Document:

Document

Exhibit 10.2

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS

SUPPLEMENTAL AGREEMENT NO. 10
 to
PURCHASE AGREEMENT NUMBER 04761
between
THE BOEING COMPANY
and
United Airlines, Inc.
Relating to Boeing Model 737 MAX Aircraft
THIS SUPPLEMENTAL AGREEMENT No. 10 (SA-10) , entered into as of June 30, 2022, by and between The Boeing Company, a Delaware corporation, (Boeing) and United Airlines, Inc., a Delaware corporation, (Customer);
WHEREAS, Customer and Boeing entered into Purchase Agreement No. 04761 dated as of the 15th day of May of 2018 as amended and supplemented (Purchase Agreement), relating to the purchase and sale of Model 737 MAX aircraft.  This Supplemental Agreement is an amendment to the Purchase Agreement; and
WHEREAS, Customer and Boeing agree to *** 737-*** Aircraft and *** 737-*** Aircraft *** of which are *** from scheduled delivery *** 737-*** Aircraft pursuant to Section 1 of Letter Agreement UAL-PA-04761-LA-1807420R1 entitled “737-*** and 737-*** Aircraft Model ***” as follows:

																					
		Manufacturer Serial Number	***	***	***	***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***	***	***		
	***	***	***	***	***		
	***	***	***	***	***		

UAL-PA-04761         SA-10, Page 1
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 10   to
Purchase Agreement No. 04761

																					
		Manufacturer Serial Number	***	***	***	***	***
	***	***	***	***	***		
	***	***	***	***	***		
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***
	***	***	***			***	***

WHEREAS, solely to conform and further amend the Purchase Agreement to reflect Customer and Boeing’s agreement regarding the following matters without duplication of any consideration being provided to Customer to:
(i)*** 737-*** Aircraft as shown in the table below: 
															
		Manufacturer Serial Number	***	***	***
	***	***	***	***	***
	***	***	***	***	***
	***	***	***	***	***
	***	***	***	***	***
	***	***	***	***	***
	***	***	***	***	***
	***	***	***	***	***

(ii)*** the scheduled delivery *** 737-*** Aircraft as shown in the table below: 
UAL-PA-04761        SA-10, Page 2
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 10   to
Purchase Agreement No. 04761

												
			737-*** Aircraft

		Manufacturer Serial Number	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***
	***	***	***	***

(iii)*** the scheduled delivery *** Aircraft as shown in the table below: 
									
		737-*** Aircraft

		***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***
	***	***	***

(iv)specify the *** to be used to calculate the *** for each Aircraft *** under this SA-10; 
(v)revise the *** terms applicable to *** Aircraft specified as follows: 
a.*** 737-*** Aircraft *** 737-*** Aircraft i as specified in the first SA-10 recital;

UAL-PA-04761        SA-10, Page 3
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 10   to
Purchase Agreement No. 04761

b.*** 737-*** Aircraft *** 737-*** Aircraft as specified in the first SA-10 recital. 
NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as follows: 
1.Table of Contents.
The “Table of Contents” is deleted in its entirety and replaced with the attached “Table of Contents” (identified by “SA-10”). 
2.Tables.
2.1.The Table 1 titled “*** 737-*** Aircraft Delivery, Description, Price and ***” is deleted in its entirety and replaced with the attached similarly titled Table 1 (identified by “SA-10”) to ***.
2.2.Table 1 titled “*** 737-*** Aircraft Delivery, Description, Price and ***” is deleted in its entirety and replaced with the attached similarly titled Table 1 (identified by “SA-10”) to ***.
2.3.Table 1 titled “737-*** Aircraft Delivery, Description, Price and ***” is deleted in its entirety and replaced with the attached similarly titled Table 1 (identified by “SA-10”) to ***.
2.4.Table 1 titled “*** 737-*** Aircraft Delivery, Description, Price and ***” is deleted in its entirety and replaced with the attached similarly titled Table 1 (identified by “SA-10”) to ***.
3.Letter Agreements.
3.1.Letter Agreement No. UAL-PA-04761-LA-l807022R5 is deleted in its entirety and replaced with Letter Agreement No. UAL-PA-04761-LA-l807022R6 titled “*** Aircraft-737-***” (identified by “SA-10”) to reflect ***. 
3.2.Letter Agreement No. UAL-PA-04761-LA-2100718R1 is deleted in its entirety and replaced with Letter Agreement No. UAL-PA-04761-LA-2100718R2 titled “***” (identified by “SA-10”) to ***.
The rest of this page is intentionally blank.  Signature page follows.

UAL-PA-04761        SA-10, Page 4
BOEING / UNITED AIRLINES, INC. PROPRIETARY

Supplemental Agreement No. 10   to
Purchase Agreement No. 04761

The Purchase Agreement will be deemed supplemented to the extent provided herein as of the date hereof and as so supplemented will continue in full force and effect.

EXECUTED IN DUPLICATE as of the day and year first written above.

									
	THE BOEING COMPANY		UNITED AIRLINES, INC.
	/s/ Irma L. Krueger		/s/ Gerald Laderman
	Signature		Signature
			
	Irma L. Krueger		Gerald Laderman
	Printed Name		Printed Name
			
	
Attorney-in-Fact		Executive Vice -President and Chief Financial Officer
	Title		Title

UAL-PA-04761        SA-10, Page 5
BOEING / UNITED AIRLINES, INC. PROPRIETARY

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS

TABLE OF CONTENTS
															
	
ARTICLES	SA NUMBER
	
	Article 1.	Quantity, Model and Description		
	Article 2.	Delivery Schedule		
	Article 3.	Price		
	Article 4.	Payment		
	Article 5.	Additional Terms		
	TABLE		
	1.	737-*** Aircraft Delivery, Description, Price and ***
	SA-6 & SA-8§4.1
	
	1.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-10	
	1	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-7 & SA-8§4.1
	
	1.	737-*** Aircraft Delivery, Description, Price and ***
	SA-7 & SA-8§4.1 
	
	1.	737-*** Aircraft Delivery, Description, Price and ***
	SA-5 & SA-8§4.1
	
	1.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-10	
	1.	737-*** Aircraft Delivery, Description, Price and ***
	SA-10 & SA-8§4.1
	
	1.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-6 & SA-8§4.1
	
	1.	*** 737-*** Aircraft Delivery, Description, Price and ***
	SA-10 & SA-8§4.1
	
	2.	737-*** Aircraft Delivery, Description, Price and ***
	SA-9	
		

UAL-PA-04761    Table of Contents, Page 1 of 5     SA-10
BOEING / UNITED AIRLINES, INC. PROPRIETARY

															
	TABLE OF CONTENTS, CONTINUED	
	EXHIBITS	SA NUMBER
	
	A	737-8 Aircraft Configuration
	SA-7	
	A	737-9 Aircraft Configuration
	SA-1	
	A	737-10 *** Aircraft Configuration
	SA-5	
	A	737-10 Aircraft Configuration
	SA-6	
	B.	Aircraft Delivery Requirements and Responsibilities
		

									
	
SUPPLEMENTAL EXHIBITS	SA NUMBER

	AE1.	***/Airframe and *** Features for the 737MAX Aircraft
	
	BFE1.	BFE Variables 737-8 Aircraft
	SA-2
	BFE1.	BFE Variables 737-9 Aircraft
	SA-1
	BFE1.	BFE Variables 737-10 Aircraft
	SA-2
	EE1.	Engine Warranty and ***
	
	SLP1.	Service Life Policy Components
	

UAL-PA-04761    Table of Contents, Page 2 of 5     SA-10
BOEING / UNITED AIRLINES, INC. PROPRIETARY

									
	TABLE OF CONTENTS, CONTINUED
	
LETTER AGREEMENTS	SA NUMBER

	UAL-PA-04761-LA-1801463R3	*** Matters
	SA-6
	UAL-PA-04761-LA-1801464	Demonstration Flight Waiver
	
	UAL-PA-04761-LA-1801465R2	Open Matters 737-9 and 737-10 Aircraft
	SA-5
	UAL-PA-04761-LA-1801466
	Seller Purchased Equipment
	SA-5
	UAL-PA-04761-LA-1801467R5
	Special Matters – 737 MAX Aircraft
	SA-9
	UAL-PA-04761-LA-1801468
	***
	
	UAL-PA-04761-LA-1801469R3
	***
	SA-8
	UAL-PA-04761-LA-1801470
	Privileged and Confidential Matters
	
	UAL-PA-04761-LA-1801471
	AGTA Matters
	
	UAL-PA-04761-LA-1801472
	Assignment Matters
	
	UAL-PA-04761-LA-1801473
	737-10 Aircraft ***
	
	UAL-PA-04761-LA-1801474R1
	*** for the 737-10 Aircraft
	SA-7
	UAL-PA-04761-LA-1801475
	Loading of Customer Software	
	UAL-PA-04761-LA-1801476
	Installation of Cabin Systems Equipment	
	UAL-PA-04761-LA-1801477
	Special Customer Support Matters	
	UAL-PA-04761-LA-1801478R1
	Delivery *** Matters
	SA-6
	UAL-PA-04761-LA-1807022R6
	*** Aircraft – 737-***
	SA-10 SA-8 §4.1

	UAL-PA-04761-LA-1807420R1
	737-*** and 737-*** Aircraft Model ***
	SA-6 & SA-8 §4.1

	UAL-PA-04761-LA-1807490R1
	737-*** Aircraft and 737-*** Aircraft ***
	SA-2
	UAL-PA-04761-LA-1900347	737-***
	SA-6
	UAL-PA-04761-LA-2001831R1
	Certain Special Matters
	SA-4

UAL-PA-04761    Table of Contents, Page 3 of 5     SA-10
BOEING / UNITED AIRLINES, INC. PROPRIETARY

									
	TABLE OF CONTENTS, CONTINUED
	
LETTER AGREEMENTS	SA NUMBER

	UAL-PA-04761-LA-2100095	*** Matters for the 737-*** Aircraft
	SA-5
	UAL-PA-04761-LA-2100096R1	Certain Special Matters for the 737-*** Aircraft and for the *** 737-*** Aircraft
	SA-7
	UAL-PA-04761-LA-2100136	Open Matters Relating to *** Model 737-*** Aircraft
	SA-5
	UAL-PA-04761-LA-2100718R2	Special Matters Relating to *** Aircraft
	SA-10
	UAL-PA-04761-LA-2103100	Airline Operational Efficacy Matters
	SA-6
	UAL-PA-04761-LA-2103236	***
	SA-9
	UAL-PA-04761-LA-2104314	*** for Certain 737-*** Aircraft
	SA-9
	UAL-PA-04761-LA-2104366	*** for 737-*** Aircraft with ***
	SA-9
	UAL-PA-04761-LA-2104367	*** for 737-*** Previously Configured Aircraft ***
	SA-9
	UAL-PA-04761-LA-2105142	Certain Special Matters for the 737-*** Aircraft 
	SA-9
	UAL-PA-04761-LA-2105143	Open Matters Relating to *** Model 737-*** Aircraft
	SA-9
		

	

 
UAL-PA-04761    Table of Contents, Page 4 of 5     SA-10
BOEING / UNITED AIRLINES, INC. PROPRIETARY

						
	SUPPLEMENTAL AGREEMENTS	DATED AS OF
	Supplemental Agreement No. 1 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . September 25, 2018
	Supplemental Agreement No. 2 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . December 12, 2018
	Supplemental Agreement No. 3 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . March 20, 2020
	Supplemental Agreement No. 4 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . June 30, 2020
	Supplemental Agreement No. 5 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . February 26, 2021
	Supplemental Agreement No. 6 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . June  27, 2021
	Supplemental Agreement No. 7 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . August 12, 2021
	Supplemental Agreement No. 8 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . September 8, 2021
	Supplemental Agreement No. 9 . . . . . . . . . . . . .	. . . . . . . . . . . . . . . . November 30, 2021
	Supplemental Agreement No. 10 . . . . . . . . . . . .	. . . . . . . . . . . . . . . .June 30, 2022

UAL-PA-04761    Table of Contents, Page 5 of 5     SA-10
BOEING / UNITED AIRLINES, INC. PROPRIETARY

                            The Boeing Company
P.O. Box 3707
Seattle, WA 98124-2207

UAL-PA-04761-LA-1807022R6

United Airlines, Inc.
233 South Wacker Drive
Chicago, Illinois  60606
Subject:    *** Aircraft – 737-*** 
Reference:    Purchase Agreement No. PA-04761 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)
This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. This Letter Agreement supersedes and replaces in its entirety Letter Agreement UAL-PA-04761-LA-1807022R5 dated June 27, 2021.
1.*** Aircraft.
Subject to the terms and conditions contained in this Letter Agreement, in addition to the Aircraft described in both Table 1’s to the Purchase Agreement as of the date of execution of this Letter Agreement, Customer will have the *** Model 737-*** aircraft as *** aircraft (*** Aircraft).
2.Delivery.
The number of aircraft and delivery months are listed in Attachment A-1 (Attachment A) to this Letter Agreement.  The scheduled delivery position of each *** Aircraft listed in Attachment A provides the delivery schedule in *** consisting of a ***.  No later than *** of Customer’s first *** Aircraft in each calendar year, Boeing will provide written notice with a *** Attachment A of the scheduled delivery month for each *** Aircraft with a *** in such calendar year.
3.Configuration.
3.1    Subject to the provisions of Article 3.2, below, the configuration for the *** Aircraft will be the Detail Specification for Boeing Model 737-*** aircraft, at the revision level in effect at the time of Definitive Agreement (as defined below).  Such Detail Specification *** applicable to the Detail Specification that are developed by Boeing between the *** (as defined below) and the signing of the Definitive Agreement, (ii) changes required to obtain required regulatory certificates, and (iii) other changes as mutually agreed.
 3.2      Subject to ***, the *** Aircraft ***, provided that it can achieve the *** which would result pursuant to the provisions of Article 3.1.
4.Price.
4.1The Airframe Price and *** Features Prices for each of the *** Aircraft is identified in Attachment A to this Letter Agreement.  ***.
4.2The Airframe Price, *** Features Prices, and Aircraft Basic Price for each of the *** Aircraft shall be adjusted in accordance with the terms set forth in ***.

UAL-PA-04761-LA-1807022R6    SA-10
*** Aircraft – 737-10        Page 1
BOEING / UNITED AIRLINES, INC. PROPRIETARY

4.3The *** Base Price shall be developed in accordance with the terms of the Purchase Agreement and determined at the time of Definitive Agreement.
(v.Payment.
5.1***
5.2Notwithstanding the amount shown in Attachment A, the *** Deposit will be *** for each *** Aircraft.
5.3At Definitive Agreement for the *** Aircraft, *** will be payable as specified in the Purchase Agreement.  The remainder of the Aircraft Price for the *** Aircraft will be paid at the time of delivery.
6.***
6.1    Customer may *** by giving written notice to Boeing
6.1.1    Subject to ***, on or before the date ***; or
6.1.2   On or on or before the date *** (the date in Section 6.1.1 and in Section 6.1.2, as applicable, are referred to herein as the *** Date).  
6.2    After receipt of Customer’s ***.
6.3    ***  
7.Definitive Agreement.
Following Customer’s *** the parties will sign a definitive agreement for the purchase of such *** Aircraft (Definitive Agreement) ***.   The Definitive Agreement will include the provisions of the Purchase Agreement as modified to reflect the provisions of this Letter Agreement.  In the event the parties have not entered into a Definitive Agreement within ***, either party ***.  If Customer and Boeing fail to enter into the Definitive Agreement, Boeing ***.    
8.Assignment.
Except as provided in Letter Agreement No. UAL-PA-04761-LA-1801472, the rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or in part.

UAL-PA-04761-LA-1807022R6    SA-10
*** Aircraft – 737-10        Page 2
BOEING / UNITED AIRLINES, INC. PROPRIETARY

9.Confidential Treatment.
Customer and Boeing understand that certain commercial and financial information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-04761-LA-1801470.
Very truly yours,

						
	THE BOEING COMPANY
	
	By:	/s/ Irma L. Krueger
	
	Its:	Attorney-in-Fact
	

UAL-PA-04761-LA-1807022R6    SA-10
*** Aircraft – 737-10        Page 3
BOEING / UNITED AIRLINES, INC. PROPRIETARY

									
	

ACCEPTED AND AGREED TO this

	
	Date:	June 30, 2022
	
	UNITED AIRLINES, INC.
	
	By:	/s/ Gerald Laderman
	
	Its:	Executive Vice President and Chief Financial Officer 

 
UAL-PA-04761-LA-1807022R6    SA-10
*** Aircraft – 737-10        Page 4
BOEING / UNITED AIRLINES, INC. PROPRIETARY

                                                                             The Boeing Company
                                                                                                                                                           P.O. Box 3707
        Seattle, WA  98124-2207

UAL-PA-04761-LA-2100718R2
United Airlines, Inc.
233 South Wacker Drive
Chicago, Illinois 60606
Subject:    Certain Special Matters for the *** Aircraft
Reference:    Purchase Agreement No.  04761 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)
This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement.  All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement.  This Letter Agreement supersedes and replaces in its entirety Letter Agreement UAL-PA-04761-LA-2100718R1 dated June 27, 2021.
1.Definitions.
*** Aircraft shall be comprised of each of the following Aircraft: 
(i)    each of the *** 737-*** Aircraft specified in Table 1 titled “***   737-*** Aircraft Delivery, Description, Price and ***” as of the date of this Letter Agreement (each an *** 737-*** Aircraft); 
(ii)     each of the *** 737-*** Aircraft specified in Table 1 titled “737-*** Aircraft Delivery, Description, Price and ***” as of the date of this Letter Agreement (each an *** 737-*** Aircraft); 
(iii)     each of the *** 737-*** Aircraft specified in Table 1 titled “*** 737-*** Aircraft Delivery, Description, Price and ***” (*** 737-*** Aircraft);
(iv) each of the *** 737-*** Aircraft specified in Table 1 titled “*** 737-*** Aircraft Delivery, Description, Price and ***” as of the date of this Letter Agreement (each an *** 737-*** Aircraft); and 
(v) each 737-*** aircraft resulting from Customer’s *** in any of the *** 737-*** Aircraft scheduled for delivery in *** pursuant to Letter Agreement LA-1807022R6, including successors thereof, titled “*** Aircraft – 737-***” shall be an *** 737-*** Aircraft).
2.*** for the *** 737-*** Aircraft
In addition to the *** specified in Sections 1.3 and 1.4 of Letter Agreement UAL-PA-04761-LA-1801467R4, including successors thereof, titled “Special Matters - MAX Aircraft” (MAX Special Matters Letter), at the time of delivery Boeing shall ***.
UAL-PA-04761-LA-2100718R2       SA-10
Special Matters *** Aircraft        Page 1
BOEING / UNITED AIRLINES PROPRIETARY

3.*** Provisions for the *** 737-*** Aircraft.
3.1    In addition to the *** specified in Section 1.1 of the MAX Special Matters Letter, each *** 737-*** Aircraft will be eligible for the *** provided in this Section 3.   
3.2    Customer has requested *** from Boeing on the ***.
3.3    In response to Customer’s requests ***.  
3.4    As specified in Section 3.3, Customer shall purchase *** Aircraft specified in Attachment A to this Letter Agreement ***.   
4.***
5.***
5.1*** 737-*** Aircraft. At the time of delivery of each *** 737-*** Aircraft, in addition to the *** specified in Section 1.1 of the MAX Special Matters Letter,  Boeing shall ***. 
5.2*** 737-*** Aircraft.  
5.2.1    In addition to the *** specified in Section 1.1 of the MAX Special Matters Letter, each *** 737-*** Aircraft is eligible for the following ***:  
6.***
7.Assignment.
Unless otherwise noted herein, the *** described in this Letter Agreement ***.  Except as provided in Letter Agreement No. UAL-PA-04761-LA-1801472, this Letter Agreement cannot be assigned, in whole or in part, without the prior written consent of Boeing.  ***.  
8.Confidentiality.
Customer and Boeing understand that certain commercial and financial information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-04761-LA-1801470.    
UAL-PA-04761-LA-2100718R2       SA-10
Special Matters *** Aircraft        Page 2
BOEING / UNITED AIRLINES PROPRIETARY

Very truly yours,

						
	THE BOEING COMPANY
	
	By:	          /s/ Irma L. Krueger

	
	Its:	Attorney-in-Fact
	

UAL-PA-04761-LA-2100718R2       SA-10
Special Matters *** Aircraft        Page 3
BOEING / UNITED AIRLINES PROPRIETARY

									
	
	ACCEPTED AND AGREED TO this
	
	Date:	June 30, 2022
	
	UNITED AIRLINES, INC.
	
	By:	/s/ Gerald Laderman
	
	Its:	Executive Vice President and 
Chief Financial Officer

UAL-PA-04761-LA-2100718R2       SA-10
Special Matters *** Aircraft        Page 4
BOEING / UNITED AIRLINES PROPRIETARY

Attachment A
Aircraft Eligible for Section 3.4 ***
The Aircraft in the table below are eligible for Section 4 *** in accordance with the terms and conditions .of Section 3.4 of this Letter Agreement.  
																		
		Manufacturer Serial Number	***	***	***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***	***	***		
	***	***	***	***		
	***	***	***	***		
	***	***	***	***		
	***	***	***	***		
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***
	***	***			***	***

UAL-PA-04761-LA-2100718R2       SA-10
Special Matters *** Aircraft        Page 1
BOEING / UNITED AIRLINES PROPRIETARYex_397651.htm

Exhibit 10.1

 

MUTUAL TERMINATION AND RELEASE AGREEMENT

 

MUTUAL TERMINATION AND RELEASE AGREEMENT (this “Agreement”), dated as of July 18, 2022, by and between American Challenger Development Corp., a Delaware corporation (“American Challenger”) and Patriot National Bancorp, Inc., a Connecticut corporation (“PNBK”; and American Challenger and PNBK referred to individually, as a “Party” and collectively, as the “Parties”).

 

W I T N E S S E T H:

 

WHEREAS, American Challenger and PNBK have entered into that certain Agreement and Plan of Merger, dated as of November 14, 2021 (as amended, the “Merger Agreement”). Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the Merger Agreement.

 

WHEREAS, Section 8.1(a) of the Merger Agreement provides that the Merger Agreement may be terminated at any time prior to the Effective Time by mutual written consent of American Challenger and PNBK.

 

WHEREAS, the Boards of Directors of American Challenger and PNBK have determined that it is in the best interests of their respective companies and their respective shareholders to terminate the Merger Agreement in accordance with the terms hereof and to mutually release each other of any Claims (as defined below).

 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements contained herein, and intending to be legally bound hereby, the Parties agree as follows:

 

1.         American Challenger and PNBK hereto mutually agree to terminate the Merger Agreement, effective as of the execution of this Agreement, such agreement constituting the requisite mutual agreement and written consent required to terminate the Merger Agreement pursuant to Section 8.1(a) of the Merger Agreement and otherwise as may be required pursuant to applicable law.

 

2.         American Challenger and PNBK each agree that the Merger Agreement is hereby and forthwith void and without effect, and notwithstanding anything in the Merger Agreement (including Section 8.2 thereof) to the contrary, none of American Challenger, PNBK, any of their respective affiliates or any of the officers, directors, employees and shareholders of any of them shall have any liability of any nature whatsoever under the Merger Agreement or in connection with the transactions contemplated by the Merger Agreement or the termination thereof, except that Section 6.4(b) of the Merger Agreement and the Confidentiality Agreement shall survive such termination of the Merger Agreement.

 

3.         In consideration of the covenants, agreements and undertakings of the Parties under this Agreement, effective upon the execution of this Agreement each Party, on behalf of itself and its respective present and former parents, subsidiaries, affiliates, officers, directors, shareholders, members, successors and assigns (collectively, “Releasors”) hereby releases, waives, and forever discharges the other Party and its respective present and former, direct and indirect, parents, subsidiaries, affiliates, employees, officers, directors, shareholders, members, successors and assigns (collectively, “Releasees”) of and from any and all actions, causes of action, suits, losses, liabilities, rights, debts, dues, sums of money, accounts, reckonings, obligations, costs, expenses, liens, bonds, bills, specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims, and demands, of every kind and nature whatsoever, whether now known or unknown, foreseen or unforeseen, matured or unmatured, suspected or unsuspected, in law or equity (collectively, “Claims”), which any of such Releasors ever had, now have, or hereafter can, shall, or may have against any of such Releasees for, upon, or by reason of any matter, cause, or thing whatsoever from the beginning of time through the date of this Agreement relating to or arising out of the Merger Agreement or the transactions contemplated thereby, except for this Agreement and the Confidentiality Agreement (including Claims for breach of this Agreement and the Confidentiality Agreement); provided, however, that this Section 3 shall not under any circumstance be construed to limit the Parties’ respective rights or obligations under the Confidentiality Agreement, including the right of either Party to bring Claims for breach of the Confidentiality Agreement by the other Party. For the avoidance of doubt, and without limitation of the Confidentiality Agreement or the scope of the Evaluation Material, PBNK shall not, and shall cause its affiliates not to, use or disclose for any purpose the business plan submitted to the OCC by American Challenger Bank on November 17, 2020, which business plan was included in the OCC Application, and any materials incidental thereto, except as expressly permitted by the Confidentiality Agreement, and this Section 3 shall not under any circumstance be construed to limit American Challenger’s right to bring Claims for any breach of the Confidentiality Agreement or the foregoing obligation of PNBK.

 

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4.         PNBK will provide American Challenger with a draft of the press release announcing the termination of the Merger Agreement and a draft of the related report on Form 8-K and will reasonably take into consideration any comments American Challenger or its counsel may have on such drafts before publishing and/or filing such documents. Following the issuance of the press release and the filing of the Form 8-K, neither party shall make any public statements regarding the transactions contemplated by the Merger Agreement or the termination of the Merger Agreement, except (a) for statements that are consistent with those set forth in such press release and Form 8-K or (b) as required by applicable laws, statutes, rules, regulations, orders, policies and guidelines of any Governmental Entity with competent jurisdiction over the Parties, including any stock exchange or stock market regulatory bodies.

 

5.         Each Party hereby represents and warrants to the other Parties that, as applicable (a) such Party has full corporate power and authority to execute and deliver this Agreement, (b) the execution and delivery of this Agreement, the termination of the Merger Agreement and consummation of the other transactions contemplated hereby have been duly and validly approved by the Board of Directors of such Party, (c) no other corporate proceedings on the part of such Party are necessary to approve this Agreement or the termination of the Merger Agreement or to consummate the other transactions contemplated hereby and (d) this Agreement has been duly and validly executed and delivered by such Party (assuming due authorization, execution and delivery by the other Parties) and constitutes a valid and binding obligation of such Party, enforceable against such party in accordance with its terms (except in all cases as such enforceability may be limited by the Enforceability Exceptions).

 

6.         This Agreement may not be amended except by an instrument in writing signed on behalf of each of the Parties hereto and duly approved by the Parties’ respective Boards of Directors or a duly authorized committee thereof. Any agreement on the part of a Party hereto to any extension or waiver of the Agreement shall be valid only if set forth in a written instrument signed on behalf of such Party, but such extension or waiver or failure to insist on strict compliance with an obligation, covenant, agreement or condition shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure.

 

7.         The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of a provision of this Agreement. When a reference is made in this Agreement to Sections, such reference shall be to a Section of this Agreement unless otherwise indicated. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The word “or” shall not be exclusive. As used herein, the term “person” means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture, estate, trust, association, organization, Governmental Entity or other entity of any kind or nature and an “affiliate” of a specified person is any person that directly or indirectly controls, is controlled by, or is under common control with, such specified person.

 

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8.         Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by American Challenger or PNBK (whether by operation of law or otherwise) without the prior written consent of the other (which may be withheld by such other party in its sole discretion). Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by American Challenger, PNBK and their respective successors and assigns. This Agreement (including the documents and instruments referred to herein) is not intended to confer upon any person other than the Parties hereto and all Releasees as third-party beneficiaries hereof, any rights or remedies hereunder, including the right to rely upon the representations and warranties set forth herein.

 

9.         The provisions of Sections 9.5, 9.7, 9.8, 9.9, 9.10, 9.12, 9.13, 9.14 and 9.15 of the Merger Agreement are incorporated into, and shall apply to, this Agreement, mutatis mutandis.

 

[Signature Page Follows]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized as of the date first above written.

 

	
			 

				
			AMERICAN CHALLENGER DEVELOPMENT CORP. 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Felix Scherzer

				
			 

			
	
			 

				
			 

				
			Name: Felix Scherzer 

				
			 

			
	
			 

				
			 

				
			Title: President 

				
			 

			

 

 

	
			 

				
			PATRIOT NATIONAL BANCORP, INC. 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			 

				
			 

				
			 

			
	
			 

				
			By: 

				
			/s/ Michael Carrazza

				
			 

			
	
			 

				
			 

				
			Name: Michael Carrazza 

				
			 

			
	
			 

				
			 

				
			Title: Chairman 

				
			 

			

 

[Signature Page to Mutual Termination and Release Agreement]

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