Exercise Price and
the applicable withholding taxes.

 

SECTION 4. Forfeiture
of Option. Unless the Committee determines otherwise, and except as otherwise provided in Section 3(a) of this Award Notice,
if any portion of the Option has not become vested and exercisable prior to your Termination of Employment, your rights with respect
to such portion of the Option shall immediately terminate upon your Termination of Employment, and you will be entitled to no further
payments or benefits with respect thereto. 

 

    3 

     

    

 

SECTION 5. Non-Transferability
of Option. Unless otherwise provided by the Committee in its discretion and notwithstanding clause (ii) of Section 10(a)
of the Plan, during your lifetime the Option shall be exercisable only by you, or, if permissible under applicable law, by
your legal guardian or representative, and the Option (or any rights and obligations thereunder) may not be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by you otherwise than by will or by the laws of
descent and distribution, and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance
shall be void and unenforceable against the Company, provided that the designation of a beneficiary shall not constitute
an assignment, alienation, pledge, attachment, sale, transfer or encumbrance

 

SECTION 6. Restrictive
Covenants. You acknowledge that the Company is engaged in a highly competitive business and that the preservation of its Proprietary
or Confidential Information (as defined in Section 6(a) below) to which you have been exposed or acquired, and will continue
to be exposed to and acquire, is critical to the Company’s continued business success. You also acknowledge that the Company’s
relationships with its business partners (which shall mean companies with whom the Company has corporate volume agreements or other
high volume business, preferred vendors/suppliers, and travel distribution channel providers, hereinafter “Business Partners”),
are extremely valuable and that, by virtue of your employment with the Company, you have had or may have contact with such Business
Partners on behalf of and for the benefit of the Company. As a result, your engaging in or working for or with any business which
is directly or indirectly competitive with the Company’s business, given your knowledge of the Company’s Proprietary
or Confidential Information, would cause the Company great and irreparable harm if not done in strict compliance with the provisions
of this Section 6. You, therefore, acknowledge and agree that in exchange for the Award and/or access to the Company’s
Proprietary or Confidential Information you will be bound by, and comply in all respects with, the provisions of this Section 6.

 

(a)
Confidentiality. You shall at all times hold in strict confidence any Proprietary or Confidential Information related
to the Company or any of its Affiliates, except that you may disclose such information as required by law, court order, regulation,
or similar order or as otherwise provided in Section 6(i) below. For purposes of this Award Notice, the term “Proprietary
or Confidential Information” shall mean all non-public information relating to the Company or any of its Affiliates
(including but not limited to all marketing, alliance, social media, advertising, and sales plans and strategies; pricing information;
financial, advertising, and product development plans and strategies; compensation and incentive programs for employees; alliance
agreements, plans, and processes; plans, strategies, and agreements related to the sale of assets; third party provider agreements,
relationships, and strategies; business methods and processes used by the Company and its employees; all personally identifiable
information regarding Company employees, contractors, and applicants; lists of actual or potential Business Partners; and all
other business plans, trade secrets, or financial information of strategic importance to the Company or its Affiliates) that is
not generally known in the airline industry, that was learned, discovered, developed, conceived, originated, or prepared during
your employment with Company, and the competitive use or disclosure of which would be harmful to the business prospects, financial
status, or reputation of the Company or its Affiliates at the time of any disclosure by you. The relationship between you and
the Company and its Affiliates is and shall continue to be one in which the Company and its Affiliates repose special trust and
confidence in you, and one in which you have and shall have a fiduciary relationship to the Company and its Affiliates. As a result,
the Company and its Affiliates shall, in the course of your duties to the Company, entrust you with, and disclose to you, Proprietary
or Confidential Information. You recognize that Proprietary or Confidential Information has been developed or acquired, or will
be developed or acquired, by the Company and its Affiliates at great expense, is proprietary to the Company and its Affiliates,
and is and shall remain the property of the Company and its Affiliates. You acknowledge the confidentiality of Proprietary or
Confidential Information and further acknowledge that you could not competently perform your duties and responsibilities in your
position with the Company and/or its Affiliates without access to such information. You acknowledge that any use of Proprietary
or Confidential Information by persons not in the employ of the Company and its Affiliates would provide such persons with an
unfair competitive advantage which they would not have without the knowledge and/or use of the Proprietary or Confidential Information
and that this would cause the Company and its Affiliates irreparable harm. You further acknowledge that because of this unfair
competitive advantage, and the Company’s and its Affiliates’ legitimate business interests, which include their need
to protect their goodwill and the Proprietary or Confidential Information, you have agreed to the post-employment restrictions
set forth in this Section 6. Nothing in this Section 6(a) is intended, or shall be construed, to limit the protection
of any applicable law or policy of the Company or its Affiliates that relates to the protection of trade secrets or confidential
or proprietary information.

 

    4 

     

    

 

(b)
Non-Solicitation of Employees. During your employment and for the one-year period following termination of your employment
for any reason (the “Coverage Period”), you hereby agree not to, directly or indirectly, solicit, hire, seek
to hire, or assist any other person or entity (on your own behalf or on behalf of such other person or entity) in soliciting or
hiring any person who is at that time an employee, consultant, independent contractor, representative, or other agent of the Company
or any of its Affiliates to perform services for any entity (other than the Company or its Affiliates), or attempt to induce or
encourage any such employee to leave the employ of the Company or its Affiliates.

 

(c)
Notice of Intent to Resign. In the event you wish to voluntarily terminate your employment, you agree to provide
the Company with four (4) weeks advance written notice (the “Notice Period”) of your intent to do so, and,
if you intend or contemplate alternative employment, you also agree to provide the Company with accurate information concerning
such alternative employment in sufficient detail to allow the Company to meaningfully exercise its rights under this Section 6.
After receipt of such notice, the Company, in its sole, absolute and unreviewable discretion, may (i) require you to continue
working during the Notice Period, (ii) relieve you of some or all of your work responsibilities during the Notice Period,
or (iii) shorten the Notice Period and make your voluntary termination of employment effective immediately.

 

(d)
Non-Competition.

 

(i) In
return for, among other things, this Award and the Company’s promise to provide the Proprietary or
Confidential Information described herein, you agree that during your employment and the Coverage Period, you shall not
compete with the Company by providing work, services or any other form of assistance (whether or not for compensation) in any
capacity, whether as an employee, consultant, partner, or otherwise, to any Competitor (as defined below) that (1) are
the same or similar to the services you provided to the Company or (2) creates the reasonable risk that you will
(willfully, inadvertently or inevitably) use or disclose Proprietary or Confidential Information.
“Competitor” means any airline or air carrier that operates or does business in any State, territory, or
protectorate of the United States in which the Company or an Affiliate does business and/or in any foreign country in which
the Company or an Affiliate has an office, station, or branch or conducts business through its worldwide route structure, as
of the date of your termination of employment with the Company or any of its Affiliates. You acknowledge that the Company and
its Affiliates compete in a world-wide air transportation market that includes passenger transportation and services, air
cargo services, repair and maintenance of aircraft and staffing services for third parties, logistics management and
consulting, private jet operations and fuel deployment and management, and that the Company’s business plan is
international in scope. You agree that, because the Company’s business is global in scope, this restriction is
reasonable. You further acknowledge and agree that the restrictions imposed in this paragraph will not prevent you from
earning a livelihood.

 

    5 

     

    

 

(ii)
Notwithstanding the foregoing, should you consider working for or with any actually, arguably, or potentially competing
business following the termination of your employment with the Company or any of its Affiliates and during the Coverage Period,
then you agree to provide the Company with two (2) weeks advance written notice of your intent to do so, and also to provide
the Company with accurate information concerning the nature of your anticipated job responsibilities in sufficient detail to allow
the Company to meaningfully exercise its rights under this paragraph. After receipt of such notice, the Company may then agree,
in its sole, absolute, and unreviewable discretion, to waive, modify, or condition its rights under this Section 6. In particular,
the Company may agree to modify Section 6(d)(i) if the Company concludes that (1) the work you will be performing for
a Competitor is different from the work you were performing during your employment with the Company or any of its Affiliates; and/or
(2) there is no reasonable risk that you will (willfully, inadvertently or inevitably) use or disclose Proprietary or Confidential
Information.

 

(iii)
Further, notwithstanding the foregoing, you will not be subject to the non-competition obligations of Section 6(d)
if the termination of your employment with the Company constitutes an Involuntary Termination or, if applicable to you, termination
by you for “good reason” under the terms of any applicable employment agreement or other agreement or Company plan.

 

(e)
Non-Solicitation of Business Partners. You acknowledge that, by virtue of your employment by the Company or its Affiliates,
you have gained or will gain knowledge of the identity, characteristics, and preferences of the Company’s Business Partners,
among other Proprietary or Confidential Information, and that you would inevitably have to draw on such information if you were
to solicit or service the Company’s Business Partners on behalf of a Competitor. Accordingly, during your employment and
the Coverage Period, you agree not to, directly or indirectly, solicit the business of or perform any services of the type you
performed or sell any products of the type you sold during your employment with the Company for or to actual or prospective Business
Partners of the Company (i) as to which you performed services, sold products or as to which employees or persons under your
supervision or authority performed such services, or had direct contact, or (ii) as to which you had access to Proprietary
or Confidential Information during the course of your employment by the Company, or in any manner encourage or induce any such
actual or prospective Business Partner to cease doing business with or in any way interfere with the relationship between the Company
and its Affiliates and such actual or prospective Business Partner. You further agree that during your employment and the Covered
Period, you will not encourage or assist any Competitor to solicit or service any actual or prospective Business Partners or otherwise
seek to encourage or induce any Business Partners to cease doing business with, or reduce the extent of its business dealings with
the Company.

 

    6 

     

    

 

(f) Non-Interference.
During your employment and the Coverage Period, you agrees that you shall not, directly or indirectly, induce or encourage
any Business Partner or other third party, including any provider of goods or services to the Company, to terminate or
diminish its business relationship with the Company; nor will you take any other action that could, directly or
indirectly, be detrimental to the Company’s relationships with its Business Partners and providers of goods or services
or other business affiliates or that could otherwise interfere with the Company’s business.

 

(g)
Non-Disparagement. You agree during and following employment not to make, or cause to be made, any statement, observation,
or opinion, or communicate any information (whether oral or written, directly or indirectly) that (i) accuses or implies that
the Company or its Affiliates engaged in any wrongful, unlawful or improper conduct, whether relating to your employment (or the
termination thereof), the business or operations of the Company or its Affiliates, or otherwise; or (ii) disparages, impugns,
or in any way reflects adversely upon the business or reputation of the Company or its subsidiaries or Affiliates. Nothing herein
will be deemed to preclude you from providing truthful testimony or information pursuant to subpoena, court order, or similar legal
process, instituting and pursuing legal action, or engaging in other legally protected speech or other activities as set forth
in Section 6(i) below.

 

(h)
Breach. You acknowledge that the restrictions contained in this Award Notice are fair, reasonable, and necessary
for the protection of the legitimate business interests of the Company, that the Company will suffer irreparable harm in the event
of any actual or threatened breach by you, and that it is difficult to measure in money the damages which will accrue to the Company
by reason of a failure by you to perform any of your obligations under this Section 6. Accordingly, if the Company or any
of its subsidiaries or Affiliates institutes any action or proceeding to enforce their rights under this Section 6, to the
extent permitted by applicable law, you hereby waive the claim or defense that the Company or its Affiliates has an adequate remedy
at law, you shall not claim that any such remedy at law exists, and you consent to the entry of a restraining order, preliminary
injunction, or other preliminary, provisional, or permanent court order to enforce this Award Notice, and expressly waives any
security that might otherwise be required in connection with such relief. You also agree that any request for such relief by the
Company shall be in addition and without prejudice to any claim for monetary damages and/or other relief which the Company might
elect to assert. In the event you violate any provision of this Section 6, the Company shall be entitled to recover all costs
and expenses of enforcement, including reasonable attorneys’ fees, and the time periods set forth above shall be extended
for the period of time you remain in violation of the provisions.

 

(i)
Protected Rights. You understand that nothing contained in this Award Notice limits your ability to report possible
violations of law or regulation to, or file a charge or complaint with, the Securities and Exchange Commission, the Equal Employment
Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of
Justice, the Congress, any Inspector General, or any other federal, state or local governmental agency or commission (“Government
Agencies”). You further understand that this Agreement does not limit your ability to communicate with any Government
Agencies or otherwise participate in any investigation or proceeding that may be conducted by any Government Agency, including
providing documents or other information, without notice to the Company. Nothing in this Agreement shall limit your ability under
applicable United States federal law to (i) disclose in confidence trade secrets to federal, state, and local government officials,
or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or (ii) disclose trade
secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public
disclosure.

 

    7 

     

    

 

(j)
Blue Pencil. In the event any of the prohibitions or restrictions set forth in this Section 6 is found by a
court or arbitrator of competent jurisdiction to be unreasonable or otherwise unenforceable, it is the purpose and intent of the
parties that any such prohibitions or restrictions be deemed modified or limited so that, as modified or limited, such prohibitions
or restrictions may be enforced to the fullest extent possible.

 

SECTION 7. Withholding.
The delivery of Shares pursuant to Section 3(b) of this Award Notice is conditioned on satisfaction of any applicable withholding
taxes in accordance. You may elect to satisfy your obligations to advance the applicable withholding taxes by any of the following
means: (i) a cash payment to the Company; (ii) delivery to the Company (either actual delivery or by attestation procedures
established by the Company) of previously owned whole Shares having an aggregate Fair Market Value, determined as of the date on
which such withholding obligation arises (the “Tax Date”), equal to the applicable withholding taxes; (iii)
authorizing the Company to withhold whole Shares which would otherwise be delivered to you upon exercise of the Option having an
aggregate Fair Market Value, determined as of the Tax Date, equal to the applicable withholding taxes; (iv) except as may
be prohibited by applicable law, a cash payment by a broker-dealer acceptable to the Company to whom you have submitted an irrevocable
notice of exercise or (v) any combination of (i), (ii) and (iii). Any fraction of a Share which would be required to satisfy any
such obligation shall be disregarded and the remaining amount due shall be paid in cash by you. No Share or certificate representing
a Share shall be issued or delivered until the applicable withholding taxes have been satisfied in full.

 

SECTION 8. Consents.
Your rights in respect of the Option are conditioned on the receipt to the full satisfaction of the Committee of any required consents
that the Committee may determine to be necessary or advisable (including, without limitation, your consenting to the Company’s
supplying to any third-party record keeper of the Plan such personal information as the Committee deems advisable to administer
the Plan). 

 

SECTION 9. Legends.
The Company may affix to certificates for Shares issued pursuant to this Award Notice any legend that the Committee determines
to be necessary or advisable (including to reflect any restrictions to which you may be subject under any applicable securities
laws). The Company may advise the transfer agent to place a stop order against any legended Shares.

 

SECTION 10. Successors
and Assigns of the Company. The terms and conditions of this Award Notice shall be binding upon and shall inure to the benefit
of the Company and its successors and assigns.

 

SECTION 11. Committee
Discretion. The Committee shall have full and plenary discretion with respect to any actions to be taken or determinations
to be made pursuant to the Plan and this Award Notice, and its determinations shall be final, binding and conclusive.

 

SECTION 12. Amendment
of this Award Notice. The provisions of this Award Notice may be amended or waived only by the written agreement of the Company
and you.

 

    8

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