Document:

Exhibit

Exhibit 4.2

MODIFIED REDEMPTION RIGHTS AGREEMENT

Redemption Rights Agreement, dated March 5, 2004, among BPR OP, LP (formerly known as GGP Limited Partnership), a Delaware limited partnership (together with its successors and assigns, the “Partnership”), Brookfield Property REIT Inc. (formerly known as GGP Inc.), a Delaware corporation (together with its successors and assigns, the “General Partner”), and Koury Corporation, a North Carolina corporation (together with its successors and assigns, the “Contributing Party”). This Modified Agreement reflects the effective provisions made by the General Partner, in accordance with Section 6(c), to account for the Major Transaction Event that occurred on or about August 27, 2018.

RECITALS

WHEREAS, the General Partner was the general partner of the Partnership;

WHEREAS, pursuant to that certain Amended and Restated Contribution Agreement dated as of March 5, 2004 (as the same has been amended and may be further amended from time to time, the “Contribution Agreement”), among the Partnership, Contributing Partner and the other parties thereto, the Contributing Party was admitted as a limited partner of the Partnership and the Partnership issued to it 7% Series E Cumulative Convertible Preferred Units of limited partnership in the Partnership (such units issued pursuant to the Contribution Agreement or any other securities issued in substitution therefor pursuant to the Series E Preferred Unit Designation, the “Series E Preferred Units”);

WHEREAS, pursuant to the Series E Preferred Unit Designation (as defined below), the Series E Preferred Units were initially convertible solely into Subject Common Units; and

WHEREAS, on or about August 27, 2018 and August 28, 2018, the General Partner and the Partnership engaged in the transactions contemplated by the Agreement and Plan of Merger, as amended, by and among Brookfield Property Partners L.P., Goldfinch Merger Sub Corp. and the General Partner dated as of March 26, 2018 (the “Transactions”), and as a result of the Transactions holders of Common Stock of the General Partner received a dividend comprised of Class A Stock of the General Partner (the “Class A Stock”) and cash and such Common Stock was converted into the right to receive cash; 

WHEREAS, shares of Class A Stock are listed on the NASDAQ Stock Market;

WHEREAS, as a result of the Transactions, the Series E Preferred Units are convertible into Subject Common Units, Subject Series K Preferred Units and the right to receive a cash amount specified in the Series E Preferred Unit Designation;

WHEREAS, the Transactions constituted a Major Transaction Event, and the General Partner has made the adjustments provided for herein to account for the Transactions, as contemplated by Section 6(c) of this Agreement; and

WHEREAS, the parties desire to set forth herein the terms and conditions upon which the Contributing Party may cause the Partnership to redeem its Subject Common Units and Subject Series K Preferred Units.

NOW, THEREFORE, the parties hereby agree as follows:

1. Definitions. For purposes of this Agreement, the following terms shall have the meanings set forth below:

“Acts” shall mean the Securities Act and the Exchange Act, collectively.

“Affiliates” shall mean “affiliates” as defined pursuant to the Securities Act and the regulations promulgated thereunder.

“Business Day” shall mean any day upon which commercial banks are open for business in Chicago, Illinois.

“Cash Purchase Price” shall mean, with respect to any redeemed or purchased Subject Series K Preferred Units, an amount of cash equal to the value of the Share Purchase Price (computed as of the Computation Date and equal to the Current Per Share Market Price on such Computation Date multiplied by the number of Shares included in the Share Purchase Price) that would be payable with respect to such Subject Series K Preferred Units assuming the Share Purchase Price were paid in full satisfaction of the Purchase Price for such Subject Series K Preferred Units. In the event that the Share Purchase Price includes securities and/or other property other than Shares, then the value of such other securities and/or property shall be determined by the General Partner acting in good faith on the basis of the closing prices of securities if listed on a nationally recognized exchange and otherwise on the basis of such quotations and other information as the General Partner considers, in its reasonable judgment, appropriate.

“Certificate of Incorporation” shall mean the Certificate of Incorporation of the General Partner, as the same may be amended from time to time. 

“Claims” shall have the meaning set forth in Section 4.1(c).

“Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor code.

“Class A Stock” shall have the meaning set forth in the recitals.

“Common Units” shall mean common units of limited partnership in the Partnership.

“Common Unit Conversion Factor” shall mean 100%, provided that such factor shall be adjusted in accordance with Section 6(d).

“Common Unit Purchase Price” shall have the meaning set forth in Section 2(a).

“Computation Date” shall mean the date on which the applicable Notice is received by the Partnership or, if such date is not a Business Day, the first Business Day thereafter.

“Contribution Agreement” shall have the meaning set forth in the recitals.

“Conversion Factor” shall mean 100%, provided that such factor shall be adjusted in accordance with Section 6(a).

“Current Per Share Market Price” shall have the meaning set forth in the Partnership Agreement.

“Entity” shall mean any corporation, partnership, association, limited liability company, trust or other entity.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, or any successor statute.

“Exchange Act Reporting Company” shall mean any corporation or other entity which is subject to the reporting requirements of the Exchange Act.

“Liens” shall mean liens, pledges, security interests, mortgages, encumbrances and other claims of any type or kind.

“Major Transaction Event” shall mean, with respect to the General Partner, (a) a reclassification, capital reorganization or other similar change regarding or affecting outstanding Shares (other than a change addressed in Section 6(a)); (b) a merger or consolidation of the General Partner with one or more other corporations or entities, other than a merger pursuant to which the General Partner is the surviving corporation and the outstanding Shares are not affected, (c) a sale, lease or exchange of all or substantially all of the General Partner’s assets or (d) the liquidation, dissolution or winding up of the General Partner.

“Notice” shall have the meaning set forth in Section 3.2.

“Partnership Agreement” shall mean that certain Fifth Amended and Restated Agreement of Limited Partnership of the Partnership, as the same may be further amended from time to time.

“Person” shall mean any natural person or Entity.

“Preferred Units” shall mean preferred units of limited partnership in the Partnership that have been issued prior hereto or are issued hereafter.

“Prospectus” shall mean, with respect to the Resale Registration Statement, the prospectus constituting a part thereof, as amended or supplemented.

“Purchase Price” shall mean the Cash Purchase Price or the Share Purchase Price, or a combination thereof.

“Redemption Rights” shall have the meaning set forth in Section 2.

“REIT” shall mean real estate investment trust as such term is defined under the Code.

“REIT Requirements” shall have the meaning set forth in the Partnership Agreement.

“Resale Registration Statement” shall have the meaning set forth in Section 4.1(a).

“Rights” shall have the meaning set forth in Section 6(b).

“SEC” shall mean the Securities and Exchange Commission.

“Securities Act” shall mean the Securities Act of 1933, as amended, or any successor statute.

“Series E Preferred Units” shall have the meaning set forth in the recitals.

“Series E Preferred Unit Designation” shall mean Schedule C to the Partnership Agreement, as amended from time to time.

“Series K Preferred Units” shall mean the Series K Preferred Units of the Partnership.

“Share Purchase Price” shall mean, with respect to the exercise of any Redemption Rights and subject to the provisions of Section 6(c), a number of Shares equal to the product of (a) the number of Subject Series K Preferred Units being redeemed or purchased multiplied by (b) the Conversion Factor; provided, however, that, in the event the General Partner, after the date of this Agreement, issues to all holders of Shares rights, options, warrants or convertible or exchangeable securities entitling the stockholders to subscribe for or purchase Shares (other than Rights referred to in Section 6(b) that have been issued pursuant thereto) or any other securities or property (other than distributions paid in cash), then the Share Purchase Price also shall include such rights, options, warrants or convertible or exchangeable securities or other securities or property that a holder of that number of Shares would have been entitled to receive had such holder held such Shares immediately prior to the time holders of Shares became entitled thereto (except to the extent that provision otherwise has been made for such holder to receive such rights, options, warrants or convertible or exchangeable securities or other securities or property or similar rights, options, warrants or convertible or exchangeable securities in respect of Subject Series K Preferred Units or adjustment otherwise has been made in respect thereof).

“Shares” shall mean shares of the Class A Stock.

“Subject Common Units” shall mean the Common Units into which Series E Preferred Units have been converted (or any other securities issued in substitution therefor (other than pursuant to this Agreement)).

“Subject Series K Preferred Units” shall mean the Series K Preferred Units into which Series E Preferred Units have been converted (or any other securities issued in substitution therefor (other than pursuant to this Agreement)).

2. Grant of Redemption Rights.

(a) Upon the terms and subject to the conditions contained herein, the Partnership does hereby grant to the Contributing Party, and the Contributing Party does hereby accept, the right, but without obligation on the part of the Contributing Party, to require the Partnership to redeem from time to time (i) part or all of the Subject Series K Preferred Units of the Contributing Party for the Cash Purchase Price with respect to such Subject Series K Preferred Units and (ii) part or all of the Subject Common Units of the Contributing Party for a per unit amount equal to $0.324405869 multiplied by the Common Unit Conversion Factor (such per unit amount multiplied by the number of Subject Common Units to be redeemed or purchased in accordance with this Agreement, the “Common Unit Purchase Price” and the redemption rights set forth in clauses (i) and (ii) of this paragraph, the “Redemption Rights”).  Notwithstanding the foregoing, with respect to each exercise of Redemption Rights, a proportionate number of Subject Series K Preferred Units and Subject Common Units must be submitted for redemption such that (x) the quotient of: the number of Subject Series K Preferred Units then submitted for redemption divided by the total number of Subject Series K Preferred Units that have been issued to date as a result of the conversion of Series E Preferred Units of the Contributing Party is equal to (y) the quotient of: the number of Subject Common Units then submitted for redemption divided by the total number of Subject Common Units that have been issued to date as a result of the conversion of Series E Preferred Units of the Contributing Party.

(b) Notwithstanding the provisions of Section 2(a), the General Partner may, in its sole and absolute discretion, assume and satisfy the obligation of the Partnership with respect to the Contributing Party’s exercise of the Redemption Rights with respect to the Subject Series K Preferred Units for which the Contributing Party exercised its Redemption Rights by paying to the Contributing Party, at the General Partner’s election (which may be exercised in the General Partner’s sole discretion), either the Cash Purchase Price or the Share Purchase Price (or a combination thereof) with respect to the Subject Series K Preferred Units for which the Contributing Party exercised its Redemption Rights; provided, however, that if at the time of the satisfaction of such obligation the General Partner is not an Exchange Act Reporting Company or the Resale Registration Statement is not then current and effective and the General Partner is ineligible to file a registration statement with the SEC on Form S-3 (or any successor form), then notwithstanding anything to the contrary contained herein, if the General Partner elects to satisfy such obligation, then it shall be required to deliver the full Cash Purchase Price to the Contributing Party in accordance with the terms hereof. If the General Partner duly assumes such obligations with respect to the exercise by the Contributing Party of the Redemption Rights as to certain Subject Series K Preferred Units and makes the required payment of the Share Purchase Price, the Cash Purchase Price or any combination thereof, as applicable, then the Partnership shall have no obligation to pay any amount to the Contributing Party with respect to the exercise of the Redemption Rights for such Subject Series K Preferred Units, and any Subject Series K Preferred Units purchased shall be owned by the General Partner for all purposes; provided, however, that until the General Partner makes such payment of the Share Purchase Price, the Cash Purchase Price or any combination thereof in accordance with the terms hereof, the Partnership shall remain liable to the Contributing Party for the Cash Purchase Price.

(c) If the General Partner shall duly assume and satisfy the obligations of the Partnership with respect to Subject Series K Preferred Units for which the Contributing Party exercised its Redemption Rights, the Partnership, the Contributing Party and the General Partner each shall treat the transaction between the General Partner and the Contributing Party as a sale of the Contributing Party’s Subject Series K Preferred Units (or a portion thereof) to the General Partner for federal income tax purposes. 

(d) Upon the redemption or purchase of part or all of the Contributing Party’s Subject Series K Preferred Units and Subject Common Units and the payment of the Purchase Price and Common Unit Purchase Price (respectively) with respect thereto, such Person shall be deemed withdrawn as a Partner in the Partnership to the extent of the Subject Series K Preferred Units and Subject Common Units redeemed or purchased and shall have no further rights or obligations under this Agreement with respect to such redeemed or purchased Subject Series K Preferred Units and Subject Common Units; provided, however, that the Contributing Party’s rights under this Agreement with regard to any other Subject Series K Preferred Units and Subject Common Units will continue in full force and effect.

(e) No fractional Shares shall be issued hereunder. In lieu of fractional Shares, the General Partner shall pay cash based on the Current Per Share Market Price of the Shares on the relevant Computation Date.

3. Exercise of Redemption Rights.

3.1 Time for Exercise of Redemption Rights. The Contributing Party may exercise its Redemption Rights in whole or in part and at any time and from time to time on or after the first anniversary of the date hereof; provided, however, that the Redemption Rights may not be exercised at any one time by the Contributing Party (i) with respect to less than 3,000 Subject Series K Preferred Units (or all the Subject Series K Preferred Units then owned by the Contributing Party if the Contributing Party owns less than 3,000 Subject Series K Preferred Units) and a proportionate number of Subject Common Units as determined in accordance with the last sentence of Section 2(a), or (ii) in the event that such exercise of Redemption Rights (or the assignment of Subject Series K Preferred Units or Subject Common Units or delivery of the Cash Purchase Price, the Share Purchase Price or the Common Unit Purchase Price with respect thereto) violates the Partnership Agreement or applicable law. Once given, a Notice shall be irrevocable subject to the payment of the Purchase Price and Common Unit Purchase Price (respectively) for the Subject Series K Preferred Units and Subject Common Units specified therein in accordance with the terms hereof. 

3.2 Method of Exercise. The Redemption Rights shall be exercised by delivery to the Partnership of (a) written notice (the “Notice”) in the form of Exhibit A specifying the number of the Subject Series K Preferred Units and Subject Common Units to be redeemed and the name or names (with address) in which any Shares issuable upon such exercise shall be registered if different than the Contributing Party and (b) the certificates, if any, representing such Subject Series K Preferred Units and Subject Common Units.

3.3 Closing. The closing of the redemption or purchase and sale pursuant to an exercise of the Redemption Rights by the Contributing Party shall occur within 30 days following the giving of the Notice. The Contributing Party shall execute such other documents as the General Partner may reasonably require in connection with the closing of such redemption or purchase and sale.

3.4  Payment of Cash or Issuance of Shares.

(a)  At the closing of the redemption or purchase and sale of Subject Series K Preferred Units pursuant to an exercise of Redemption Rights by the Contributing Party, the Partnership shall deliver to the Contributing Party the Cash Purchase Price in immediately available funds or, in the event that the General Partner has duly assumed the obligations of the Partnership with respect to such exercise of Redemption Rights, the General Partner shall, subject to Section 2(b) hereof, deliver to the Contributing Party, at the election of the General Partner (which may be exercised in the General Partner’s sole discretion) either (i) the Cash Purchase Price in immediately available funds or (ii) certificates representing the Shares and any other securities and/or other property constituting the Share Purchase Price, together with cash in lieu of the issuance of any fraction of a Share as provided in Section 2(e), or a combination thereof.

(b)  At the closing of the redemption or purchase and sale of Subject Common Units pursuant to an exercise of Redemption Rights by the Contributing Party, the Partnership shall deliver to the Contributing Party the applicable Common Unit Purchase Price in immediately available funds.

4. Matters Relating to Shares.

4.1 Registration.

(a) Within 15 days after the first issuance of any Shares pursuant hereto, the General Partner shall file with the SEC a registration statement on Form S-3 or other appropriate registration form with the SEC covering the resale by Contributing Party of such Shares and all other Shares issuable by the General Partner upon exercise of the Redemption Rights assuming full conversion of the Series E Preferred Units and full satisfaction of the Redemption Rights by delivery of Shares and shall use its reasonable best efforts to cause such registration statement (the “Resale Registration Statement”) to become effective as soon as practicable thereafter. Following the effective date of the Resale Registration Statement and until the Shares covered by the Resale Registration Statement have been sold or are eligible for resale under Rule 144(k) promulgated under the Securities Act, the General Partner shall keep the Resale Registration Statement current, effective and available for the resale by Contributing Party of the Shares delivered to it pursuant hereto.

(b) During the time period when the Resale Registration Statement is required to be current, effective and available under this Section 4.1, the General Partner also shall:

(i) promptly prepare and file with the SEC such amendments and supplements to the Resale Registration Statement and the Prospectus relating thereto, as may be necessary to keep the Resale Registration Statement effective and to comply with the provisions of the Securities Act with respect to the sale of the Shares covered by the Resale Registration Statement whenever Contributing Party shall desire to sell or otherwise dispose of the same but in no event beyond the period in which the Registration Statement is required to be kept in effect. Upon ten (10) business days’ notice, the General Partner shall file any supplement or post-effective amendment to the Resale Registration Statement with respect to the plan of distribution or a Contributing Party’s ownership interests in its Shares that is reasonably necessary to permit the sale of such Contributing Party’s Shares pursuant to the Resale Registration Statement;

(ii) furnish to Contributing Party, without charge, such number of authorized copies of the Prospectus relating thereto, and any amendments or supplements to such Prospectus, in conformity with the requirements of the Securities Act, and such other documents as Contributing Party may reasonably request in order to facilitate the public sale or other disposition of the Shares owned by Contributing Party;

(iii) register or qualify the securities covered by the Resale Registration Statement under state securities or blue sky laws of such jurisdictions as are reasonably required to effect a sale thereof and do any and all other acts and things which may be necessary or appropriate under such state securities or blue sky laws to enable Contributing Party to consummate the public sale or other disposition in such jurisdictions of such securities;

(iv) before filing any amendments or supplements to the Resale Registration Statement or the Prospectus relating thereto, furnish copies of all such documents proposed to be filed to the Contributing Party, who shall be afforded a reasonable opportunity to review and comment thereon; provided, however, that all such documents shall be subject to the approval of the Contributing Party insofar as they relate to information concerning the Contributing Party (including, without limitation, the proposed method of distribution of Contributing Party’s securities);

(v) notify Contributing Party promptly (A) when the Resale Registration Statement has become effective and when any post-effective amendments and supplements thereto become effective, (B) of any request by the SEC or any state securities authority for amendments and supplements to the Resale Registration Statement and the Prospectus relating thereto or for additional information, and (C) of the happening of any event during the period the Resale Registration Statement is effective which in the judgment of the General Partner makes any statement made in the Resale Registration Statement or such Prospectus untrue in any material respect or which requires the making of any changes in the Resale Registration Statement or such Prospectus in order to make the statements therein not misleading;

(vi) cooperate with Contributing Party to facilitate the timely preparation and delivery of certificates representing Shares being sold, which certificates shall not bear any restrictive legends provided the Shares evidenced thereby have been sold in a manner permitted by the Prospectus relating to the Resale Registration Statement;

(vii) upon the occurrence of any event contemplated by clause (v)(C) above, promptly prepare and file a supplement or post-effective amendment to the Resale Registration Statement or the Prospectus relating thereto or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of the Shares, such Prospectus will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein in light of the circumstances under which they were made, not misleading; provided, however, that the obligation to prepare and file any such supplement or post-effective amendment shall be suspended if the General Partner, relying upon advice of counsel, determines in good faith that disclosure of any information required to be included therein would be adverse to its interests; provided further, however, that such suspension (A) shall not extend beyond sixty (60) days with respect to any such specified event and (B) shall not occur more than twice during any period of twelve (12) consecutive months; and

(viii) promptly notify each Contributing Party of, and confirm in writing, (A) the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of the Resale Registration Statement or the initiation of any proceedings for that purpose, or (ii) if, between the effective date of any the Resale Registration Statement and the sale of the Shares to which it relates, the General Partner receives any notification with respect to the suspension of the qualification of the Shares or initiation of any proceeding for such purpose. The General Partner shall use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of the Resale Registration Statement at the earliest practicable time.

(c) The General Partner hereby agrees to indemnify and hold harmless Contributing Party and each person, if any, who controls Contributing Party (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against any and all losses, claims, damages, costs and expenses (including reasonable attorneys’ fees) (“Claims”) to which Contributing Party or such controlling person may become subject, under the Securities Act or otherwise, caused by any untrue statement or alleged untrue statement of a material fact contained in the Resale Registration Statement or the Prospectus relating thereto or any amendment or supplement thereto, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse such Contributing Party and each such controlling person for any legal or other expenses reasonably incurred by such Contributing Party in connection with investigating or defending any such loss as such expenses are incurred; provided, however, that the General Partner shall not be liable insofar as any such Claims are caused by any such untrue statement or omission or alleged untrue statement or omission based upon information furnished in writing to the General Partner by any Contributing Party expressly for use therein. Each Contributing Party agrees to indemnify and hold harmless the General Partner and each person, if any, who controls the General Partner (within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act) from and against any and all Claims to which the General Partner or such controlling person may become subject, under the Securities Act or otherwise, caused by any such untrue statement or omission or such alleged untrue statement or omission based upon such information furnished in writing to the General Partner by such Contributing Party.

(d) Each Contributing Party agrees that, upon receipt of any notice from the General Partner of the happening of any event of the kind described in clause (b)(v)(C) above and without waiving any rights under clause (b)(vii) above, such Contributing Party will forthwith discontinue disposition of securities pursuant to the Resale Registration Statement until Contributing Party’s receipt of the copies of the supplemented or amended Prospectus contemplated by clause (b)(vii) above.

(e) The General Partner shall bear all expenses relating to filing the Resale Registration Statement and keeping the Resale Registration Statement current, effective and available; provided, however, that the General Partner shall not be responsible for any brokerage fees or underwriting commissions due and payable in connection with the sale of Shares or any legal fees of Contributing Party.

(f) The General Partner shall use reasonable best efforts to cause all Shares to be listed or otherwise eligible for full trading privileges on the principal national securities exchange (currently the NASDAQ Stock Market) on which shares of Class A Stock are then listed on or before the date on which the Resale Registration Statement covering the Shares becomes effective or the Shares are issued by the General Partner to a Contributing Party, whichever is later. The General Partner will use reasonable best efforts to continue the listing or trading privilege for all Shares on the exchange on which shares of Class A Stock are then listed. The General Partner will promptly notify the Contributing Party of, and confirm in writing, the delisting of the Shares.

(g) Notwithstanding anything to the contrary contained herein, the General Partner shall have no obligation to keep the Resale Registration Statement effective if the status of the General Partner (or its successor) as an Exchange Act Reporting Company is terminated.

4.2 Reservation of Shares; Etc. At all times while the Redemption Rights are outstanding, the General Partner shall reserve for issuance such number of Shares as may be necessary to enable the General Partner to issue Shares in full satisfaction of all Redemption Rights which are from time to time outstanding (assuming that there are no limitations as to the ownership of such Shares under the Certificate of Incorporation which relate to compliance with the REIT Requirements, that all Series E Preferred Units have been converted into Subject Series K Preferred Units and that the General Partner elected to pay the Share Purchase Price with respect to all such Redemption Rights). Without the written consent of the holders of at least a majority of the issued and outstanding Subject Common Units (assuming that all of the issued and outstanding Series E Preferred Units were converted into Subject Common Units in accordance with the Partnership Agreement immediately prior to the execution of such consent), the Partnership Agreement may not be amended to materially adversely affect the right of the holders of the Subject Common Units to transfer the Subject Common Units if such amendment does not apply to the other holders of Common Units (including Common Units that may be issued upon conversion of Preferred Units other than the Series E Preferred Units) in the same manner on a Common Unit-for-Common Unit basis.  Without the written consent of the holders of at least a majority of the issued and outstanding Subject Series K Preferred Units (assuming that all of the issued and outstanding Series E Preferred Units were converted into Subject Series K Preferred Units in accordance with the Partnership Agreement immediately prior to the execution of such consent), the Partnership Agreement may not be amended to materially adversely affect the right of the holders of the Subject Series K Preferred Units to transfer the Subject Series K Preferred Units if such amendment does not apply to the other holders of Series K Preferred Units (including Series K Preferred Units that may be issued upon conversion of Preferred Units other than the Series E Preferred Units) in the same manner on a Series K Preferred Unit-for-Series K Preferred Unit basis. Upon the request of Contributing Party, the Partnership agrees to provide Contributing Party with such information as is reasonably available to the Partnership regarding the sum of the percentage interests in the Partnership’s capital or profits that is represented by interests in the Partnership that have been sold or otherwise disposed of during the taxable year in which the request is made by Contributing Party, for purposes of the “lack of actual trading” safe harbor from the definition of “publicly traded partnership”.

4.3 Fully Paid and Non-Assessable. All Shares which may be issued upon exercise of the Redemption Rights shall be duly and validly issued and fully paid and non-assessable.

5. Transfer and Similar Taxes. The General Partner shall pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of shares of Class A Stock or other securities or property pursuant hereto; provided, however, that the General Partner shall not be required to pay any tax that may be payable in respect of any transfer involved in the issue or delivery of shares of Class A Stock or other securities or property in a name other than that of the holder of the Subject Series K Preferred Units to be exchanged, and no such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the General Partner the amount of any such tax or established, to the reasonable satisfaction of the General Partner, that such tax has been paid.

6. Anti-Dilution and Adjustment Provisions.

(a) The Conversion Factor shall be adjusted in the event that the General Partner (i) declares or pays a dividend or distribution on its outstanding Shares in Shares or makes a distribution to all holders of its outstanding Shares in Shares, (ii) subdivides its outstanding Shares, or (iii) combines its outstanding Shares into a smaller number of Shares. In such event, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the number of Shares issued and outstanding on the record date (or, if none, the effective date) for such dividend, distribution, subdivision or combination (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time) and the denominator of which shall be the actual number of Shares (determined without the above assumption) issued and outstanding on the record date (or, if none, the effective date) for such dividend, distribution, subdivision or combination. In addition, the Conversion Factor shall be adjusted in the event that the Partnership (i) declares or pays a dividend or distribution on its outstanding Series K Preferred Units in Series K Preferred Units, (ii) subdivides its outstanding Series K Preferred Units, or (iii) combines its outstanding Series K Preferred Units into a smaller number of Series K Preferred Units. In such event, the Conversion Factor shall be adjusted by multiplying the Conversion Factor by a fraction, the numerator of which shall be the actual number of Series K Preferred Units issued and outstanding on the record date (or, if none, the effective date) for such dividend, distribution, subdivision or combination (determined without the below assumption) and the denominator of which shall be the number of Series K Preferred Units issued and outstanding on such record date (assuming for such purposes that such dividend, distribution, subdivision or combination has occurred as of such time) or effective date.  

(b) If at any time the holders of Class A Stock are entitled to any right (a “Right”) to subscribe pro rata for additional securities of the General Partner, whether Class A Stock or other classifications, or for any other securities or interests that the Contributing Party would have been entitled to subscribe for if, immediately prior to such grant, the Contributing Party had exercised its Redemption Rights and received the Share Purchase Price in payment thereof, in lieu of any adjustment under any other subsection of this Section 6 or other provision of this Agreement and except to the extent that provision otherwise has been made for the Contributing Party to receive such Right or a similar right in respect of the Subject Series K Preferred Units or adjustment otherwise has been made in respect thereof, the Contributing Party also shall receive from the General Partner, prior to or concurrent with the time such Right becomes exercisable, the same Right that the Contributing Party would have been entitled to if the Contributing Party had exercised its Redemption Rights in full and received the Share Purchase Price in satisfaction thereof immediately prior to the time holders of Class A Stock became entitled to such Right.

(c) Upon the occurrence of a Major Transaction Event, the General Partner shall cause effective provision to be made so that, upon full conversion of the Series E Preferred Units of the Contributing Party into Subject Series K Preferred Units, exercise of the Redemption Rights by the Contributing Party in respect thereof and the election of the General Partner to pay the Purchase Price at any time following such Major Transaction Event by means of the Share Purchase Price, the Contributing Party shall have the right to acquire, in lieu of the Shares which otherwise would have been issued to the Contributing Party, the kind and amount of shares of stock and other securities and property (and the provisions contained in Section 4.1 shall apply anew to the extent that such securities are of a class of securities of the General Partner or its successor that are registered under the Exchange Act) and interests as would be issued or payable with respect to or in exchange for the number of Shares constituting the Share Purchase Price as if all Series E Preferred Units of the Contributing Party had been converted into Subject Series K Preferred Units, such Redemption Rights had been exercised and the General Partner had satisfied the Redemption Rights by delivery of the Share Purchase Price immediately before such Major Transaction Event.

(d) In the event that the Partnership (i) declares or pays a dividend or distribution on its outstanding Common Units in Common Units or makes a distribution to all holders of outstanding Common Units in Common Units, (ii) subdivides the outstanding Common Units, (iii) combines the outstanding Common Units into a smaller number of Common Units, (iv) effects a reclassification, capital reorganization or other similar change regarding or affecting outstanding Common Units, (v) effects a merger or consolidation of the Partnership with one or more entities, other than a merger pursuant to which the Partnership is the surviving entity and the outstanding Common Units are not affected, (vi) effects a sale, lease or exchange of all or substantially all of the Partnership’s assets or (vii) effects a liquidation, dissolution or winding up of the Partnership (each of the foregoing, a “Common Unit Adjustment Event”), the Partnership shall make appropriate adjustments (including any adjustment to the Common Unit Conversion Factor, as applicable) so that the securities or other property received by the Contributing Party as a result of a Common Unit Adjustment Event, in the aggregate, may be submitted for redemption or purchase pursuant to Section 2 for an amount equal to the aggregate Common Unit Purchase Price that the Contributing Party would have received had the Contributing Party converted all of its Series E Preferred Units and exercised the Redemption Rights immediately prior to such Common Unit Adjustment Event.  

(e) The Partnership shall give written notice to the Contributing Party of any Major Transaction Event or Common Unit Adjustment Event promptly after such Major Transaction Event or Common Unit Adjustment Event is announced to the public.

(f) Notwithstanding anything to the contrary contained herein, the adjustment provisions contained in this Agreement shall be applied so that there is no duplication of adjustments made pursuant to any other document or other section hereof. The provisions of this Section 6 shall apply to successive events that may occur from time to time but only shall apply to a particular event if it occurs prior to the exercise in full of the Redemption Rights or the liquidation of the Partnership. Nothing contained herein shall prevent or otherwise limit the liquidation of the Partnership or other transaction described in clause (Z) of Section 4(b) of the Series E Preferred Unit Designation.

(g) Whenever the Conversion Factor or Common Unit Conversion Factor (as applicable) is adjusted as herein provided, the General Partner shall compute the adjusted Conversion Factor or Common Unit Conversion Factor (as applicable) in accordance with this Section 6 and shall prepare a certificate signed by the chief financial officer of the General Partner setting forth the adjusted Conversion Factor or Common Unit Conversion Factor (as applicable) and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed at the offices of the General Partner and a copy thereof shall be promptly sent to the Contributing Party. Any adjustment to the Conversion Factor or the Common Unit Conversion Factor pursuant to Section 6(a) or Section 6(d) (respectively) with respect to any event shall become effective at such time as is necessary to prevent dilution or expansion of the Redemption Rights on account of such event.

(h) Notwithstanding anything to the contrary contained herein (but subject to the first sentence of Section 6(e) hereof), the General Partner and the Partnership agree that they will apply the provisions of this Section 6, the definition of Share Purchase Price and any related provisions as if the Subject Common Units were issued and outstanding as of the date hereof. Thus, for example, if an event were to occur on December 31, 2004 that would adjust the number of Shares into which the Subject Common Units would be exchangeable had such Subject Common Units been outstanding as of such date, but the Subject Common Units were not actually issued until December 31, 2005, then such adjustment would be applied so that, upon such issuance (but subject to further adjustment for subsequent events), the Subject Common Units would be exchangeable in accordance with the other terms hereof for the number of Shares for which the Subject Common Units would have been exchangeable had such Subject Common Units been outstanding on December 31, 2004.

7. Miscellaneous Provisions.

7.1 Notices. All notices or other communications given pursuant to this Agreement, including without limitation any Notice, shall be sent to the party to whom or to which such notice is being sent, by certified or registered mail, return receipt requested, commercial overnight delivery service, or delivered by hand with receipt acknowledged in writing and otherwise as set forth in this Section 7.1. All notices and other communications (a) shall be deemed given when received or, if sent by facsimile, upon receipt of confirmed answerback and (b) may be given either by a party or by such party’s attorneys. For purposes of this Section 7.1, the addresses of the parties shall be, in the case of the Partnership and the General Partner, 110 N. Wacker Drive, Chicago, Illinois 60606, facsimile number (312) 960-5463, Attention: Bernard Freibaum (with a copy to Neal, Gerber & Eisenberg, Two North LaSalle Street, Suite 2200, Chicago, Illinois 60602, Attn: Marshall E. Eisenberg, facsimile number (312) 269-1747), and, in the case of the Contributing Party, as set forth on the records of the Partnership. The address of any party may be changed by a notice in writing given in accordance with the provisions hereof.

7.2 Assignment. The rights of the Contributing Party hereunder (including the Redemption Rights) shall automatically devolve upon any Person to the extent that such Person holds Subject Series K Preferred Units, Subject Common Units or Series E Preferred Units, and becomes a substituted partner with respect to such Subject Series K Preferred Units, Subject Common Units or Series E Preferred Units, in accordance with the Partnership Agreement and delivers to the Partnership a written instrument, in form reasonably satisfactory to the Partnership, pursuant to which such Person agrees to be bound by the terms hereof (but the rights of the Contributing Party hereunder are not otherwise assignable). All references herein to Contributing Party shall be deemed to be references to each assignee pursuant to this paragraph. Subject to the provisions of Section 6, the General Partner may assign this Agreement in connection with any Major Transaction Event or Common Unit Adjustment Event without the consent of the Contributing Party, provided that no such assignment shall relieve the General Partner of its obligations under this Agreement.

7.3 Binding Effect. Except as otherwise set forth herein, this Agreement shall be binding upon, and inure to the benefit of, the parties and their successors and permitted assigns.

7.4 Amendments. The provisions of this Agreement may be amended only with the written consent of the Partnership, the General Partner and the holders of at least a majority of the issued and outstanding Subject Common Units (assuming that all of the then issued and outstanding Series E Preferred Units were converted into Subject Common Units in accordance with the Partnership Agreement immediately prior to the execution of such amendment and constitute issued and outstanding Subject Common Units at such time).

7.5 Governing Law. This Agreement shall be governed by the laws of the State of Delaware (without regard to its conflicts of law principles).

7.6 Counterparts. This Agreement may be executed in counterparts, each of which shall be an original, but all of which shall constitute one document.

7.7 Entire Agreement. This Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes any prior written or oral understandings and/or agreements among them with respect thereto.

7.8 Pronouns; Headings; Etc. As used herein, all pronouns shall include the masculine, feminine and neuter, and all terms shall include the singular and plural thereof wherever the context and facts require such construction. The headings herein are inserted for convenience of reference only and are to be ignored in any construction of the provisions hereof. Any references in this Agreement to a “Section” or “Exhibit” shall refer to a Section or Exhibit of this Agreement unless otherwise specified.

7.9 Survival. The representations, warranties and covenants contained herein or made pursuant hereto shall survive the execution and delivery of this Agreement and the closing of any redemption or purchase and sale pursuant to an exercise of Redemption Rights hereunder.

7.10 Further Assurances. Each of the parties shall hereafter execute and deliver such other instruments and documents and do such further acts and things as may be required or useful to carry out the purposes of this Agreement.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the General Partner has caused certain effective provisions to be made in accordance with Section 6(c) of this Agreement as of August 28, 2018 and the Partnership hereby agrees to and acknowledges such provisions.

PARTNERSHIP:

BPR OP, LP , 
a Delaware limited partnership

By: GGP Real Estate Holding II, Inc.,
    a Delaware corporation, its general partner

By:____/s/ Stacie L. Herron______________________
Name:  Stacie L. Herron
Title:  Executive Vice President, General Counsel & Secretary

GENERAL PARTNER:

Brookfield Property REIT Inc.,
a Delaware corporation

By: ___/s/ Michelle L. Campbell__________________
Name: Michelle L. Campbell
Title: Secretary and Senior Vice President

EXHIBIT A

Notice of Redemption

The undersigned hereby irrevocably (i) exercises its Redemption Rights as to _________ Subject Series K Preferred Units and ___________ Subject Common Units (together, the “Transferred Units”) in BPR OP, LP (the “Partnership”) in accordance with the terms of that certain Redemption Rights Agreement, dated March 5, 2004, as amended or modified from time to time (the “Agreement”), among the Partnership, Brookfield Property REIT Inc. (the “General Partner”), and Koury Corporation, (ii) transfers and surrenders such Transferred Units and all right, title and interest of the undersigned therein to the party, which shall be either the Partnership or the General Partner, that shall purchase or redeem such Transferred Units pursuant to the Agreement, and (iii) directs that the Common Unit Purchase Price and the Cash Purchase Price or Share Purchase Price, if applicable, payable upon exercise of the Redemption Rights be delivered to the address specified below and, if the Share Purchase Price is to be delivered, the Shares shall be registered or placed in the name(s) and at the address(es) specified below. Attached hereto are the certificates, if any, representing the Transferred Units.

The undersigned hereby represents, warrants and certifies that, as of the date hereof and as of the closing of the purchase or redemption of the Transferred Units pursuant to the exercise of Redemption Rights effected hereby, (i) that the undersigned has good and marketable title to the Transferred Units, free and clear of all Liens, (ii) that the undersigned has the full right, power and authority to transfer and surrender the Transferred Units as provided herein and such transfer and surrender has been authorized by all necessary action, (iii) that the undersigned is an accredited investor as defined in Regulation D under the Securities Act and any Shares that are acquired by it on account of this Notice of Redemption would be acquired for its own account, for investment purposes only and not with a view to, and with no present intention of, selling or distributing the same in violation of federal or state securities laws (but nothing contained in this clause (iii) impairs the right of Contributing Party to sell Shares pursuant to the Resale Registration Statement) and (iv) that the undersigned has obtained the consent or approval of all persons or entities, if any, having the right to consent to or approve such transfer and surrender.

*        *        *

Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

Dated: _____________

[NAME OF PERSON]

By:    _______________________

Name:    _______________________

Title:    _______________________

_____________________________
(Street Address)

_____________________________
(City, State, Zip Code)

Signature Guaranteed By:

_____________________________

If Shares are to be issued, issue to:

Please insert social security or identifying number:EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 
  

 
 FIFTH SUPPLEMENTAL INDENTURE 

Dated as of May 9, 2019, 

among 
 UNITED CONTINENTAL
HOLDINGS, INC., 
 UNITED AIRLINES, INC., 

and 
 THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., 
 as Trustee 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 Section 1. Defined Terms
	  	 	1	 
		
	 Section 2. Relation to Original Indenture
	  	 	1	 
		
	 Section 3. Terms of the Notes
	  	 	1	 
	 3.1 Issuer
	  	 	1	 
	 3.2 Title and Form
	  	 	1	 
	 3.3 Aggregate Principal Amount
	  	 	1	 
	 3.4 Principal Payment
	  	 	1	 
	 3.5 Interest
	  	 	1	 
	 3.6 Method of Payment
	  	 	2	 
	 3.7 Optional Redemption
	  	 	2	 
	 3.8 Global Notes
	  	 	3	 
	 3.9 Legends on Notes
	  	 	3	 
	 3.10 Note Denominations
	  	 	4	 
	 3.11 No Sinking Fund
	  	 	4	 
	 3.12 Indenture Covenants
	  	 	4	 
	 3.13 Note Guarantee
	  	 	4	 
	 3.14 Amendments
	  	 	5	 
	 3.15 Further Issuances
	  	 	5	 
	 3.16 No Reissuance of Notes
	  	 	5	 
		
	 Section 4. Additional Covenants Applicable to the
Notes
	  	 	5	 
	 4.1 Offer to Repurchase Upon Change of Control
	  	 	5	 
	 4.2 Restricted Payments
	  	 	7	 
	 4.3 Incurrence of Indebtedness and Issuance of Preferred
Stock
	  	 	13	 
	 4.4 Designation of Restricted and Unrestricted
Subsidiaries
	  	 	18	 
		
	 Section 5. Changes in Events of Default Applicable to the
Notes
	  	 	19	 
		
	 Section 6. Acceleration
	  	 	20	 
		
	 Section 7. Additional Definitions
	  	 	20	 
		
	 Section 8. Miscellaneous
	  	 	39	 
	 8.1 Governing Law
	  	 	39	 
	 8.2 Counterparts
	  	 	39	 
	 8.3 Trustee Not Responsible for Recitals
	  	 	39	 
	 8.4 Confirmation of Indenture
	  	 	39	 
	 8.5 Conflict with Trust Indenture Act
	  	 	39	 

  
 i 

 EXHIBITS 
  

			
	Exhibit A	  	 Form of Note

	Exhibit B	  	 Form of Notation of Note Guarantee

  
 ii 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of May 9, 2019 (the “Fifth
Supplemental Indenture”), among United Continental Holdings, Inc. (“UAL” or the “Issuer”), United Airlines, Inc. (“United”) and The Bank of New York Mellon Trust
Company, N.A., as trustee (the “Trustee”), to the Indenture, dated as of May 7, 2013 (the “Original Indenture”), among UAL, United and the Trustee. The Original Indenture as supplemented by this
Fifth Supplemental Indenture is hereinafter called the “Indenture.” 
 WHEREAS, Section 9.01 of the Original
Indenture permits supplements thereto to establish the form or terms of Securities pursuant to Article II of the Original Indenture; and 

WHEREAS, as contemplated by Section 2.02 of the Original Indenture, UAL wishes to establish the terms of a new Series of Securities (the
“Notes”) pursuant to this Fifth Supplemental Indenture. 
 NOW, THEREFORE, this Fifth Supplemental Indenture
witnesseth: 
 Section 1. Defined Terms. For purposes of this Fifth Supplemental Indenture, all
terms defined in the Original Indenture and used herein have such defined meanings unless otherwise defined herein. In addition, Section 7 hereof sets forth certain defined terms for purposes of this Fifth Supplemental Indenture. 

Section 2. Relation to Original Indenture. The Original Indenture is supplemented and modified as
set forth in this Fifth Supplemental Indenture for purposes of the Notes. This Fifth Supplemental Indenture shall not affect any Series of Securities other than the Notes. 

Section 3. Terms of the Notes. The terms of the Notes shall be as follows: 

3.1 Issuer. The issuer of the Notes shall be UAL. 

3.2 Title and Form. The title of the Notes is 4.875% Senior Notes due 2025. The Notes shall be in
registered form and in substantially the form attached hereto as Exhibit A. 
 3.3 Aggregate
Principal Amount. The aggregate principal amount of the Notes which may be authenticated and delivered under the Indenture is initially limited to $350,000,000, except for Notes authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, other Notes, and subject to increase as set forth in Section 3.15 hereof. 

3.4 Principal Payment. The outstanding principal amount of the Notes shall be due and payable on
January 15, 2025. 
 3.5 Interest. The outstanding principal amount of the Notes shall bear
interest at the rate of 4.875% per annum, payable in arrears on January 15 and July 15 of each year (each, an “Interest Payment Date”), commencing on January 15, 2020, to the Persons in whose names the Notes
are registered at the close of business on the January 1 and July 1, respectively, next preceding such Interest Payment Date (each, a “Regular Record Date”). Interest shall accrue from the most recent date to which
interest has been paid or for which interest has been provided, 

  
 1 

 
or, if no interest has been paid or provided for, from May 9, 2019. Interest due on any date shall be the amount accrued to but excluding such due date. Interest shall be calculated on the
basis of a 360-day year of twelve 30-day months. Any payment required to be made on any day that is not a Business Day will be made on the next succeeding Business Day
without any interest or other payment due to the delay. 
 3.6 Method of Payment. Principal of, premium
(if any) and interest on the Notes shall be payable as provided in Section 2.15 of the Original Indenture. Notwithstanding the foregoing, payments of principal of, premium (if any) and interest on the Notes represented by one or more Global
Notes will be made as provided in Section 3.8 hereof. 
 3.7 Optional Redemption. The Issuer, at
its option, may redeem the Notes in whole at any time or in part from time to time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the
remaining scheduled payments of principal and interest on such Notes (excluding accrued and unpaid interest to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 50 basis points, plus, in case of either the preceding clause (1) or (2), accrued and unpaid interest on the principal
amount being redeemed to such redemption date. Article III of the Original Indenture shall apply to any such redemption, except that the third sentence of Section 3.02 of the Original Indenture shall be amended to read as follows:
“Notes and portions thereof that the Trustee selects shall be in principal amounts of $2,000 or integral multiples of $1,000 in excess thereof.” If less than all outstanding Notes are to be redeemed, any selection of Notes to be redeemed
shall be subject to applicable procedures of The Depository Trust Company (“DTC”) so long as it is the Depositary. For purposes of any redemptions pursuant to this Section 3.7, the following terms shall have the
respective specified meanings: 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury
Price” means, with respect to any redemption date for Notes, the average of two Reference Treasury Dealer Quotations for such redemption date. 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

“Reference Treasury Dealer” means each of Barclays Capital Inc. and Citigroup Global Markets Inc., and
their respective successors; provided, however, that if any of the foregoing shall cease to be a primary United States Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute
therefor another Primary Treasury Dealer. 

  
 2 

 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Issuer by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, (1) the yield to maturity calculated
by taking the simple average of the yields to maturity for the applicable Comparable Treasury Issue for each of the five Business Days immediately preceding the third Business Day before the calculation date as reported on the most recent H.15 page
available through the website of the Board of Governors of the Federal Reserve System, or any successor site or publication, for the applicable Comparable Treasury Issue and which establishes yields on actively traded United States Treasury
securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the maturity date of the
Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis,
rounding to the nearest month) or (2) if such report (or any successor site or publication) is not available during any of such five Business Days or does not contain such yields, the rate per year equal to the semiannual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate will be
calculated on the third Business Day preceding the redemption date. 
 3.8 Global Notes. The Notes
shall initially be issued in the form of one or more Global Securities registered in the name of DTC, which shall be the initial Depositary with respect to the Notes, or its nominee (a “Global Note”), which shall be delivered
to the Trustee as custodian for the Depositary or its nominee. The Paying Agent shall make payments of principal, premium, if any, or interest due on the Notes represented by one or more Global Notes to the Depositary or its nominee, as the case may
be, as the registered owner of the related Global Note or Global Notes, by wire transfer of immediately available funds to the account designated by such registered holder. 

3.9 Legends on Notes. 

(a) In addition to the legend set forth in Section 2.14(c) of the Original Indenture, so long as DTC is the Depositary, each Global Note
registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 
 “UNLESS THIS GLOBAL NOTE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF 

  
 3 

 
TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (b) All Notes shall bear a legend substantially in the following form: 

“BY ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, EACH PURCHASER AND SUBSEQUENT TRANSFEREE OF THIS NOTE OR ANY INTEREST HEREIN WILL BE
DEEMED TO HAVE REPRESENTED AND WARRANTED TO THE ISSUER AND THE TRUSTEE THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF THE CODE OR ERISA (COLLECTIVELY, “SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS (COLLECTIVELY, “PLANS”), AND NO PORTION OF THE ASSETS USED BY SUCH PURCHASER OR TRANSFEREE TO ACQUIRE AND HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES ASSETS OF ANY PLAN OR
(II) THE PURCHASE AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY SUCH PURCHASER OR TRANSFEREE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAW.” 
 3.10 Note Denominations. The Notes shall
be issued in denominations of $2,000 or an integral multiple of $1,000 in excess thereof. 
 3.11 No
Sinking Fund. The Notes will not be entitled to the benefit of any sinking fund. 
 3.12 Indenture
Covenants. The covenants set forth in Article IV and Article V of the Original Indenture shall apply to the Notes. 
 
3.13 Note Guarantee. United (the “Guarantor”) fully and unconditionally guarantees the Notes pursuant to Article X of the Original Indenture (the “Note Guarantee”). The Notation of Note
Guarantee substantially in the form attached hereto as Exhibit B shall be executed by United and attached to each Note authenticated pursuant to the Indenture. 

  
 4 

 3.14 Amendments. 

(a)    Section 9.01(1) of the Original Indenture shall be amended to insert the following at the end thereof: 

“, or to evidence the succession of another Person to the Guarantor pursuant to Section 10.04 and the assumption by such successor of
the Guarantor’s covenants, agreements and obligations in this Indenture and with respect to the Securities;” 

(b)    Section 9.02(7) of the Original Indenture shall be amended and restated to read as follows: 

“except as provided under Article VIII hereof or in connection with a consolidation, merger or conveyance, transfer or lease of assets
pursuant to this Indenture, release any Securities Guarantor from any of its obligations under its Securities Guarantee or make any change in a Securities Guarantee that would adversely affect such Holder; or” 

3.15 Further Issuances. The Issuer may, from time to time, without notice to or the consent of the
Holders of the Notes, increase the principal amount of the Notes under the Indenture and issue such increased principal amount (or any portion thereof), in which case any additional Notes so issued will have the same form and terms (other than the
date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), and will carry the same right to receive accrued and unpaid interest, as the Notes previously issued, and such additional Notes will form
a single series with the Notes.  
 3.16 No Reissuance of Notes. The Issuer may not reissue a
Note that has matured, been redeemed, been purchased by the Issuer at the Holder’s option upon a Change of Control or otherwise been canceled, except for registration of transfer, exchange or replacement of such Note. 

Section 4. Additional Covenants Applicable to the Notes. The following covenants shall be
applicable for purposes of the Notes: 
 4.1 Offer to Repurchase Upon Change of Control. 

(a)    Upon the occurrence of a Change of Control, each Holder of Notes shall have the right to require the Issuer to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”) at a purchase price in cash equal to 101% of the
aggregate principal amount of Notes repurchased, plus accrued and unpaid interest on the Notes repurchased to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of Notes on the relevant
Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control, the Issuer shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of
Control and stating: 
 (1)    that the Change of Control Offer is being made pursuant to this
Section 4.1 and that all Notes tendered will be accepted for payment; 

  
 5 

 (2)    the purchase price and the purchase date, which
shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(3)    that any Note not tendered will continue to accrue interest; 

(4)    that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted
for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(5)    that Holders of Notes electing to have any Notes purchased pursuant to a Change of Control Offer
will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer such Notes by book-entry transfer, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6)    that Holders of Notes will be entitled to withdraw their election if the Paying Agent receives, not
later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase,
and a statement that such Holder is withdrawing its election to have the Notes purchased; and 

(7)    that Holders of Notes whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 

The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws
or regulations conflict with the provisions of this Section 4.1, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.1 by virtue of such
compliance. The Issuer will provide a copy of such notice to the Trustee. 
 (b)    On the Change of Control Payment
Date, the Issuer will, to the extent lawful: 
 (1)    accept for payment all Notes or portions of Notes
properly tendered pursuant to the Change of Control Offer; 
 (2)    deposit with the Paying Agent an
amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

  
 6 

 (3)    deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 

The Paying Agent will promptly mail (or pay by wire transfer) (but in any case not later than five days after the Change of
Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Issuer shall issue, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each such
Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Issuer will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment
Date. 
 (c)    Notwithstanding anything to the contrary in this Indenture or the Notes: 

(1)    the Issuer shall not be required to make a Change of Control Offer upon a Change of Control if
(1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.1 and purchases all Notes properly tendered and not withdrawn under the Change of
Control Offer or (2) notice of redemption with respect to all Notes has been given pursuant to Section 3.01 of the Indenture, unless and until there is a default in payment of the applicable redemption price; and 

(2)    a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the
consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 

(d)    For the avoidance of doubt, the Issuer’s failure to make a Change of Control Offer would constitute a Default
under clause (3) of Section 6.01 of the Indenture and not clause (1) or (2) thereof, but the failure of the Issuer to pay the Change of Control Payment when due shall constitute a Default under clause (1) of Section 6.01
thereof. 
 4.2 Restricted Payments. 

(a)    The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(1)    declare or pay any dividend or make any other payment or distribution on account of the
Issuer’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Issuer or any of its Restricted Subsidiaries) or to the direct or
indirect holders of the Issuer’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than (A) dividends, distributions or payments payable in Qualifying Equity Interests or, in the case of
preferred stock of the Issuer, an increase in the liquidation value thereof and (B) dividends, distributions or payments payable to the Issuer or a Restricted Subsidiary of the Issuer); 

  
 7 

 (2)    purchase, redeem or otherwise acquire or retire
for value any Equity Interests of the Issuer; 
 (3)    make any payment on or with respect to, or
purchase, redeem, defease or otherwise acquire or retire for value (collectively for purposes of this clause (3), a “purchase”) any Indebtedness of the Issuer or the Guarantor that is contractually subordinated to the Notes or the Note
Guarantee (excluding any intercompany Indebtedness between or among the Issuer and any of its Restricted Subsidiaries), except any scheduled payment of interest and any purchase within two years of the Scheduled Maturity thereof; or 

(4)    make any Restricted Investment (all such payments and other actions set forth in these clauses
(1) through (4) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of and
after giving effect to such Restricted Payment: 
 (i)    no Default has occurred and is continuing; 

(ii)    [reserved]; and 

(iii)    such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer
and its Restricted Subsidiaries since the Closing Date (excluding Restricted Payments permitted by clauses (2) through (20) of Section 4.2(b) hereof) is less than the sum, without duplication, of: 

(A)    50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from July 1,
2011, to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of
such deficit); plus 
 (B)    100% of the aggregate net cash proceeds and the Fair Market Value of non-cash consideration received by the Issuer since May 7, 2013 as a contribution to its common equity capital or from the issue or sale of Qualifying Equity Interests (other than Qualifying Equity Interests
sold to a Subsidiary of the Issuer and excluding Excluded Contributions); plus 
 (C)    100% of the aggregate net cash
proceeds and the Fair Market Value of non-cash consideration received by the Issuer or a Restricted Subsidiary of the Issuer from the issue or sale of convertible or exchangeable Disqualified Stock of the
Issuer or a 

  
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Restricted Subsidiary of the Issuer or convertible or exchangeable debt securities of the Issuer or a Restricted Subsidiary of the Issuer (regardless of when issued or sold) or in connection with
the conversion or exchange thereof, in each case that have been converted into or exchanged since May 7, 2013 for Qualifying Equity Interests (other than Qualifying Equity Interests and convertible or exchangeable Disqualified Stock or debt
securities sold to a Subsidiary of the Issuer); plus 
 (D)    to the extent that any Restricted Investment that was
made after May 7, 2013 (other than in reliance on clause (16) of Section 4.2(b) hereof) is (i) sold for cash or otherwise cancelled, liquidated or repaid for cash or (ii) made in an entity that subsequently becomes a
Restricted Subsidiary of the Issuer, the initial amount of such Restricted Investment (or, if less, the amount of cash received upon repayment or sale); plus 

(E)    to the extent that any Unrestricted Subsidiary of the Issuer designated as such after the Closing Date is
redesignated as a Restricted Subsidiary after the Closing Date, the lesser of (i) the Fair Market Value of the Issuer’s Restricted Investment in such Subsidiary (made other than in reliance on clause (16) of Section 4.2(b)
hereof) as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was originally designated as an Unrestricted Subsidiary after the Closing Date; plus 

(F)    100% of any dividends received in cash by the Issuer or a Restricted Subsidiary of the Issuer after May 7,
2013 from an Unrestricted Subsidiary of the Issuer, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Issuer for such period. 

(b)    The provisions of Section 4.2(a) hereof will not prohibit: 

(1)    the payment of any dividend or distribution or the consummation of any irrevocable redemption within
60 days after the date of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption payment would have complied with the provisions of the
Indenture; 
 (2)    the making of any Restricted Payment in exchange for, or out of or with the net cash
proceeds of the substantially concurrent sale (other than to a Subsidiary of the Issuer) of, Qualifying Equity Interests or from the substantially concurrent contribution of common equity capital to the Issuer; provided that the amount of any such
net cash proceeds that are utilized for any such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for purposes of Section 4.2(a)(iii)(B) hereof and will not be considered to be Excluded Contributions;

  
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 (3)    the payment of any dividend (or, in the case of
any partnership or limited liability company, any similar distribution), distribution or payment by a Restricted Subsidiary of the Issuer to the holders of its Equity Interests on a pro rata basis; 

(4)    the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness
of the Issuer or the Guarantor that is contractually subordinated to the Notes or to the Note Guarantee with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness; 

(5)    the repurchase, redemption, acquisition or retirement for value of any Equity Interests of the
Issuer or any Restricted Subsidiary of the Issuer held by any current or former officer, director, consultant or employee (or their estates or beneficiaries of their estates) of the Issuer or any of its Restricted Subsidiaries pursuant to any
management equity plan or equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests shall
not exceed $50.0 million in any twelve-month period (except to the extent such repurchase, redemption, acquisition or retirement is in connection with (x) the acquisition of a Permitted Business or merger, consolidation or amalgamation
otherwise permitted by the Indenture and in such case the aggregate price paid by the Issuer and its Restricted Subsidiaries shall not exceed $100.0 million in connection with such acquisition of a Permitted Business or merger, consolidation or
amalgamation or (y) the Continental/UAL Merger, in which case no dollar limitation shall be applicable); provided further, that the Issuer or any of its Restricted Subsidiaries may carry over and make in subsequent twelve-month periods, in
addition to the amounts permitted for such twelve-month period, up to $25.0 million of unutilized capacity under this clause (5) attributable to the immediately preceding twelve-month period; 

(6)    the repurchase of Equity Interests or other securities deemed to occur upon (A) the exercise of
stock options, warrants or other securities convertible or exchangeable into Equity Interests or any other securities, to the extent such Equity Interests or other securities represent a portion of the exercise price of those stock options, warrants
or other securities convertible or exchangeable into Equity Interests or any other securities or (B) the withholding of a portion of Equity Interests issued to employees and other participants under an equity compensation program of the Issuer
or its Subsidiaries to cover withholding tax obligations of such persons in respect of such issuance; 

(7)    so long as no Default has occurred and is continuing, the declaration and payment of regularly
scheduled or accrued dividends, distributions or payments to holders of any class or series of Disqualified Stock or subordinated debt of the Issuer or any preferred stock of any Restricted Subsidiary of the Issuer in each case either outstanding on
the Closing Date or issued on or after the Closing Date in accordance with Section 4.3 hereof; 

  
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 (8)    payments of cash, dividends, distributions,
advances, common stock or other Restricted Payments by the Issuer or any of its Restricted Subsidiaries to allow the payment of cash in lieu of the issuance of fractional shares upon (A) the exercise of options or warrants, (B) the
conversion or exchange of Capital Stock of any such Person or (C) the conversion or exchange of Indebtedness or hybrid securities into Capital Stock of any such Person; 

(9)    the declaration and payment of dividends to holders of any class or series of Disqualified Stock of
the Issuer or any Disqualified Stock or preferred stock of any Restricted Subsidiary of the Issuer to the extent such dividends are included in the definition of “Fixed Charges” for such Person; 

(10)    in the event of a Change of Control, and if no Default shall have occurred and be continuing, the
payment, purchase, redemption, defeasance or other acquisition or retirement of any subordinated Indebtedness of the Issuer or the Guarantor, in each case, at a purchase price not greater than 101% of the principal amount of such subordinated
Indebtedness, plus any accrued and unpaid interest thereon; provided, however, that prior to such payment, purchase, redemption, defeasance or other acquisition or retirement, the Issuer or the Guarantor (or a third party to the extent permitted by
the Indenture) has made a Change of Control Offer as a result of such Change of Control (it being agreed that the Issuer or the Guarantor may pay, purchase, redeem, defease or otherwise acquire or retire such subordinated Indebtedness even if the
purchase price exceeds 101% of the principal amount of such subordinated Indebtedness; provided that the amount paid in excess of 101% of such principal amount is otherwise permitted under the Restricted Payments covenant); 

(11)    Restricted Payments made with Excluded Contributions; 

(12)    the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed
to the Issuer or any of its Restricted Subsidiaries by, any Unrestricted Subsidiary; 
 (13)    the
distribution or dividend of assets or Capital Stock of any Person in connection with any full or partial “spin-off” of a Subsidiary or similar transactions; provided that (i) the Issuer would,
on the date of such distribution after giving pro forma effect thereto as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in Section 4.3(a) hereof, (ii) such pro forma Fixed Charge Coverage Ratio referred to in the preceding clause (i) would be greater than or equal to such Fixed Charge Coverage Ratio immediately prior to
such transaction or (iii) if such Subsidiary is not the Guarantor, no Default has occurred and is continuing; 

  
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 (14)    the distribution or dividend of assets or
Capital Stock of any Person in connection with any full or partial “spin-off” of a Subsidiary or similar transactions having an aggregate Fair Market Value not to exceed $500.0 million since the
Closing Date; 
 (15)    so long as no Default has occurred and is continuing, other Restricted Payments
in an aggregate amount not to exceed $1.0 billion, such aggregate amount to be calculated from the Closing Date; 

(16)    so long as no Default has occurred and is continuing, any Restricted Investment by the Issuer
and/or any Restricted Subsidiary of the Issuer; 
 (17)    the payment of any amounts in respect of any
restricted stock units or other instruments or rights whose value is based in whole or in part on the value of any Equity Interests issued to any directors, officers or employees of the Issuer or any Restricted Subsidiary of the Issuer; 

(18)    so long as no Default has occurred and is continuing, Restricted Payments (i) made to purchase
or redeem Equity Interests of Issuer or (ii) consisting of payments in respect of any Indebtedness (whether for purchase or prepayment thereof or otherwise); 

(19)    any Restricted Payment so long as both before and after giving effect to such Restricted Payment,
Issuer and its Restricted Subsidiaries have Liquidity in the aggregate of at least $2.2 billion; and 

(20)    Restricted Payments in an aggregate amount which do not exceed 5.0% of the Consolidated Tangible
Assets of Issuer and its Restricted Subsidiaries (calculated at the time of such Restricted Payment). 
 (c)    In the
case of any Restricted Payment that is not cash, the amount of such non-cash Restricted Payment will be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be
transferred or issued by the Issuer or such Restricted Subsidiary of the Issuer, as the case may be, pursuant to the Restricted Payment. 

(d)    For purposes of determining compliance with this Section 4.2, if a proposed Restricted Payment (or portion
thereof) meets the criteria of more than one of the categories of Restricted Payments set forth in clauses (1) through (20) of Section 4.2(b) hereof, or is entitled to be made pursuant to Section 4.2(a) hereof, the Issuer will be
entitled to classify on the date of its payment or later reclassify such Restricted Payment (or portion thereof) in any manner that complies with this Section 4.2. 

(e)    For the avoidance of doubt, the following shall not constitute Restricted Payments and therefore will not be subject
to any of the restrictions set forth in this Section 4.2: 
 (1)    the payment on or with respect
to, or purchase, redemption, defeasance or other acquisition or retirement for value of any Indebtedness of the Issuer or any Restricted Subsidiary of the Issuer that is not contractually subordinated to the Notes and the Note Guarantee; 

  
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 (2)    the payment of regularly scheduled amounts in
respect of, and the issuance of common stock of the Issuer upon conversion of, the 6% Convertible Preferred Securities, Term Income Deferred Equity Securities (TIDES)SM issued by Continental
Airlines Finance Trust II or the underlying 6% Convertible Junior Subordinated Debentures due 2030 issued by Continental; and 

(3)    the conversion of the Capital Stock of the Issuer or the Guarantor pursuant to the Airline/Parent
Merger. 
 (f)    Notwithstanding anything in this Indenture to the contrary, if a Restricted Payment is made at a time
when a Default has occurred and is continuing and such Default is subsequently cured, the Default or Event of Default arising from the making of such Restricted Payment during the existence of such Default shall simultaneously be deemed cured. 

4.3 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a)    The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Issuer will not issue
any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Issuer may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock and its Restricted
Subsidiaries may incur Indebtedness (including Acquired Debt) or issue preferred stock, if the Issuer’s Fixed Charge Coverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or such preferred stock is issued, as the case may be, would have been at least 1.1 to 1.0, determined on a pro forma basis (including a pro
forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or the preferred stock had been issued, as the case may be, at the beginning of such four-quarter period. 

(b)    The provisions of Section 4.3(a) hereof shall not prohibit the incurrence of any of the following items of
Indebtedness (collectively, “Permitted Debt”): 
 (1)    the incurrence by the
Issuer and the Guarantor of the Notes and the Note Guarantee in the aggregate principal amount to be issued on the Closing Date and any Permitted Refinancing Indebtedness that is incurred to renew, refund, refinance, replace, defease, extend or
discharge any other Indebtedness incurred pursuant to this clause (1); 
 (2)    the incurrence by the
Issuer or any of its Restricted Subsidiaries of the Existing Indebtedness and any Indebtedness that is incurred pursuant to or in lieu of a commitment in existence as of the Closing Date; 

  
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 (3)    the incurrence by the Issuer or any of its
Restricted Subsidiaries of (A) Indebtedness and letters of credit (and reimbursement obligations with respect thereto) under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (3) (with letters of
credit being deemed to have a principal amount equal to the maximum potential liability of the Issuer and its Restricted Subsidiaries thereunder) not to exceed $5.0 billion and (B) Indebtedness and letters of credit (and reimbursement
obligations with respect thereto) under Credit Facilities secured on a junior priority basis by some or all of the collateral securing Indebtedness under Credit Facilities contemplated by clause (A) of this clause (3) in an aggregate
principal amount at any one time outstanding under this clause (3)(B) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Issuer and its Restricted Subsidiaries thereunder) not to exceed
$3.0 billion; 
 (4)    the incurrence by the Issuer or any of its Restricted Subsidiaries of
Indebtedness represented by, or incurred in connection with, Finance Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing (or reimbursing the Issuer or any of its Restricted
Subsidiaries for) all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment (including, without limitation, airport, maintenance, training and office facilities, ground support
equipment and tooling) used in the business of the Issuer or any of its Restricted Subsidiaries; 

(5)    the incurrence by the Issuer or any of its Restricted Subsidiaries of (A) Permitted Refinancing
Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be incurred under
Section 4.3(a) hereof or clause (2), (4), (5), (6), (13), (20), (21), (24) or (25) of Section 4.3(b) hereof and (B) Permitted Refinancing Indebtedness secured by aircraft, airframes, engines, spare parts, flight simulators,
flight training devices or other assets replacing, renewing, refunding, extending, refinancing, defeasing or discharging any other Indebtedness of the Issuer or any of its Restricted Subsidiaries that was secured by aircraft, airframes, engines,
spare parts, flight simulators, flight training devices or other assets; 
 (6)    the incurrence by the
Issuer or any of its Restricted Subsidiaries of Indebtedness, Disqualified Stock or preferred stock (including Acquired Debt) (A) as part of, or to finance, the acquisition (including by way of merger) of any Permitted Business,
(B) incurred in connection with, or as a result of, the merger, consolidation or amalgamation of any Person (including the Issuer or any of its Restricted Subsidiaries) that owns a Permitted Business with or into the Issuer or a Restricted
Subsidiary of the Issuer, or into which the Issuer or a Restricted Subsidiary of the Issuer is merged, consolidated or amalgamated, or (C) that is an outstanding obligation of a Person that owns a Permitted Business at the time that such Person
is acquired by the Issuer or a Restricted Subsidiary of the Issuer and becomes a Restricted Subsidiary of the Issuer; 

  
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 (7)    the incurrence by the Issuer or any of its
Restricted Subsidiaries of intercompany Indebtedness between or among the Issuer and/or any of its Restricted Subsidiaries; 

(8)    the issuance by any Restricted Subsidiaries of the Issuer to the Issuer or to any of its Restricted
Subsidiaries of shares of preferred stock; 
 (9)    the incurrence by the Issuer or any of its
Restricted Subsidiaries of Hedging Obligations in the ordinary course of business; 
 (10)    the
Guarantee by the Issuer or any Restricted Subsidiary of the Issuer of Indebtedness of the Issuer or a Restricted Subsidiary of the Issuer to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision of this
Section 4.3; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then such Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 

(11)    the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness or reimbursement
obligations in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance bonds and surety bonds in the ordinary course of business (including, without limitation, in respect of customs
obligations, landing fees, taxes, airport charges, overfly rights and any other obligations to airport and governmental authorities); 

(12)    the incurrence by the Issuer or any of its Restricted Subsidiaries of Indebtedness in respect of
any overdrafts and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing house transfers of funds; 

(13)    Indebtedness (A) constituting credit support or financing from aircraft or engine
manufacturers or their affiliates or (B) incurred to finance the acquisition of aircraft, airframes, engines, spare parts, flight simulators, flight training devices, QEC Kits or other operating assets; provided that no Indebtedness may be
incurred in reliance on subsection (B) of this clause (13) more than twenty-four months after such acquisition; 

(14)    Indebtedness issued to current or former directors, consultants, managers, officers and employees
and their spouses or estates (a) to purchase or redeem Capital Stock of the Issuer issued to such director, consultant, manager, officer or employee in an aggregate principal amount not to exceed $10.0 million in any twelve-month period or
(b) pursuant to any deferred compensation plan approved by the Board of Directors of the Issuer; 

  
 15 

 (15)    reimbursement obligations in respect of standby
or documentary letters of credit or banker’s acceptances; 
 (16)    surety and appeal bonds that do
not secure judgments that constitute an Event of Default; 
 (17)    Indebtedness of the Issuer or any of
its Restricted Subsidiaries to credit card processors in connection with credit card processing services incurred in the ordinary course of business of the Issuer and its Restricted Subsidiaries; 

(18)    the incurrence by a Receivables Subsidiary of Indebtedness in a Qualified Receivables Transaction
that is without recourse to the Issuer or to any other Restricted Subsidiary of the Issuer or their assets (other than such Receivables Subsidiary and its assets and, as to the Issuer or any other Restricted Subsidiary of the Issuer, other than
Standard Securitization Undertakings) and is not guaranteed by any such Person; 
 (19)    the incurrence
of Indebtedness of the Issuer or any of its Restricted Subsidiaries owed to one or more Persons in connection with the financing of insurance premiums in the ordinary course of business; 

(20)    the incurrence of obligations under the Co-Branded
Agreement to the extent such obligations may be deemed to constitute Indebtedness of the Issuer or any of its Restricted Subsidiaries; 

(21)    the incurrence by the Issuer or the Guarantor (or, in the case of the “Co-Branded Secured Obligations” (as defined in the Credit Agreement as in effect on the Closing Date), any Restricted Subsidiary of the Issuer) of Indebtedness and letters of credit (and reimbursement
obligations with respect thereto) secured by a Lien on the “Collateral” (as defined in the Credit Agreement as in effect on the Closing Date) that is junior to the Liens securing the “Obligations” (as defined in the Credit
Agreement as in effect on the Closing Date) (including, without limitation, the “Co-Branded Secured Obligations”), and Permitted Refinancing Indebtedness that is incurred to renew, refund, refinance,
replace, defease, extend or discharge any other Indebtedness incurred pursuant to this clause (21); 

(22)    Indebtedness arising from agreements of the Issuer or any of its Restricted Subsidiaries providing
for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary; provided that the maximum assumable liability in
respect of all such Indebtedness shall at no time exceed the gross proceeds, including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured
at the time received and without giving effect to any subsequent changes in value) actually received by the Issuer or any of its Restricted Subsidiaries in connection with such disposition; 

  
 16 

 (23)    Indebtedness of the Issuer or any of its
Restricted Subsidiaries consisting of take-or-pay obligations contained in supply agreements entered into in the ordinary course of business and consistent with past
practices of the Issuer or the applicable Restricted Subsidiary of the Issuer; 
 (24)    the incurrence
by the Issuer or any of its Restricted Subsidiaries of additional Indebtedness that is either (A) unsecured and expressly contractually subordinated to the prior payment in full in cash of all Notes and Guarantor Obligations on terms not
materially less favorable to the Holders of the Notes than those customary at the time of incurrence (determined in good faith by a senior financial officer of the Issuer) for senior subordinated “high yield” debt securities or
(B) unsecured, pari passu with all Notes and Guarantor Obligations and convertible into common stock of the Issuer; provided that the aggregate principal amount of Indebtedness incurred pursuant to clauses (A) and (B) together, including
all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness incurred pursuant to this clause (24), does not exceed $1.5 billion at any time outstanding; and 

(25)    the incurrence by the Issuer or any of its Restricted Subsidiaries of additional Indebtedness in an
aggregate principal amount (or accreted value, as applicable), including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, extend, defease or discharge any Indebtedness incurred pursuant to this clause (25), not
to exceed $3.0 billion, at any time outstanding. 
 For purposes of determining compliance with this Section 4.3, if an item of
Indebtedness meets the criteria of more than one of the categories of Permitted Debt set forth in clauses (1) through (25) of Section 4.3(b) hereof or is entitled to be incurred pursuant to Section 4.3(a) hereof, the Issuer will be
permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.3; provided that (A) all “Junior Secured
Debt” (as defined in the Credit Agreement as in effect on the Closing Date) will at all times be deemed to have been incurred in reliance on the exception provided by Section 4.3(b)(21) hereof and (B) the term “Existing
Indebtedness” will not include any Indebtedness that is permitted to be incurred under clauses (1), (3) or (21) of Section 4.3(b) hereof. 

None of the following will constitute an incurrence of Indebtedness or an issuance of preferred stock or Disqualified Stock for purposes of
this Section 4.3: 
 (1)    the accrual of interest or preferred stock dividends; 

(2)     the accretion or amortization of original issue discount (“OID”); 

(3)    the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms; 

(4)    the reclassification of preferred stock as Indebtedness due to a change in accounting principles; and 

  
 17 

 (5)    the payment of dividends on preferred stock or Disqualified Stock
in the form of additional shares of the same class of preferred stock or Disqualified Stock. 
 For purposes of determining compliance with
any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was incurred. Notwithstanding any other provision of this Section 4.3, the maximum amount of Indebtedness that the Issuer or any of its Restricted Subsidiaries may incur pursuant to this Section 4.3
shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
 The amount of any
Indebtedness outstanding as of any date will be: 
 (1)    the accreted value of the Indebtedness as of such date, in the
case of any Indebtedness issued with OID; 
 (2)    the principal amount of the Indebtedness as of such date, in the case
of any other Indebtedness; and 
 (3)    in respect of Indebtedness of another Person secured by a Lien on the assets of
the specified Person, the lesser of: 
 (A)    the Fair Market Value of such assets as of such date; and 

(B)    the amount of the Indebtedness of the other Person as of such date. 

4.4 Designation of Restricted and Unrestricted Subsidiaries. 

(a)    The Board of Directors may designate any Restricted Subsidiary of the Issuer (other than the Guarantor) to be an
Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Issuer and its Restricted
Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation. That designation will be permitted only if the Investment would be permitted at that time under
Section 4.2 hereof and if the Restricted Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary.” 

(b)    Any designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary will be evidenced to the Trustee by
filing with the Trustee a certified copy of a resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions. The Board
of Directors of the Issuer may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Issuer; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Issuer
of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will be permitted only if (i) such Indebtedness is permitted under Section 4.3 hereof, calculated on a pro forma basis as if such designation had occurred
at the beginning of the applicable reference period and (ii) no Default would be in existence following such designation. 

  
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 Section 5. Changes in Events of Default Applicable
to the Notes. 
 (a)    Clauses (3), (4) and (5) of Section 6.01 of the Original Indenture shall be
amended and restated to read as follows: 
 “(3)    failure by UAL or any of its Restricted
Subsidiaries to comply with any of the covenants or agreements applicable to the Notes to which UAL or such Restricted Subsidiary is subject (other than those referred to in (1) or (2) above) and such failure continues for 60 days after the
notice specified below; 
 (4)    the Issuer, any Significant Subsidiary or any group of the
Issuer’s Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A)    commences a voluntary case; 

(B)    consents to the entry of an order for relief against it in an involuntary case; 

(C)    consents to the appointment of a Custodian of it or for all or substantially all of its property; or

 (D)    makes a general assignment for the benefit of its creditors or takes any comparable action
under any foreign laws relating to insolvency; 
 (5)    a court of competent jurisdiction enters an
order or decree under any Bankruptcy Law, which remains unstayed and in effect for 90 days, that: 

(A)    is for relief against the Issuer, any Significant Subsidiary or any group of the Issuer’s
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary in an involuntary case; 

(B)    appoints a Custodian of the Issuer, any of the Issuer’s Restricted Subsidiaries that is a
Significant Subsidiary or any group of the Issuer’s Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or all or substantially all of the property of the Issuer, any Significant Subsidiary or any group of
the Issuer’s Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(C)    orders the winding up or liquidation of the Issuer, any Significant Subsidiary or any group of the
Issuer’s Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary or any similar relief is granted under any foreign laws.” 

  
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 (b)    The following shall be added to Section 6.01 of the Original
Indenture following clause (5): 
 “(6)    except as permitted by the Indenture, the Note Guarantee
is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or the Guarantor denies or disaffirms in writing its obligations under the Note Guarantee.” 

Section 6. Acceleration. Section 6.02 of the Original Indenture shall be amended and restated
to read as follows: 
 “Acceleration. If an Event of Default with respect to the Notes (other than an Event of Default specified
in Section 6.01(4) or (5) of the Indenture) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the Notes outstanding may, by written notice to the Issuer (and to the Trustee if such notice is given
by the Holders), declare the principal amount of, and accrued and unpaid interest on all the Notes to be due and payable. Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default specified in
Section 6.01(4) or (5) of the Indenture occurs, the principal amount of, and accrued and unpaid interest on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of
the Trustee or any Holder. The Holders of a majority in principal amount of the Notes by notice to the Trustee may rescind an acceleration of the Notes and its consequences if the rescission would not conflict with any judgment or decree and if all
existing Events of Default with respect to such Notes have been cured or waived except nonpayment of the principal amount of, and accrued and unpaid interest on all Notes that has become due solely because of acceleration. No such rescission shall
affect any subsequent Default or impair any right consequent thereto.” 
 Section 7. Additional
Definitions. The following definitions shall be applicable for purposes of this Fifth Supplemental Indenture (and, if any term defined below is also defined in the Original Indenture, the definition below shall supersede the definition of such
term in the Original Indenture): 
 “Acquired Debt” means, with respect to any specified Person: 

(1)    Indebtedness, Disqualified Stock or preferred stock of any other Person existing at the time such other Person is
merged, consolidated or amalgamated with or into such specified Person, or became a Subsidiary of such specified Person, to the extent such Indebtedness is incurred or such Disqualified Stock or preferred stock is issued in connection with, or in
contemplation of, such other Person merging, consolidating or amalgamating with or into, or becoming a Subsidiary of, such specified Person; and 

(2)    Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings. No Person (other than the Issuer or any 

  
 20 

 
Subsidiary of the Issuer) in whom a Receivables Subsidiary makes an Investment in connection with a Qualified Receivables Transaction will be deemed to be an Affiliate of the Issuer or any of its
Subsidiaries solely by reason of such Investment. A specified Person shall not be deemed to control another Person solely because such specified Person has the right to determine the aircraft flights operated by such other Person under a code
sharing, capacity purchase or similar agreement. 
 “Airline/Parent Merger” means the merger or consolidation, if
any, of United and UAL. 
 “Airlines Merger” means the merger of Continental and Old United completed on
March 31, 2013. 
 “Banking Product Obligations” means, as applied to any Person, any direct or indirect
liability, contingent or otherwise, of such Person in respect of any treasury, depository and cash management services, netting services and automated clearing house transfers of funds services, including obligations for the payment of fees,
interest, charges, expenses, attorneys’ fees and disbursements in connection therewith. 
 “Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or
exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. 

“Board of Directors” means the board of directors of the Issuer or any committee thereof duly authorized to act on
behalf of the board of directors of the Issuer. 
 “Capital Stock” means: 

(1)    in the case of a corporation, corporate stock; 

(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3)    in the case of a partnership or limited liability company,
partnership interests (whether general or limited) or membership interests; and 
 (4)    any other interest or
participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, 
 but
excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Cash Equivalents” means: 

(1)    direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the
United States (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

  
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 (2)    direct obligations of state and local government entities, in
each case maturing within one year from the date of acquisition thereof, which have a rating of at least A- (or the equivalent thereof) from S&P or A3 (or the equivalent thereof) from Moody’s; 

(3)    obligations of domestic or foreign companies and their subsidiaries (including, without limitation, agencies,
sponsored enterprises or instrumentalities chartered by an Act of Congress, which are not backed by the full faith and credit of the United States), including, without limitation, bills, notes, bonds, debentures, and mortgage-backed securities, in
each case maturing within one year from the date of acquisition thereof; 
 (4)    Investments in commercial paper
maturing within 365 days from the date of acquisition thereof and having, at such date of acquisition, a rating of at least A-2 (or the equivalent thereof) from S&P or
P-2 (or the equivalent thereof) from Moody’s; 
 (5)    Investments in
certificates of deposit (including Investments made through an intermediary, such as the certificated deposit account registry service), banker’s acceptances, time deposits, eurodollar time deposits and overnight bank deposits maturing within
one year from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any other commercial bank of recognized standing organized under the laws of the
United States or any State thereof that has a combined capital and surplus and undivided profits of not less than $100.0 million; 

(6)    fully collateralized repurchase agreements with a term of not more than six (6) months for underlying
securities that would otherwise be eligible for investment; 
 (7)    Investments in money in an investment company
registered under the Investment Company Act of 1940, as amended, or in pooled accounts or funds offered through mutual funds, investment advisors, banks and brokerage houses which invest their assets in obligations of the type described in clauses
(1) through (6) above. This could include, but not be limited to, money market funds or short-term and intermediate bonds funds; 

(8)    money market funds that (i) comply with the criteria set forth in SEC Rule
2a-7 under the Investment Company Act of 1940, as amended, (ii) are rated AAA (or the equivalent thereof) by S&P and Aaa (or the equivalent thereof) by Moody’s and (iii) have portfolio
assets of at least $5.0 billion; 
 (9)    deposits available for withdrawal on demand with commercial banks
organized in the United States (or any foreign jurisdiction in which the Issuer or any Restricted Subsidiary operates) having capital and surplus in excess of $100.0 million; 

(10)    securities with maturities of one year or less from the date of acquisition issued or fully guaranteed by any
state, commonwealth or territory of the United States, by any political subdivision or taxing authority of any such state, commonwealth or territory or by any foreign government, the securities of which state, commonwealth, territory, political
subdivision, taxing authority or foreign government (as the case may be) are rated at least A- by S&P or A3 by Moody’s; and 

  
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 (11)    any other securities or pools of securities that are classified
under GAAP as cash equivalents or short-term investments on a balance sheet. 
 “Change of Control” means the
occurrence of any of the following: 
 (1)    the sale, lease, transfer, conveyance or other disposition (other than by
way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole to any Person (including any “person” (as that term is
used in Section 13(d)(3) of the Exchange Act)); or 
 (2)    the consummation of any transaction (including, without
limitation, any merger or consolidation), the result of which is that any Person (including any “person” (as defined above)) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Issuer (measured
by voting power rather than number of shares), other than (i) any such transaction where the Voting Stock of the Issuer (measured by voting power rather than number of shares) outstanding immediately prior to such transaction constitutes or is
converted into or exchanged for a majority of the outstanding shares of the Voting Stock of such Beneficial Owner (measured by voting power rather than number of shares) or (ii) any merger or consolidation of the Issuer with or into any Person
(including any “person” (as defined above)) which owns or operates (directly or indirectly through a contractual arrangement) a Permitted Business (a “Permitted Person”) or a Subsidiary of a Permitted Person, in
each case, if immediately after such transaction no Person (including any “person” (as defined above)) is the Beneficial Owner, directly or indirectly, of more than 50% of the total Voting Stock of such Permitted Person (measured by voting
power rather than number of shares). 
 “Change of Control Offer” has the meaning assigned to that term in the first
paragraph in Section 4.1(a) hereof. 
 “Change of Control Payment” has the meaning assigned to that term in the
first paragraph in Section 4.1(a) hereof. 
 “Change of Control Payment Date” has the meaning assigned to that
term in Section 4.1(a)(2) hereof. 
 “Closing Date” means the date of original issuance of the Notes. 

“Co-Branded Agreement” means that certain Second Amended and Restated Co-Branded Card Marketing Services Agreement, dated as of September 11, 2015, among the Issuer, United (formerly known as Continental and as successor by merger to Old United), Mileage Plus Holdings, LLC, and
Chase Bank USA, N.A., as may be further amended, amended and restated, modified, supplemented, replaced or extended from time to time. 

“Comparable Treasury Issue” has the meaning assigned to that term in Section 3.7. 

  
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 “Comparable Treasury Price” has the meaning assigned to that term in
Section 3.7. 
 “Consolidated EBITDAR” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus, without duplication: 
 (1)    an amount equal to any
extraordinary loss plus any net loss realized by such Person or any of its Restricted Subsidiaries in connection with any Disposition of assets, to the extent such losses were deducted in computing such Consolidated Net Income; plus

 (2)    provision for taxes based on income or profits of such Person and its Restricted Subsidiaries, to the extent
that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (3)    the Fixed
Charges of such Person and its Restricted Subsidiaries, to the extent that such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(4)    any foreign currency translation losses (including losses related to currency remeasurements of Indebtedness) of
such Person and its Restricted Subsidiaries for such period, to the extent that such losses were deducted in computing such Consolidated Net Income; plus 

(5)    depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash
expenses that were paid in a prior period) and other non-cash charges and expenses (excluding any such non-cash charge or expense to the extent that it represents an
accrual of or reserve for cash charges or expenses in any future period or amortization of a prepaid cash charge or expense that was paid in a prior period) of such Person and its Restricted Subsidiaries to the extent that such depreciation,
amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; plus 

(6)    extraordinary, non-recurring or unusual losses (including charges with
respect to the grounding or retirement of aircraft) for such period to the extent that such losses were deducted in computing such Consolidated Net Income; plus 

(7)    the amortization of debt discount to the extent that such amortization was deducted in computing such Consolidated
Net Income; plus 
 (8)    deductions for grants to any employee of the Issuer or its Restricted Subsidiaries of
any Equity Interests during such period to the extent deducted in computing such Consolidated Net Income; plus 

(9)    any net loss arising from the sale, exchange or other disposition of capital assets by the Issuer or its Restricted
Subsidiaries (including any fixed assets, whether tangible or intangible, all inventory sold in conjunction with the disposition of fixed assets and all securities) to the extent such loss was deducted in computing such Consolidated Net Income;
plus 

  
 24 

 (10)    any losses arising under fuel hedging arrangements entered into
prior to the Closing Date and any losses actually realized under fuel hedging arrangements entered into after the Closing Date, in each case to the extent deducted in computing such Consolidated Net Income; plus 

(11)    cash restructuring charges in an aggregate amount not to exceed $15.0 million in any fiscal year to the extent
such charges were deducted in computing such Consolidated Net Income; plus 
 (12)    all cost-savings,
integration costs, transactional costs, expenses and charges incurred in connection with the consummation of any transaction related to any permitted acquisition, merger, disposition, issuance of Indebtedness, issuance of Equity Interests, or any
Investment (including but not limited to any one or more of the Continental/UAL Merger, the Airlines Merger and the Airline/Parent Merger), in each case, to the extent (a) permitted under the Indenture and (b) deducted in computing such
Consolidated Net Income; plus 
 (13)    proceeds from business interruption insurance for such period, to the
extent not already included in computing such Consolidated Net Income; plus 
 (14)    any expenses and charges
that are covered by indemnification or reimbursement provisions in connection with any permitted acquisition, merger, disposition, incurrence of Indebtedness, issuance of Equity Interests or any investment to the extent (a) actually indemnified
or reimbursed and (b) deducted in computing such Consolidated Net Income; plus 
 (15)    costs and expenses,
including fees, incurred directly in connection with the consummation of this offering of the Notes to the extent deducted in computing such Consolidated Net Income; minus 

(16)    non-cash items, other than the accrual of revenue in the ordinary course of
business, to the extent such amount increased such Consolidated Net Income; minus 
 (17)    the sum of
(i) income tax credits, (ii) interest income and (iii) extraordinary, non-recurring or unusual gains included in computing such Consolidated Net Income, 

in each case, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the net income
(or loss) of such Person and its Restricted Subsidiaries for such period, on a consolidated basis (excluding the net income (or loss) of any Unrestricted Subsidiary of such Person), determined in accordance with GAAP and without any reduction in
respect of preferred stock dividends; provided that: 
 (1)    all net after tax extraordinary, non-recurring or unusual gains or losses and all gains or losses realized in connection with any Disposition of assets of such Person or the disposition of securities by such Person or the early extinguishment of
Indebtedness of such Person, together with any related provision for taxes on any such gain, will be excluded; 

  
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 (2)    the net income (but not loss) of any Person that is not the
specified Person or a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included for such period only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a
Restricted Subsidiary of the specified Person; 
 (3)    the net income (but not loss) of any Restricted Subsidiary will
be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; 

(4)    the cumulative effect of a change in accounting principles on such Person will be excluded; 

(5)    the effect of non-cash gains and losses of such Person resulting from
Hedging Obligations, including that attributable to movement in the mark-to-market valuation of Hedging Obligations pursuant to Financial Accounting Standards Board
Accounting Standards Codification 815 - Derivatives and Hedging, will be excluded; 
 (6)    any non-cash compensation expense recorded from grants by such Person of stock appreciation or similar rights, stock options or other rights to officers, directors or employees, will be excluded; 

(7)    the effect on such Person of any non-cash items resulting from any
amortization, write-up, write-down or write-off of assets (including intangible assets, goodwill and deferred financing costs) in connection with any acquisition,
disposition, merger, consolidation or similar transaction (including but not limited to any one or more of the Continental/UAL Merger, the Airlines Merger and the Airline/Parent Merger) or any other non-cash
impairment charges incurred subsequent to the Closing Date resulting from the application of Financial Accounting Standards Board Accounting Standards Codifications 205 - Presentation of Financial Statements, 350 - Intangibles -
Goodwill and Other, 360 - Property, Plant and Equipment and 805 - Business Combinations (excluding any such non-cash item to the extent that it represents an accrual of or reserve for cash
expenditures in any future period except to the extent such item is subsequently reversed), will be excluded; and 

(8)    any provision for income tax reflected on such Person’s financial statements for such period will be excluded
to the extent such provision exceeds the actual amount of taxes paid in cash during such period by such Person and its consolidated Subsidiaries. 

“Consolidated Tangible Assets” means, as of any date of determination, Consolidated Total Assets of the Issuer and its
consolidated Restricted Subsidiaries excluding goodwill, patents, trade names, trademarks, copyrights, franchises and any other assets properly classified as intangible assets, in accordance with GAAP. 

  
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 “Consolidated Total Assets” means, as of any date of determination,
the sum of the amounts that would appear on a consolidated balance sheet of the Issuer and its consolidated Restricted Subsidiaries as the total assets of the Issuer and its Restricted Subsidiaries in accordance with GAAP. 

“Continental” means Continental Airlines, Inc., a Delaware corporation (now known as United Airlines, Inc.). 

“Continental/UAL Merger” means the merger in which Continental became a Subsidiary of the Issuer. 

“Credit Agreement” means the Amended and Restated Credit and Guaranty Agreement, dated as of March 29, 2017,
among United as borrower, the Issuer, as a guarantor, the Subsidiaries of the Issuer party thereto from time to time other than United, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent. 

“Credit Facilities” means one or more debt facilities, commercial paper facilities, reimbursement agreements or other
agreements providing for the extension of credit, whether secured or unsecured, in each case, with banks, insurance companies, financial institutions or other lenders providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit, surety bonds or insurance products, in each case, as amended, restated, modified,
renewed, extended, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities) in whole or in part from time to time. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Disposition” means, with respect to any property, any sale, lease, sale and leaseback, conveyance, transfer or other
disposition thereof. The terms “Dispose” and “Disposed of” shall have correlative meanings. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is
convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than
as a result of a change of control or asset sale), is convertible or exchangeable for Indebtedness or Disqualified Stock, or is redeemable at the option of the holder of the Capital Stock, in whole or in part (other than as a result of a change of
control or asset sale), on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital
Stock have the right to require the Issuer to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not
repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.2 hereof. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of the Indenture
will be the maximum amount that the Issuer and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

  
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 “DTC” has the meaning assigned to that term in Section 3.7.

 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 “Excluded Contributions” means net cash proceeds received by the
Issuer after the Closing Date from: 
 (1)    contributions to its common equity capital (other than from any
Subsidiary); or 
 (2)    the sale (other than to a Subsidiary or to any management equity plan or stock option plan or
any other management or employee benefit plan or agreement of the Issuer or any Subsidiary) of Qualifying Equity Interests, 
 in each case designated as
Excluded Contributions pursuant to an Officers’ Certificate executed on or around the date such capital contributions are made or the date such Equity Interests are sold, as the case may be. Excluded Contributions will not be considered to be
net proceeds of Qualifying Equity Interests for purposes of Section 4.2(a)(iii)(B) hereof. 
 “Existing
Indebtedness” means all Indebtedness of the Issuer and its Subsidiaries (other than Indebtedness incurred under clause (1) or (3) of the definition of Permitted Debt) in existence on the Closing Date, until such amounts are repaid.

 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a
transaction not involving distress or necessity of either party, determined in good faith by an officer of the Issuer; provided that any such officer shall be permitted to consider the circumstances existing at such time (including, without
limitation, economic or other conditions affecting the United States airline industry generally and any relevant legal compulsion, judicial proceeding or administrative order or the possibility thereof) in determining such Fair Market Value in
connection with such transaction. 
 “Finance Lease Obligation” means, at the time any determination is to be made,
the amount of the liability in respect of a finance lease that would at that time be required to be capitalized and reflected as a liability on a balance sheet prepared in accordance with GAAP, and the Scheduled Maturity thereof shall be the date of
the last payment of rent or any other amount due under such lease. 
 “Fixed Charge Coverage Ratio” means, with
respect to any specified Person for any specified period, the ratio of the Consolidated EBITDAR of such Person for such period to the Fixed Charges of such Person for such period. If the specified Person or any of its Restricted Subsidiaries incurs,
assumes, guarantees, repays, repurchases, redeems, defeases or otherwise 

  
 28 

 
discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems Disqualified Stock or preferred stock subsequent to the commencement of the period
for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge
Coverage Ratio will be calculated giving pro forma effect (as determined in good faith by a responsible financial or accounting officer of the Issuer) to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other
discharge of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or preferred stock, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 

In addition, for purposes of calculating the Fixed Charge Coverage Ratio: 

(1)    acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through
mergers or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including all related financing transactions and including increases in ownership of
Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, or that are to be made on the Calculation Date, will be given pro forma effect (as determined in good
faith by a responsible financial or accounting officer of the Issuer and certified in an Officers’ Certificate delivered to the Trustee, and including any operating expense reductions for such period resulting from such acquisition that have
been realized or for which all of the material steps necessary for realization have been taken) as if they had occurred on the first day of the four-quarter reference period; 

(2)    the Consolidated EBITDAR attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded; 

(3)    the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Calculation Date; 
 (4)    any Person that is a Restricted Subsidiary on the
Calculation Date will be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 

(5)    any Person that is not a Restricted Subsidiary on the Calculation Date will be deemed not to have been a Restricted
Subsidiary at any time during such four-quarter period; and 
 (6)    if any Indebtedness bears a floating rate of
interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if
such Hedging Obligation has a remaining term as at the Calculation Date in excess of 12 months). 

  
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 “Fixed Charges” means, with respect to any specified Person for any
period, the sum, without duplication, of: 
 (1)    the consolidated interest expense (net of interest income) of such
Person and its Restricted Subsidiaries for such period to the extent that such interest expense is payable in cash (and such interest income is receivable in cash); plus 

(2)    the interest component of leases that are capitalized in accordance with GAAP of such Person and its Restricted
Subsidiaries for such period to the extent that such interest component is related to lease payments payable in cash; plus 

(3)    any interest expense actually paid in cash for such period by such specified Person on Indebtedness of another
Person that is guaranteed by such specified Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such specified Person or one of its Restricted Subsidiaries; plus 

(4)    the product of (a) all cash dividends accrued on any series of preferred stock of such Person or any of its
Restricted Subsidiaries for such period, other than to the Issuer or a Restricted Subsidiary of the Issuer, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state
and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP; plus 

(5)    the aircraft rent expense of such Person and its Restricted Subsidiaries for such period to the extent that such
aircraft rent expense is payable in cash, 
 all as determined on a consolidated basis in accordance with GAAP. 

“GAAP” means generally accepted accounting principles in the United States of America which are in effect from time to
time, including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, statements and pronouncements of the Financial Accounting Standards Board, such other
statements by such other entity as have been approved by a significant segment of the accounting profession and the rules and regulations of the SEC governing the inclusion of financial statements in periodic reports required to be filed pursuant to
Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. Notwithstanding the foregoing definition, with respect to leases (whether
or not they are required to be capitalized on a Person’s balance sheet under generally accepted accounting principles in the United States of America in effect as of the date of the Indenture) and with respect to financial matters related to
leases, including assets, liabilities and items of income and expense, “GAAP” shall mean (other than for purposes of the covenant described in Section 4.02 of the Original Indenture), and determinations and calculations shall be made
in accordance with, generally accepted accounting principles in the United States of America, which are in effect as of the date of the Indenture. 

“Global Note” has the meaning assigned to that term in Section 3.8. 

  
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 “Guarantee” means a guarantee (other than (i) by endorsement of
negotiable instruments for collection or (ii) customary contractual indemnities, in each case in the ordinary course of business), direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters
of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay
or to maintain financial statement conditions). 
 “Guarantor” means United. 

“Guarantor Obligations” means the due and punctual payment of the principal of (and premium, if any) and interest
(including, in case of default, interest on principal and, to the extent permitted by applicable law, on overdue interest and including any additional interest required to be paid according to the terms of the Notes), if any, on the Notes, when and
as the same shall become due and payable, whether at Stated Maturity, upon redemption, upon acceleration, upon tender for repayment at the option of any Holder or otherwise, according to the terms thereof and of the Indenture and all other
obligations of the Issuer with respect to the Notes to the Holder or the Trustee hereunder or thereunder. 
 “Hedging
Obligations” means, with respect to any Person, all obligations and liabilities of such Person under: 

(1)    interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap
agreements and interest rate collar agreements; 
 (2)    other agreements or arrangements designed to manage interest
rates or interest rate risk; and 
 (3)    other agreements or arrangements designed to protect such Person against
fluctuations in currency exchange rates, fuel prices or other commodity prices, but excluding (x) clauses in purchase agreements and maintenance agreements pertaining to future prices and (y) fuel purchase agreements and fuel sales that
are for physical delivery of the relevant commodity. 
 “incur” has the meaning assigned to that term in
Section 4.3(a). 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person
(excluding accrued expenses and trade payables), whether or not contingent: 
 (1)    in respect of borrowed money; 

(2)    evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3)    in respect of banker’s acceptances; 

(4)    representing Finance Lease Obligations; 

  
 31 

 (5)    representing the balance deferred and unpaid of the purchase
price of any property or services due more than six months after such property is acquired or such services are completed, but excluding in any event trade payables arising in the ordinary course of business; or 

(6)    representing any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a
balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. Indebtedness shall be calculated without giving effect to the effects of Financial Accounting
Standards Board Accounting Standards Codification 815 - Derivatives and Hedging and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under the Indenture as a
result of accounting for any embedded derivatives created by the terms of such Indebtedness. 
 For the avoidance of doubt, Banking Product
Obligations and a deferral of pre-delivery payments relating to the purchases of aircraft or aircraft engines do not constitute Indebtedness. 

“Interest Payment Date” has the meaning assigned to that term in Section 3.5. 

“Investments” means, with respect to any Person, all direct or indirect investments made from and after the Closing
Date by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees), capital contributions or advances (but excluding advance payments and deposits for goods and services and similar advances to officers,
employees and consultants made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities of other Persons, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Issuer or any Restricted Subsidiary of the Issuer sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Issuer after the
Closing Date such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Issuer, the Issuer will be deemed to have made an Investment on the date of any such sale or disposition equal to
the Fair Market Value of the Issuer’s Investments in such Subsidiary that were not sold or disposed of in an amount determined as provided in Section 4.2(c) hereof. Notwithstanding the foregoing, any Equity Interests retained by the Issuer
or any of its Subsidiaries after a disposition or dividend of assets or Capital Stock of any Person in connection with any partial “spin-off” of a Subsidiary or similar transactions shall not be
deemed to be an Investment. The acquisition by the Issuer or any Restricted Subsidiary of the Issuer after the Closing Date of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Issuer or such Restricted
Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in Section 4.2(c) hereof. Except as otherwise provided in the
Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

  
 32 

 “Lien” means, with respect to any asset, any mortgage, lien, pledge,
charge, security interest or similar encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any option or other
agreement to sell or give a security interest in and, except in connection with any Qualified Receivables Transaction, any agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Liquidity” shall mean the sum of (i) all unrestricted cash and Cash Equivalents of the Issuer and its Restricted
Subsidiaries and (ii) the aggregate principal amount committed and available to be drawn by the Issuer and its Restricted Subsidiaries (taking into account all borrowing base limitations or other restrictions) under all revolving credit
facilities of the Issuer and its Restricted Subsidiaries. 
 “Moody’s” means Moody’s Investors Service,
Inc. 
 “Non-Recourse Debt” means Indebtedness: 

(1)    as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise; and 

(2)    as to which the holders of such Indebtedness do not otherwise have recourse to the stock or assets of the Issuer or
any of its Restricted Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary). 
 “Note
Guarantee” has the meaning assigned to that term in Section 3.13. 
 “OID” has the meaning
assigned to that term in Section 4.3. 
 “Old United” means United Air Lines, Inc., a Delaware corporation,
which merged into Continental pursuant to the Airlines Merger. 
 “Permitted Business” means any business that is
the same as, or reasonably related, ancillary, supportive or complementary to, the business in which the Issuer and its Restricted Subsidiaries are engaged on the Closing Date. 

“Permitted Debt” has the meaning assigned to that term in Section 4.3(b). 

“Permitted Investments” means: 

(1)    any Investment in the Issuer or in a Restricted Subsidiary of the Issuer; 

(2)    any Investment in cash, Cash Equivalents and any foreign equivalents; 

(3)    any Investment by the Issuer or any Restricted Subsidiary of the Issuer in a Person, if as a result of such
Investment: 
 (a)    such Person becomes a Restricted Subsidiary of the Issuer; or 

  
 33 

 (b)    such Person, in one transaction or a series of related and
substantially concurrent transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary of the Issuer; 

(4)    any Investment made as a result of the receipt of non-cash consideration
from a Disposition of assets; 
 (5)    any acquisition of assets or Capital Stock in exchange for the issuance of
Qualifying Equity Interests; 
 (6)    any Investments received in compromise or resolution of (a) obligations of
trade creditors or customers that were incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any
trade creditor or customer or (b) litigation, arbitration or other disputes; 
 (7)    Investments represented by
Hedging Obligations; 
 (8)    loans or advances to officers, directors or employees made in the ordinary course of
business of the Issuer or any Restricted Subsidiary of the Issuer in an aggregate principal amount not to exceed $20.0 million at any one time outstanding; 

(9)    redemption or purchase of the Notes; 

(10)    any Guarantee of Indebtedness permitted to be incurred by Section 4.3 hereof other than a Guarantee of
Indebtedness of an Affiliate of the Issuer that is not a Restricted Subsidiary of the Issuer; 
 (11)    any Investment
existing on, or made pursuant to binding commitments existing on, the Closing Date and any Investment consisting of an extension, modification or renewal of any Investment existing on, or made pursuant to a binding commitment existing on, the
Closing Date; provided that the amount of any such Investment may be increased (a) as required by the terms of such Investment as in existence on the Closing Date or (b) as otherwise permitted under the Indenture; 

(12)    Investments acquired after the Closing Date as a result of the acquisition by the Issuer or any Restricted
Subsidiary of the Issuer of another Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or any of its Restricted Subsidiaries in a transaction that is not prohibited by Section 5.01 or 10.04 of the
Original Indenture after the Closing Date to the extent that such Investments were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or
consolidation; 
 (13)    the acquisition by a Receivables Subsidiary in connection with a Qualified Receivables
Transaction of Equity Interests of a trust or other Person established by such Receivables Subsidiary to effect such Qualified Receivables Transaction; and any other Investment by the Issuer or a Subsidiary of the Issuer in a Receivables Subsidiary
or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables Transaction; 

  
 34 

 (14)    accounts receivable arising in the ordinary course of business;

 (15)    Investments in connection with outsourcing initiatives in the ordinary course of business; 

(16)    Investments having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value other than a reduction for all returns of principal in cash and capital dividends in cash), when taken together with all Investments made pursuant to this clause (16) that are at the time
outstanding, not to exceed 30% of the total consolidated assets of the Issuer and its Restricted Subsidiaries at the time of such Investment; and 

(17)    any Investment by the Issuer or any of its Subsidiaries so long as no Default has occurred and is continuing when
such Investment is made. 
 “Permitted Refinancing Indebtedness” means any Indebtedness (or commitments in respect
thereof) of the Issuer or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, extend, refinance, replace, defease or discharge other Indebtedness of the Issuer or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1)    the principal amount (or accreted
value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the original principal amount (or accreted value, if applicable) when initially incurred of the Indebtedness renewed, refunded, extended, refinanced, replaced, defeased
or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); provided that with respect to any such Permitted Refinancing Indebtedness that is
refinancing secured Indebtedness and is secured by the same collateral, the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness shall not exceed the greater of the preceding amount and the Fair Market Value
of the assets securing such Permitted Refinancing Indebtedness; 
 (2)    if such Permitted Refinancing Indebtedness has
a maturity date that is after the maturity date of the Notes (with any amortization payment comprising such Permitted Refinancing Indebtedness being treated as maturing on its amortization date), such Permitted Refinancing Indebtedness has a
Weighted Average Life to Maturity that is (a) equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being renewed, refunded, extended, refinanced, replaced, defeased or discharged or (b) more than 60 days
after the final maturity date of the Notes; 
 (3)    if the Indebtedness being renewed, refunded, extended, refinanced,
replaced, defeased or discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable to the holders of Notes as those contained in
the documentation governing the Indebtedness being renewed, refunded, extended, refinanced, replaced, defeased or discharged; and 

  
 35 

 (4)    notwithstanding that the Indebtedness being renewed, refunded,
refinanced, extended, replaced, defeased or discharged may have been repaid or discharged by the Issuer or any of its Restricted Subsidiaries prior to the date on which the new Indebtedness is incurred, Indebtedness that otherwise satisfies the
requirements of this definition may be designated as Permitted Refinancing Indebtedness so long as such renewal, refunding, refinancing, extension, replacement, defeasance or discharge occurred not more than 36 months prior to the date of such
incurrence of Permitted Refinancing Indebtedness. 
 “Person” means any individual, corporation, partnership, joint
venture, limited liability company, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“QEC Kits” means the quick engine change kits of the Issuer or any of its Subsidiaries. 

“Qualified Receivables Transaction” means any transaction or series of transactions entered into by the Issuer or any
of its Subsidiaries pursuant to which the Issuer or any of its Subsidiaries sells, conveys or otherwise transfers to (1) a Receivables Subsidiary or any other Person (in the case of a transfer by the Issuer or any of its Subsidiaries) and
(2) any other Person (in the case of a transfer by a Receivables Subsidiary), or grants a security interest in, any accounts receivable (whether now existing or arising in the future) of the Issuer or any of its Subsidiaries, and any assets
related thereto including, without limitation, all Equity Interests and other investments in the Receivables Subsidiary, all collateral securing such accounts receivable, all contracts and all Guarantees or other obligations in respect of such
accounts receivable, proceeds of such accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts
receivable. 
 “Qualifying Equity Interests” means Equity Interests of the Issuer other than Disqualified Stock.

 “Quotation Agent” has the meaning assigned to that term in Section 3.7. 

“Receivables Subsidiary” means a Subsidiary of the Issuer which engages in no activities other than in connection with
the financing of accounts receivable and which is designated by the Board of Directors of the Issuer (as provided below) as a Receivables Subsidiary (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which
(i) is guaranteed by the Issuer or any Restricted Subsidiary of the Issuer (other than comprising a pledge of the Capital Stock or other interests in such Receivables Subsidiary (an “incidental pledge”), and excluding
any Guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables
Transaction), (ii) is recourse to or obligates the Issuer or any Restricted Subsidiary of the Issuer in any way other than through an incidental pledge or pursuant to representations, warranties, covenants and indemnities entered into in the
ordinary course of business in connection with a Qualified Receivables Transaction or (iii) subjects any property or asset of the Issuer or any Subsidiary of the Issuer (other than accounts receivable and related assets as provided in the
definition of 

  
 36 

 
“Qualified Receivables Transaction”), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties, covenants and
indemnities entered into in the ordinary course of business in connection with a Qualified Receivables Transaction, (b) with which neither the Issuer nor any Subsidiary of the Issuer has any material contract, agreement, arrangement or
understanding (other than pursuant to the Qualified Receivables Transaction) other than (i) on terms no less favorable to the Issuer or such Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Issuer, and (ii) fees payable in the ordinary course of business in connection with servicing accounts receivable and (c) with which neither the Issuer nor any Subsidiary of the Issuer has any obligation to maintain or preserve such
Subsidiary’s financial condition, other than a minimum capitalization in customary amounts, or to cause such Subsidiary to achieve certain levels of operating results. Any such designation by the Board of Directors of the Issuer will be
evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Issuer giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the
foregoing conditions. 
 “Reference Treasury Dealer” has the meaning assigned to that term in Section 3.7. 

“Regular Record Date” has the meaning assigned to that term in Section 3.5. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“Restricted Payments” has the meaning assigned to that term in Section 4.2(a)(4). 

“Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted
Subsidiary. 
 “S&P” means Standard & Poor’s Ratings Services. 

“Scheduled Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness,
the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Closing Date, and will not include any contingent obligations to repay, redeem or repurchase any such interest
or principal prior to the date originally scheduled for the payment thereof. 
 “Significant Subsidiary”
means any Restricted Subsidiary of the Issuer that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act of 1933, as amended, as such Regulation is in effect on the Closing Date. 
 “Standard
Securitization Undertakings” means all representations, warranties, covenants, indemnities, performance Guarantees and servicing obligations entered into by the Issuer or any Subsidiary (other than a Receivables Subsidiary), which are
customary in connection with any Qualified Receivables Transaction. 
 “Stated Maturity” means the
date specified in the Notes as the fixed date on which an amount equal to the principal amount of the Notes is due and payable. 

  
 37 

 “Subsidiary” means, with respect to any Person: 

(1)    any corporation, association or other business entity (other than a partnership, joint venture or limited liability
company) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively
transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or other business entity is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of
the other Subsidiaries of such Person (or a combination thereof); and 
 (2)    any partnership, joint venture or limited
liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such
Person or one or more of the other Subsidiaries of such Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is
a controlling general partner or otherwise controls such entity. 
 “Trust Indenture Act” means the Trust Indenture
Act of 1939, as amended, and the rules and regulations thereunder as in effect on the date of the Indenture. 

“UAL” means United Continental Holdings, Inc., a Delaware corporation. 

“United” means United Airlines, Inc., a Delaware corporation formerly known as Continental Airlines, Inc., the
survivor of the Airlines Merger. 
 “Unrestricted Subsidiary” means any Subsidiary of the Issuer that is designated
by the Board of Directors of the Issuer as an Unrestricted Subsidiary in compliance with Section 4.4 hereof pursuant to a resolution of the Board of Directors, but only if such Subsidiary: 

(1)    has no Indebtedness other than Non-Recourse Debt; 

(2)    is not party to any agreement, contract, arrangement or understanding with the Issuer or any Restricted Subsidiary
of the Issuer unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Issuer; 
 (3)    is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any
direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

(4)    has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Issuer or
any of its Restricted Subsidiaries. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock
of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

  
 38 

 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years obtained by dividing: 
 (1)    the sum of the products obtained by
multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years
(calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2)    the then outstanding principal amount of such Indebtedness. 

Section 8. Miscellaneous. 

8.1 Governing Law. THIS FIFTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. UAL, UNITED AND THE
TRUSTEE EACH IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE NOTES. 

8.2 Counterparts. This Fifth Supplemental Indenture may be executed in any number of counterparts, each
of which shall be deemed to be an original and all of them together shall represent the same agreement. 

8.3 Trustee Not Responsible for Recitals. The recitals herein contained are made by UAL and United and
not by the Trustee, and the Trustee does not assume any responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture, the Notes or the Note Guarantee. All of
the provisions contained in the Indenture in respect of the rights, privileges, immunities, powers, and duties of the Trustee shall be applicable in respect of this Fifth Supplemental Indenture as fully and with like force and effect as though fully
set forth in full herein. 
 8.4 Confirmation of Indenture. The Original Indenture, as supplemented
and amended by this Fifth Supplemental Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 

8.5 Conflict with Trust Indenture Act. If any provision of this Fifth Supplemental Indenture limits,
qualifies or conflicts with another provision which is required to be included by the Trust Indenture Act, the required provision shall control. 

[Signature page follows.] 

  
 39 

 IN WITNESS WHEREOF, the parties have caused this Fifth Supplemental Indenture to be duly
executed as of the date first written above. 
  

					
	UNITED CONTINENTAL HOLDINGS, INC.
		
	By:	 	/s/ Gerald Laderman
		 	Name:	 	Gerald Laderman
		 	Title:	 	Executive Vice President
		 		 	and Chief Financial Officer
	
	UNITED AIRLINES, INC.
		
	By:	 	/s/ Gerald Laderman
		 	Name:	 	Gerald Laderman
		 	Title:	 	Executive Vice President
		 		 	and Chief Financial Officer

 [Signature Page to Fifth Supplemental Indenture] 

 
					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Lawrence M. Kusch
		 	Name:	 	Lawrence M. Kusch
		 	Title:	 	Vice President

 [Signature Page to Fifth Supplemental Indenture] 

 EXHIBIT A 

Form of Note 
 [See Attached] 

 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE ORIGINAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE ORIGINAL INDENTURE AND (IV) THIS GLOBAL NOTE MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER (AS DEFINED IN THE INDENTURE). 
 UNLESS THIS GLOBAL NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

BY ACCEPTANCE OF THIS NOTE OR ANY INTEREST HEREIN, EACH PURCHASER AND SUBSEQUENT TRANSFEREE OF THIS NOTE OR ANY INTEREST HEREIN WILL BE DEEMED TO HAVE
REPRESENTED AND WARRANTED TO THE ISSUER AND THE TRUSTEE THAT EITHER (I) SUCH PURCHASER OR TRANSFEREE IS NOT AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED
(“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF THE CODE OR ERISA (COLLECTIVELY, “SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF SUCH PLANS, ACCOUNTS AND ARRANGEMENTS (COLLECTIVELY, “PLANS”), AND NO PORTION OF THE ASSETS USED BY SUCH PURCHASER OR TRANSFEREE TO ACQUIRE AND HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES ASSETS OF ANY PLAN OR
(II) THE PURCHASE AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN BY SUCH PURCHASER OR TRANSFEREE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE OR A VIOLATION OF ANY APPLICABLE SIMILAR LAW. 

  
 1 

 CUSIP No.: 910047 AK5 

UNITED CONTINENTAL HOLDINGS, INC. 

4.875% SENIOR NOTES DUE 2025 
 No. 1 

UNITED CONTINENTAL HOLDINGS, INC., a Delaware corporation (the “Issuer,” which term includes any successor entity), for value
received promises to pay to CEDE & CO. or registered assigns, the principal sum of $350,000,000, on January 15, 2025. 

Interest Payment Dates: January 15 and July 15, beginning on January 15, 2020. 

Record Dates: January 1 and July 1. 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 
 [Signature Page on Next Page] 

  
 2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by
its duly authorized officers. 
  

			
	UNITED CONTINENTAL HOLDINGS, INC.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 3 

 Certificate of Authentication 

This is one of the 4.875% Senior Notes due 2025 referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

 Dated:                  , 2019 

  
 4 

 (REVERSE OF SECURITY) 

4.875% SENIOR NOTES DUE 2025 

(1)    Interest. United Continental Holdings, Inc., a Delaware corporation (the “Issuer”), shall pay
interest on the outstanding principal amount of this Note at a rate per annum of 4.875% (calculated on the basis of a 360-day year of twelve 30-day months), payable
semi-annually in arrears, on each Interest Payment Date until the principal thereof has been paid in full, commencing on January 15, 2020, to the Person in whose name this Note is registered at the close of business on the Record Date next
preceding such Interest Payment Date. Interest shall accrue on this Note from the most recent date to which interest on this Note has been paid or for which interest has been provided or, if no interest has been paid or provided for hereon, from
May 9, 2019. 
 (2)    Terms of Payment. Interest on the Notes which is payable, and is punctually paid or
duly provided for, on any Interest Payment Date shall be paid to the Person in whose name the Note is registered at the close of business on the Record Date next preceding such Interest Payment Date at the office or agency of the Issuer maintained
for such purpose under the Indenture (as such term is defined below); provided, however, that each installment of interest on any Note may be paid at the Issuer’s option by mailing a check for such interest, payable to or upon the written order
of the Person entitled thereto, to the address of such Person as it appears on the register for such Note or by wire transfer of immediately available funds to an account of the Person entitled thereto as such account shall be provided to the
Registrar for such Notes and shall appear on the applicable register. Payments of principal (and premium, if any) of a Note shall be made against surrender of such Note at the office or agency of the Issuer maintained for such purpose pursuant to
the Indenture at the Issuer’s option by check payable to or upon the written order of the Person entitled thereto or by wire transfer to an account of the Person entitled thereto as such account shall be provided to the Registrar for such
Notes. All amounts payable by the Issuer with respect to the Notes shall be in U.S. dollars. 
 (3)    Registrar and
Paying Agent. Initially, The Bank of New York Mellon Trust Company, N.A., a national banking association, not in its individual capacity but solely as trustee (the “Trustee”), will act as Paying Agent and Registrar for the Notes. The
Issuer may remove any Paying Agent or Registrar without notice to the Holders. 
 (4)    Indenture. The Issuer
issued the Notes under the Indenture dated as of May 7, 2013 (the “Original Indenture”), among (a) the Issuer, (b) United Airlines, Inc. (the “Guarantor”) and (c) the Trustee, as supplemented by the Fifth
Supplemental Indenture, dated as of May 9, 2019 (the “Fifth Supplemental Indenture”), among the Issuer, the Guarantor, and the Trustee (the Original Indenture, as supplemented by the Fifth Supplemental Indenture, the
“Indenture”). This Note is one of a duly authorized series of notes of the Issuer designated as its 4.875% Senior Notes due 2025. The Notes are initially limited in aggregate principal amount to $350,000,000. Capitalized terms herein are
used as defined in the Indenture unless otherwise defined herein. The terms of the Notes include those stated in the Indenture and made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§
77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the

  
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Indenture and the TIA for a statement of them. To the extent any provision of the Notes limits, qualifies or conflicts with another provision which is required to be included in the Indenture by
the TIA, the required provision shall control. Each Holder, by accepting a Note, agrees to be bound by all of the terms and provisions of the Indenture, as the same may be amended from time to time. 

(5)    Optional Redemption; Change of Control Repurchase. 

(a)    The Notes will be redeemable, at the Issuer’s option, in whole at any time or in part from time to time,
pursuant to the terms of the Indenture at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments of principal and
interest on such Notes (excluding accrued and unpaid interest to the redemption date) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in either case, accrued and unpaid interest on the principal amount being redeemed to such redemption date. 

(b)    Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Issuer to
repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of the Notes pursuant to a Change of Control Offer at a purchase price of 101% of the aggregate principal amount of the Notes repurchased, plus accrued
and unpaid interest on the Notes repurchased to the date of purchase. 
 (6)    Denominations; Transfer;
Exchange. The Notes shall be issuable in denominations of $2,000 or an integral multiple of $1,000 in excess thereof. Where Notes are presented to the Registrar with a request to register a transfer or to exchange them for an equal principal
amount of Notes, the Registrar shall register the transfer of or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate the Notes at the
Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted in the Indenture), but the Issuer may require the payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith (other than with respect to exchanges of temporary securities, securities redeemed in part, or to amend the terms of a Note). Neither the Issuer nor the Registrar shall be required
(a) to register the transfer of, or exchange of any Notes for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of any Notes selected for redemption and ending at the close
of business on the day of such mailing or (b) to register the transfer of or exchange of any Notes selected, called or being called for redemption as a whole or the portion being redeemed of any such Notes selected, called or being called for
redemption in part. 
 (7)    Persons Deemed Owners. The Person in whose name a Note is registered shall be
treated as the owner of it for the purpose of receiving payment of principal of (and premium, if any) and interest, if any, on this Note and for all other purposes whatsoever. 

(8)    Unclaimed Money. Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in
trust for the payment of principal of, or premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if 

  
 6 

 
any, or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall be discharged from such trust. Thereafter, the Holder of such Note
shall look only to the Issuer for payment thereof, and all liability of the Trustee and such Paying Agent with respect to such money, and all liability of the Issuer as trustee thereof, shall cease. 

(9)    Satisfaction and Discharge Prior to Redemption or Stated Maturity. Subject to certain conditions, the Issuer
may terminate some or all of its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee as trust funds in cash or non-callable Government Securities, or a combination thereof, in
an amount sufficient to pay the principal of, and premium if any, and interest on the Notes to redemption or Stated Maturity. 

(10)    Amendment; Supplement; Waiver. Subject to certain exceptions, the provisions of the Indenture relating to
the Notes may be amended or supplemented without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Notes then outstanding, and any existing Default relating to the Notes may be waived
with the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding. Without notice to or consent of any Holder, the Issuer, the Guarantor and the Trustee may amend the Indenture as it applies to any
Notes or any of the other terms of such Notes to, among other things, cure any ambiguity or correct or supplement any provision contained in the Indenture or in any Notes which may be defective or inconsistent with any other provision contained
therein. 
 (11)    Defaults and Remedies. If an Event of Default with respect to the Notes occurs and is
continuing (other than an Event of Default relating to certain events of bankruptcy and similar matters with respect to the Issuer, any Significant Subsidiary or any group of the Issuer’s Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary), the Trustee or the Holders of at least 25% in principal amount of Notes then outstanding, by written notice to the Issuer (and to the Trustee, if such notice is given by the Holders), may declare the principal
amount of, and accrued and unpaid interest on, all the Notes to be due and payable. Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default relating to certain events of bankruptcy and similar matters with
respect to the Issuer, any Significant Subsidiary or any group of the Issuer’s Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary occurs, the principal amount of, and accrued and unpaid interest on, all the
Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture.
Subject to the terms of the Indenture, the Trustee is not obligated to exercise any of its rights or powers under the Indenture unless the Holders have offered security or indemnity satisfactory to the Trustee. The Indenture permits, subject to
certain limitations therein provided, Holders of a majority in principal amount of the Notes then outstanding to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee with respect to the Notes. The Trustee may withhold from Holders of Notes notice of any continuing Default with respect to the Notes (except a Default in payment of principal, or premium if any, or accrued and unpaid
interest with respect to the Notes) in accordance with the provisions of the Indenture if a committee of the Trustee’s Trust Officers in good faith determines that withholding notice is in the interest of the Holders. 

  
 7 

 (12)    Trustee Dealings With Issuer. Subject to certain
limitations provided in the Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.

 (13)    No Recourse Against Others. A director, officer, employee or shareholder, as such, of the Issuer or of
the Guarantor shall not have any liability for any obligations of the Issuer or the Guarantor under the Notes, the Note Guarantee or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes and the Note Guarantee. 

(14)    Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or
an authenticating agent. 
 (15)    Governing Law. The laws of the State of New York shall govern this Note and
the Indenture, without regard to principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

(16)    Abbreviations and Defined Terms. Customary abbreviations may be used in the name of a Holder of a Note or
an assignee, such as: TEN CON (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

(17)    CUSIP Numbers. The Issuer has caused CUSIP numbers to be printed on the Notes as a convenience to the
Holders of the Notes. No representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice to Holders. Reliance may be placed only on the other elements of identification printed on the Notes,
and any such notice shall not be affected by any defect or omission of such CUSIP numbers. 

  
 8 

 ASSIGNMENT FORM 

If you the Holder want to assign this Note, fill in the form below and have your signature guaranteed: 

I or we assign and transfer this Note to: 
  

	
	 
	 
	 

 (Print or type name, address and zip code and social security or tax ID number of assignee) 

and irrevocably appoint
                                , agent to transfer this Note on the books of the Issuer.
The agent may substitute another to act for him. 
  

							
				
	Dated:	 	 	 	Signed:	 	 
		 		 		 	(Sign exactly as name appears on the other side of this Note)

  

			
	Signature Guarantee*:	  	 

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.1 of the Fifth Supplemental Indenture, check the box
below: 
 ☐ Section 4.1 

If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.1 of the Fifth Supplemental Indenture,
state the amount you elect to have purchased: 

$                       
  
 Date:                      

 

			
	 Your Signature:
	 	 
		 	 (Sign exactly as your name appears on the face of this Note)

 Tax Identification No.:
                             

 

			
		
	Signature Guarantee*:	 	 

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 10 

 EXHIBIT B 

Form of Notation of Note Guarantee 

[See Attached] 

 NOTATION OF NOTE GUARANTEE 

For value received, United Airlines, Inc. (the “Guarantor”, which term includes any successor Person under the Indenture) has fully and
unconditionally guaranteed, to the extent set forth in the Indenture, dated as of May 7, 2013, among United Continental Holdings, Inc. (the “Issuer”), the Guarantor and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”) (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture, dated as of May 9, 2019, among the Issuer, the Guarantor, and the Trustee (the “Fifth Supplemental Indenture”) (the
Original Indenture, as supplemented by the Fifth Supplemental Indenture, the “Indenture”), the due and punctual payment of the principal of (and premium, if any) and interest, if any, on the Notes, when and as the same shall become due and
payable, whether at Stated Maturity, upon redemption, upon acceleration, upon tender for repayment at the option of any Holder or otherwise, according to the terms thereof and of the Indenture and all other obligations of the Issuer with respect to
the Notes to the Holders or the Trustee under the Notes or the Indenture. In case of the failure of the Issuer or any successor thereto punctually to pay any such principal, premium, if any, or interest, the Guarantor hereby agrees to cause any such
payment to be made punctually when and as the same shall become due and payable, whether at Stated Maturity, upon redemption, upon declaration of acceleration, upon tender for repayment at the option of any Holder or otherwise, as if such payment
were made by the Issuer. The obligations of the Guarantor to the Holders of Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article X of the Original Indenture and reference is hereby made to the
Indenture for the precise terms of the Note Guarantee. 
 Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein.

							
	Dated:                     , 2019	 		 	UNITED AIRLINES, INC.
				
		 		 	By:	 	 
		 		 	Name:	 	
		 		 	Title:	 	

  
 Signature Page to Note
Guarantee

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