Document:

United Contract Number:

Exhibit 10.5

 

AGREEMENT

     THIS AGREEMENT (the "Agreement") is made and
entered into as of September 2, 2002 (the "Effective Date") between United
Air Lines, Inc. ("UA") and UAL Corporation ("UAL", UA and UAL sometimes
collectively referred to as "United") and Andrew P. Studdert residing at
2844 Blackhawk Road, Wilmette, Illinois 60091 (sometimes referred to as
"Executive").

     WHEREAS, Executive has served and is presently
serving as an officer of UA (such position is hereinafter referred to as
the "Executive Position"), and may hold various other positions and directorships
with UA, UAL, or subsidiaries or affiliates thereof;

     WHEREAS, United and Executive desire to fully
settle and resolve any and all issues and disputes arising out of Executive's
employment with United and the termination of his full time employment
as an executive officer by United;

     WHEREAS, United wishes to retain certain limited
services of Executive, and Executive wishes to provide said services to
United, in accordance with the terms and conditions set forth herein; and

     WHEREAS, Executive has agreed in this Agreement
to provide such services and to release United from certain liabilities,
as set forth in this Agreement, arising out of Executive's ceasing to serve
in the Executive Position;

     NOW, THEREFORE, it is agreed by and between
United and Executive as follows:

     1.     Relinquishment
of Title; Continued Employment.  Executive hereby ceases to serve
in the Executive Position, effective as of the Effective Date.  Thereafter,
Executive will continue to be actively employed by United, but Executive
will perform services for United by being "on call", including testifying
on behalf of United, and subject to such other assignments consistent with
Executive's experience and reasonably acceptable to Executive as may be
reasonably requested by either the person who is Executive's supervisor
immediately prior to the Effective Date (the "Supervisor") or the Supervisor's
successor; provided that such requests shall not unreasonably interfere
with any employment or business pursuits, including consulting, that Executive
may be engaged in from time to time.

     2.     Time Period of
Employment; Retirement.  A.   United agrees to employ
Executive and Executive agrees to be employed by United on the basis stated
in Paragraph 1 from the Effective Date through the earlier of (i) 11:59
p.m. of September 2, 2007, or (ii) the termination of this Agreement and
Executive's employment pursuant to Paragraph 4 hereof (such period, the
"Term").

     B.     Notwithstanding
the foregoing, if the Term ends pursuant to Paragraph 2(A)(ii) above, by
virtue of the operation of Paragraph 4(a)(i), Executive's beneficiaries
will have the benefits accorded to the beneficiaries of an active officer
who dies.

     3.     Compensation
and Benefits.  A. Salary.  United will pay Executive
the following salary payments:

(i)     Executive's monthly salary as in
effective on the Effective Date for the month of September 2002.
(ii)     From October 1, 2002 through the end of
the Term, United will pay Executive a monthly salary in the amount of $1,000.00.
Such payments will be made on the same schedule as salary payments are
made to actively employed officers of United from time to time, currently
the 15th and last day of each month.  During the Term, Executive will
not be entitled to any increase nor subject to any decrease in such salary
payments.  Any amounts will be prorated for any partial month.

(iii)     United shall also pay Executive a lump
sum payment of $1,452,000.00 upon the expiration of the revocation period
set out in paragraph 9(B)(iv).

All payments made pursuant to this paragraph 3 will be subject to withholding
for taxes and other purposes as required by applicable law.  The lump
sum payment made pursuant to (iii) of this paragraph 3 shall not be considered
to be Earnings for purposes of any employee benefit plan sponsored by United.
     B.     Incentive Compensation.
If a Performance Incentive Plan (or any successor Plan) award is granted
for 2002 performance or thereafter, Executive will not be eligible for
any award.

     C.     Benefits. 
Notwithstanding what may be provided to other active employees of United
from time to time or whether Executive may have been covered by a benefit
plan prior to the Effective Date, the only benefits that Executive shall
be entitled to during the Term are as follows:

(i)     Free and Reduced Rate Transportation. 
United shall provide to Executive and his eligibles free and reduced rate
transportation of the type granted to actively employed officers in accordance
with company regulations and officer travel policies as revised from time
to time.
(ii)     United Air Lines, Inc. Management, Administrative
and Public Contact Defined Benefit Pension Plan.  Executive shall
continue to participate in (A) the Pension Plan and (B) the United Air
Lines, Inc. Supplemental Retirement Plan in accordance with their terms
(hereinafter collectively the "Retirement Plans") provided that in the
event participation in the Pension Plan is frozen during the Term, Executive
shall be credited with participation under the Supplemental Plan for the
period participation is frozen but not beyond the end of the Term.

(iii)     Management Medical/Dental. 
Executive and his eligible dependents shall continue to be covered by the
Management Medical/Dental Plan in the same manner as other active management
employees.  In the event active management employees are required
to pay a portion of the premium or cost for coverage under the Medical/Dental
Plan, Executive shall be entitled to such coverage provided he makes all
required payments in a timely manner as determined by the Plan Administrator
of the Management Medical/Dental Plan.

(iv)     Group Life Insurance.  Executive
shall continue to be covered by Group Life Insurance including Contributory
Life Insurance (if so covered) based on his annual salary amount immediately
prior to the Effective Date, on the same basis as other active management
employees, provided the appropriate payroll deductions are authorized and
in accordance with the terms of the policies.  The insurance company
shall bill the Executive directly for the premiums for the Contributory
Life Insurance coverage commencing October 1, 2002.

(v)     Officer's Accidental Death and Dismemberment
Insurance/Split Dollar Life Insurance. Executive's Officer's Accidental
Death and Dismemberment coverage will continue until the end of the Term.
If Executive is covered by the Officer's Split Dollar Life Insurance as
of the Effective Date, Executive will continue to be covered by such insurance
until the end of the Term or, if sooner, until UA cancels such coverage
for active officers.  The terms of Executive's coverage and option
for
continuation of the Officer's Split Dollar Life Insurance after the end
of the Term or upon cancellation will be explained in a separate letter
upon the end of the Term or upon cancellation.

(vi)     (a)  Stock.  Executive
shall forfeit all vested and unvested stock options granted under UAL's
equity incentive plans (the "Equity Plans") prior to the Effective Date. 
Executive shall retain any restricted stock granted to him pursuant to
the Equity Plans.

(b)  Executive will not be eligible for any grants made under
the Equity Plans, or any successor plans, after the Effective Date.
(vii)     Other Benefits.  Executive will
continue to be eligible to participate in the employee stock purchase plan,
401(k) plan, Flexible Spending Account, officer financial services and
Employee Stock Ownership Plan, and will be eligible for payroll savings
bonds on the same basis as other active employees.  Executive will
also be eligible to utilize the Credit Union subject to its rules.
(viii)     Vacation and Holidays.  Executive
shall be paid for eight (8) weeks of accrued vacation upon the expiration
of the revocation period set out in paragraph 9(B)(iv). No vacation or
holiday time will be accrued or taken after the Effective Date.

(ix)      Outplacement Benefits. 
For a period of 12 months commencing on the Effective Date, Executive will
be provided with outplacement assistance appropriate to the Executive Position
held by the Executive prior to the Effective Date.

(x)       Automobile.  UA
will transfer title to the Cadillac automobile provided to Executive by
UA immediately prior to the Effective Date.

(xi)       Laptop Computer and Cellular
Telephone.  UA will transfer to Executive title to the laptop
computer and cellular telephone provided to Executive by UA immediately
prior to the Effective Date and Executive shall retain his cellular telephone
number but shall be responsible for all charges incurred after the Effective
Date; provided, further, if requested by UA, Executive will promptly after
such request deliver the laptop computer to UA so that UA can delete any
Confidential Information (as defined in paragraph 6(A) below) that may
be stored in such computer.

     D.     Each of the benefits
enumerated in Paragraph 3(C) is subject to the practices, rules, and regulations
of United, as in effect from time to time.

     E.     (i)    
Notwithstanding any other provisions of this Agreement, in the event that
any payment or benefit received or to be received by Executive hereunder,
when taken together with any payment or benefits received or to be received
pursuant to the terms of any other plan, arrangement or agreement with
United, or any affiliate thereof (all such payments and benefits being
hereinafter called "Total Payments") would be subject (in whole or part),
to any excise tax (the "Excise Tax") imposed under section 4999 of the
Internal Revenue Code of 1986, as amended (the "Code"), then, the payments
under Paragraph 3(A) shall first be reduced and individual benefits under
Paragraph 3(C) shall thereafter be eliminated, to the extent necessary
so that no portion of the Total Payments is subject to the Excise Tax,
but only if (A) the net amount of such Total Payments, as so reduced (and
after subtracting the net amount of federal, state and local income taxes
on such reduced Total Payments) is greater than or equal to (B) the net
amount of such Total Payments without such reduction (but after subtracting
the net amount of federal, state and local income taxes on such Total Payments
and the amount of Excise Tax to which Executive would be subject in respect
of such unreduced Total Payments); provided, however, that
Executive may elect to have individual benefits under Paragraph 3(C) eliminated
prior to any reduction of the cash payments under Paragraphs 3(A).

              
(ii)     For purposes of determining whether and the
extent to which the Total Payments will be subject to the Excise Tax, (i)
no portion of the Total Payments the receipt or enjoyment of which Executive
shall have waived at such time and in such manner as not to constitute
a "payment" within the meaning of section 280G(b) of the Code shall be
taken into account, (ii) no portion of the Total Payments shall be taken
into account which, in the opinion of tax counsel ("Tax Counsel") reasonably
acceptable to Executive and selected by the accounting firm (the "Auditor")
which was, immediately prior to the Effective Date, United's independent
auditor, does not constitute a "parachute payment" within the meaning of
section 280G(b)(2) of the Code (including by reason of section 280G(b)(4)(A)
of the Code) and, in calculating the Excise Tax, no portion of such Total
Payments shall be taken into account which, in the opinion of Tax Counsel,
constitutes reasonable compensation for services actually rendered, within
the meaning of section 280G(b)(4)(B) of the Code, in excess of the Base
Amount (as defined in section 280G(b)(3) of the Code) allocable to such
reasonable compensation, and (iii) the value of any non-cash benefit or
any deferred payment or benefit included in the Total Payments shall be
determined by the Auditor in accordance with the principles of sections
280G(d)(3) and (4) of the Code.

     F.     Air Transportation
Safety and System Stabilization Act.

            
(i)     Notwithstanding any other provisions of this
Agreement, in the event that any payment or benefit received or to be received
by the Executive hereunder, when taken together with any payment or benefits
received or to be received pursuant to the terms of any other plan, arrangement,
or agreement with United, or any affiliate thereof which is, in the opinion
of counsel selected by United ("Counsel"), included in "Total Compensation"
as defined by Section 104(b) of the Air Transportation Safety and System
Stabilization Act (the "Act") would, in the opinion of Counsel, exceed
the limitation under Section 104(a) of the Act, then the payments under
Paragraph 3(A) included in Total Compensation shall first be reduced and
individual benefits under Paragraph 3(C) included in Total Compensation
shall thereafter be eliminated, provided, however, that Executive
may elect to have individual benefits under Paragraph 3(C) eliminated prior
to any reduction of the cash payments under Paragraph 3(A).

              
(ii)      Paragraph 3(F)(i) will not apply if
(a) United does not apply for Federal credit instrument under the Act by
the deadline stipulated in the Act or any amendment thereto or (b)
if United does apply for a Federal credit instrument under
the Act by the deadline but such Federal credit instrument is not actually
issued to United for any reason other than because the Executive's Total
Compensation exceeds the limitation under Section 104(a) of the Act.

     4.     Termination of
Employment Under Agreement.

     A.     Non-Election
of Executive.  Executive's employment under this Agreement shall
terminate and Executive will no longer have the status of an active employee
of United and will no longer be entitled to any of the benefits of this
Agreement (including the entitlement to the payment and benefits described
in Paragraph 3(C), other than those required by law or otherwise vested),
on the happening of the earliest of the following events:

     (i)     Executive's
death;
     (ii)     Any material breach
by Executive of Paragraph 6 or 9 hereof or the failure by Executive to
provide notice to United pursuant to Paragraph 4(B)(ii) hereof;

     (iii)     Executive's termination
for Cause (as defined below).

For purposes hereof, "Cause" shall mean (a) the willful and continued failure
by Executive to substantially perform Executive's duties with United (other
than any such failure resulting from Executive's incapacity due to physical
or mental illness) after a written demand for substantial performance is
delivered to Executive by the Board of Directors of UAL (the "Board"),
which demand specifically identifies the manner in which the Board believes
that Executive has not substantially performed Executive's duties, and
Executive shall not have substantially performed within a reasonable time
after receipt of such notice,  (b) the willful engaging by Executive
in conduct, including any conduct that is a violation of Executive's duties
set forth under Paragraph 7 or 8 hereof, which is demonstrably and materially
injurious to United or its subsidiaries, monetarily or otherwise or (c)
Executive's conviction for the commission of a felony.  For purposes
of clauses (a) and (b) of this definition, no act, or failure to act, on
Executive's part shall be deemed "willful" unless done, or omitted to be
done, by Executive not in good faith and without reasonable belief that
Executive's act, or failure to act, was in the best interest of United.
     B.     Election of Executive. 
(i) During the Term, if Executive elects to terminate his employment for
any reason, Executive will receive, in lieu of any further payments under
Paragraphs 3(A)(ii) above (such payments, the "Monthly Payments"), a one
time lump sum payment (subject to withholding for taxes and other purposes
as required by applicable laws) in an amount equal to the sum of the remaining
Monthly Payments payable under this Agreement, and will no longer be entitled
to any benefits under Paragraph 3(C) (other than benefits required by law
or otherwise vested). Before Executive's election to terminate under this
paragraph can become effective, Executive must have provided United seven
(7) days' written notice of his election by registered mail addressed to
the General Counsel of United at its principal World Headquarters offices. 
Executive's termination of employment will be as of the seventh (7th) day
after receipt by United of such notice, at which time he or she will no
longer have the status of an active employee of United (including the entitlement
to benefits described in Paragraph 3(C), other than benefits required by
law or otherwise vested).  In the event Executive makes an election
to terminate his employment under this Paragraph 4(B)(i), Executive agrees
not to take a Competitive Position (as defined below) for a Competitor
(as defined below) for the period commencing on the Effective Date and
ending on September 3, 2003.

     (ii)  Notwithstanding the foregoing
provisions of this Paragraph 4(B), during the Term, if Executive elects
to terminate his employment by taking a Competitive Position (as defined
below) with a Competitor (as defined below):

     (a)     Upon agreeing
to such employment he must immediately so notify United in writing by registered
mail addressed to the General Counsel of United at its principal World
Headquarters offices;
     (b)     will be deemed
to have elected to terminate his employment under this Agreement (including
the entitlement to benefits described in Paragraph 3(C)) effective as of
the day Executive becomes employed by such Competitor; and

     (c)     will be entitled
to no further compensation after such effective date.

For purposes of this Agreement, (1) "Competitor" means any airline or air
carrier or any company affiliated, directly or indirectly, with another
airline or air carrier and (2) "Competitive Position" means becoming employed
by, a member of the board of directors of, a consultant to, or to otherwise
provide services of any nature to a Competitor directly or indirectly. 
If during the Term, Executive desires to provide services whether as a
consultant, employee or otherwise to a Competitor and requests that United
consent to such provision of such services, United will reasonably consider
such request and will not unreasonably withhold, delay or condition its
consent.  In the event United consents to Executive's providing such
services, there will not be a termination of the Executive's employment
under the Agreement pursuant to this Paragraph 4(B)(ii).  In the event
United does not consent to the Executive's providing such services pursuant
to this Paragraph 4(B)(ii), Executive may terminate the Agreement pursuant
to Paragraph 4(B)(i) and may accept such Competitive Position.
     C.     Survival. 
Notwithstanding any termination of Executive's employment under this Agreement,
Executive shall continue to be bound by (1) the provisions of Paragraphs
6 through 16 hereof, and (2) the provisions of Paragraph 4(B)(ii)(a) hereof.

     5.     Regulations. 
During his employment, Executive will be governed by applicable United
regulations, as in effect from time to time, to the extent that such regulations
are consistent with Executive's status as an on-call employee.

     6.     Confidentiality.

     A.     For purposes of
this Agreement "Confidential Information" shall mean and include, but not
be limited to, the kinds of services provided or proposed to be provided
by United to customers, the manner in which such services are performed
or offered to be performed, information concerning United's fleet plan,
cost structure, strategic plan, labor strategy, information concerning
the creation, acquisition or disposition of products and services, personnel
information, and other trade secrets and confidential or proprietary information
concerning United's business, but shall not include information which (I)
is or becomes generally available to the public other than as a result
of a disclosure by Executive, (II) was available to Executive on a non-confidential
basis prior to its disclosure by UAL or UA, or (III) becomes available
to Executive on a non-confidential basis from a person other than UAL,
UA or their officers, directors, employees or agents who is not otherwise
bound by any confidentiality obligations with respect to the information
provided to Executive (the "Confidential Information").

     B.     (i)  Executive
acknowledges that: (a) United's business is intensely competitive and that
Executive's employment by United has required and during the Term may continue
to require that Executive have access to and knowledge of Confidential
Information of United, (b) the direct or indirect disclosure of any Confidential
Information would place United at a disadvantage and would do damage, monetary
or otherwise, to United's business, and (c) the engaging by Executive in
any of the activities prohibited by this Paragraph 6 may constitute improper
appropriation or use of such Confidential Information.  Executive
expressly acknowledges the trade secret status of the Confidential Information
and that the Confidential Information constitutes a protectible business
interest of United.

(ii)  Whether directly or indirectly, individually, as
a director, stockholder, owner, partner, employee, principal, or agent
of any business, or in any other capacity, during the Term of this Agreement
and for the three (3) year period thereafter, Executive shall not make
known, disclose, furnish, make available or utilize any of the Confidential
Information, other than in the proper performance of the duties contemplated
under this Agreement.  Executive shall return any tangible Confidential
Information, including photocopies, extracts and summaries thereof, or
any such information stored electronically on tapes, computer disks, or
in any other manner that Executive has in his possession (a) on the Effective
Date of this Agreement, (b) at the end of the Term, and (c) at such time
as United requests Executive to do so.

(iii)  Executive acknowledges and agrees that due to the
confidential and proprietary nature of the Confidential Information he
or she possesses, a breach or threatened breach by him or her of any of
the provisions contained in this Paragraph 6 will cause United irreparable
injury.  Therefore, in addition to any other rights or remedies, Executive
agrees that United shall be entitled to a temporary, preliminary, and permanent
injunction enjoining or restraining Executive from any such violation or
threatened violation, without the necessity of proving the inadequacy of
monetary damages or the posting of any bond or security.  Executive
consents to jurisdiction for such enforcement in any state or federal court
in the State of Illinois.

(iv)  Executive further acknowledges and agrees that due
to the uniqueness of his services and confidential nature of the Confidential
Information he or she possesses, the covenants set forth herein are reasonable
and necessary for the protection of the business and goodwill of United.

     Executive understands that it is United's intent
to have this promise of confidentiality enforced to its fullest extent. 
Accordingly, Executive and United agree that, if any portion of this promise
of confidentiality is unenforceable, the court should still construe and
enforce this promise of confidentiality to the fullest extent permitted
by law.
     C.     Executive agrees
to keep the terms of and circumstances surrounding this Agreement and of
his working arrangement, as defined herein, confidential except that the
source and amount of his income may be revealed as necessary for tax, loan
purposes and the like.

     7.     Non-Disparagement. 
A.  Executive agrees not to make, or cause to be made, any statement,
observation or opinion, or communicate any information (whether oral or
written, directly or indirectly) that (a) accuses or implies that United
and/or any of its parents, subsidiaries and affiliates, together with their
respective present or former officers, directors, partners, shareholders,
employees and agents, and each of their predecessors, successors and assigns,
engaged in any wrongful, unlawful or improper conduct, whether relating
to Executive's employment (or the termination thereof), the business or
operations of United, or otherwise; or (b) disparages, impugns or in any
way reflects adversely upon the business or reputation of United and/or
any of its parents, subsidiaries and affiliates, together with their respective
present or former officers, directors, partners, shareholders, employees
and agents, and each of their predecessors, successors and assigns.

     B.     United agrees not
to willfully authorize any statement, observation or opinion (whether oral
or written, direct or indirect) that is materially injurious to Executive
and that (a) accuses or implies that Executive engaged in any wrongful,
unlawful or improper conduct relating to Executive's employment with United
or (b) disparages, impugns or in any way reflects adversely upon the reputation
of Executive.

     C.     Nothing herein shall
be deemed to preclude Executive or United from providing truthful testimony
or information pursuant to subpoena, court order or similar legal process.

     8.      Non-Solicitation
of Employees:  Executive agrees that Executive will not, for a
period of two years following the Effective Date, directly or indirectly,
for the benefit of any Competitor (as defined in Paragraph 4(B) hereof)
of United, solicit the employment or services of, hire, or assist in the
hiring of any person eligible for the Incentive Compensation Plan or any
successor Plan.

     9.     Assent and Release. 
A.  In consideration for the payments and benefits provided in this
Agreement, Executive hereby voluntarily, knowingly, willingly, irrevocably,
and unconditionally releases UA and UAL together with their respective
parents, subsidiaries and affiliates, and each of their respective officers,
directors, employees, representatives, attorneys and agents, and each of
their respective predecessors, successors and assigns (collectively, the
"Releasees") from any and all charges, complaints, claims, liabilities,
obligations, promises, agreements, causes of action, rights, costs, losses,
debts, and expenses of any nature whatsoever, known or unknown, which against
them Executive or his successors or assigns ever had, now have or hereafter
can, shall or may have (either directly, indirectly, derivatively or in
any other representative capacity) by reason of any matter, fact or cause
whatsoever arising from the beginning of time to the date of this Agreement,
including without limitation all claims arising under Title VII of the
Civil Rights Act of 1991, the federal Age Discrimination in Employment
Act of 1967 ("ADEA"), the Americans with Disabilities Act of 1990, the
Employee Retirement Income Security Act of 1974, the Family and Medical
Leave Act of 1993, the Equal Pay Act of 1963, each as amended; and all
other federal, state or local laws, rules, regulations, judicial decisions
or public policies now or hereafter recognized, including but not limited
to the California Fair Employment and Housing Act, the Colorado anti-discrimination
laws, the Illinois Human Rights Act, the New Jersey Law Against Discrimination
and the New York City and State Human Rights Law, each as amended. 
This release by Executive of the Releasees also includes, without limitation,
all claims arising under each employee pension, employee welfare, and executive
compensation plan of United now in effect or hereafter adopted, except
for any benefits to be provided to Executive under this Agreement or in
the normal course of Executive's employment through the Effective Date. 
It is agreed that this paragraph shall survive termination of the Agreement. 
Nothing in this Paragraph 9 shall affect or impair any right that Executive
has to either (1) indemnification pursuant to United's bylaws or applicable
law or (2) any vested benefit under United's employee benefit plans.

     B.     Executive expressly
acknowledges and agrees that, by entering into this Agreement, Executive
is waiving any and all rights or claims that he may have arising under
the ADEA, as amended, which have arisen on or before the date of execution
of this Agreement.  Executive further expressly acknowledges and agrees
that:

     (i)     In return
for this Agreement, Executive will receive compensation beyond that which
he was already entitled to receive before entering into this Agreement;

     (ii)     Executive
has been advised by United to consult with an attorney before signing this
Agreement;

     (iii)     Executive
was given a copy of this Agreement on or before September 5, 2002. 
Executive has been informed that Executive has not less than twenty-one
(21) days from September 5, 2002 within which to consider the Agreement
and, if Executive considers this Agreement for fewer than 21 days, then
Executive agrees that he has had a reasonable period of time to consider
the Agreement; and

     (iv)     Executive
was informed that Executive had seven (7) days following the date of execution
of the Agreement in which to revoke the Agreement.  After seven (7)
days this Agreement will become effective, enforceable and irrevocable
unless written revocation is received by the undersigned from Executive
on or before the close of business on the seventh (7th) day after Executive
executed this Agreement.  If Executive revokes this Agreement it shall
not be effective or enforceable and Executive will not receive the compensation
or benefits described in this Agreement.

     C.     Waiver of Unknown
Claims:  It is the intention of Executive and United in executing
this Agreement that the same shall be effective as a bar to each and every
claim, demand and cause of action hereinabove specified.  In furtherance
of this intention, Executive hereby expressly waives any and all rights
and benefits conferred upon Executive by the provisions of SECTION 1542
OF THE CALIFORNIA CIVIL CODE, to the extent applicable to Executive, 
and expressly consents that this Agreement shall be given full force and
effect according to each and all of its express terms and provisions, including
as well those related to unknown and unsuspected claims, demands and causes
of action, if any, as well as those relating to any other claims, demands
and causes of action hereinabove specified.  SECTION 1542 provides:
"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES
NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT TIME OF EXECUTING THE RELEASE,
WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT
WITH THE DEBTOR."

     Executive acknowledges that Executive may hereafter
discover claims or facts in addition to or different from those which Executive
now knows or believes to exist with respect to the subject matter of this
Agreement and which, if known or suspected at the time of executing this
Agreement, may have materially affected this settlement.
     10.     Non-Assignability;
Assignment in the Event of Acquisition or Merger.  This Agreement
and the benefits hereunder are not assignable or transferable by Executive;
the rights and obligations of United under this Agreement will automatically
be deemed to be assigned by United to any corporation or entity into which
United may be merged or consolidate.

     11.     Applicable Law. 
This Agreement shall be construed in accordance with the laws of the State
of Illinois, and the rights and obligations of the parties hereunder shall
be construed and enforced in accordance with, and governed by the laws
of, the State of Illinois, without regard to principles of conflict of
laws.

     12.     Paragraph Reference. 
Any reference to paragraphs or subparagraphs shall be references to paragraphs
or subparagraphs of this Agreement unless expressly stated otherwise.

     13.     Severability. 
If any provision of this Agreement or the application thereof is held invalid,
the invalidity shall not affect the other provisions or applications of
this Agreement which can be given effect without the invalid provisions
or application in accordance with the essential intent and purpose of this
Agreement, and to this end the provisions of this Agreement are declared
to be severable.  Moreover, if any one or more of the provisions contained
in this Agreement is held to be excessively broad as to duration, scope,
activity or subject, such provisions will be construed by limiting and
reducing them so as to be enforceable to the maximum extent compatible
with applicable law and with the essential intent and purpose of this Agreement.

     14.     Supersedes Prior
Agreement(s).  This Agreement supersedes and voids any prior oral
or written agreement relating in any way to Executive's employment with
UA or UAL which may have been entered into between the parties hereto. 
Any change to this Agreement after the Effective Date must be in writing
and must be executed by UA, UAL and Executive.

     15.     No Mitigation. 
United agrees that Executive is not required to seek other employment or
to attempt in any way to reduce any amounts payable to Executive by United
pursuant to this Agreement.  Furthermore, the amount of any payment
or benefit provided for in this Agreement shall not be reduced by any compensation
earned by Executive as the result of employment by another employer, by
retirement benefits, by offset against any amount claimed to be owed by
Executive to United, or otherwise.

     16.     Legal Fees;
Arbitration.  United shall pay to Executive reasonable legal fees
incurred by Executive in preparation of this Agreement.  United shall
also pay all reasonable legal fees and expenses incurred by Executive in
disputing in good faith any issue hereunder or under the or in seeking
in good faith to obtain or enforce any benefit or right provided hereunder.
Payments requested by Executive pursuant to this Paragraph 16 shall be
made, without exception, within five (5) business days after delivery of
Executive's written requests for payment accompanied with such evidence
of fees and expenses incurred as United reasonably may require.  Any
dispute or controversy arising under or in connection with this Agreement
shall be settled exclusively by arbitration in Chicago, Illinois, in accordance
with the National Rules for the Resolution of Employment Disputes of the
American Arbitration Association then in effect.  Executive consents
to arbitration in Chicago, Illinois, as set forth above, agrees that judgment
may be entered in the courts of the State of Illinois on any such arbitration
award, consents to the jurisdiction of the courts of Illinois, both state
and federal, for the enforcement of any such arbitration award and agrees
not to disturb such choice of forum.  Notwithstanding the above, Executive
further agrees that United may seek temporary, preliminary or permanent
injunctive relief to enforce the provisions contained in Paragraph 6, without
first proceeding to arbitration.

     17.     Representations
by United.  United hereby represents and warrants to Executive
that; (a) the execution, delivery and performance of this Agreement by
United have been duly authorized by all necessary actions by United, (b)
this Agreement has been duly executed and delivered by United to Executive,
and (c) this Agreement constitutes the valid and legally binding obligation
of United and is enforceable against United in accordance with its terms.

          United
and Executive, having read and understood this Agreement and, having consulted
with others as appropriate, hereby agree to be bound by its terms.

     IN WITNESS WHEREOF, the parties have executed
this Agreement effective as of September 2, 2002, at the World Headquarters
of United Air Lines, Inc., 1200 East Algonquin Road, Elk Grove Twp., Illinois
60007.

 

 

 

	UAL CORPORATION AND	 
	UNITED AIR LINES, INC.	EXECUTIVE
	 	 
	 	 
	By: /s/ Glenn F. Tilton	/s/ Andrew P. Studdert
	Name:  Glenn F. Tilton	Andrew P. Studdert
	Title: Chairman and Chief	 
	       Executive
OfficerExhibit 10.1.2
                                                                  EXECUTION COPY

       SECOND AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT, CAPITAL
                    EXPENDITURE LINE AND SECURITY AGREEMENT

      THIS SECOND AMENDMENT TO AMENDED AND RESTATED  REVOLVING  CREDIT,  CAPITAL
EXPENDITURE LINE AND SECURITY AGREEMENT (the "Agreement") is entered into on the
__ day of  October,  2002 by and  among  PHILIPP  BROTHERS  CHEMICALS,  INC.,  a
corporation  organized  under the laws of the  State of New York,  ("Borrower"),
Phibro-Tech,  Inc.,  a  corporation  organized  under  the laws of the  State of
Delaware,  C P Chemicals,  Inc., a corporation  organized  under the laws of the
State of New Jersey, The Prince Manufacturing  Company, a corporation  organized
under  the  laws of the  State  of  Illinois  (as an  individual  entity  and as
successor by merger to The Prince Manufacturing Company, a corporation organized
under the laws of the  State of  Pennsylvania),  Prince  Agriproducts,  Inc.,  a
corporation organized under the laws of the State of Delaware,  Mineral Resource
Technologies,  Inc.,  a  corporation  organized  under  the laws of the State of
Delaware  (successor by merger of Mineral Resource  Technologies,  L.L.C.  which
merged into MRT Management Corp.),  Phibro-Chem,  Inc., a corporation  organized
under the laws of the State of New Jersey, PhibroChemicals,  Inc., a corporation
organized under the laws of the State of New York,  Western  Magnesium  Corp., a
corporation  organized under the laws of the State of California,  Phibro Animal
Health Holdings,  Inc., a corporation organized under the laws of Delaware,  and
Phibro  Animal  Health U.S.,  Inc., a  corporation  organized  under the laws of
Delaware  (each a  "Guarantor"  and  collectively  "Guarantors"),  the financial
institutions   which  are  now  or  which   hereafter   become  a  party  hereto
(collectively, the "Lenders" and individually a "Lender") and PNC BANK, NATIONAL
ASSOCIATION,  a national banking association ("PNC"), as agent for Lenders (PNC,
in such capacity, the "Agent").

                                    RECITALS

      Whereas,  on August 19, 1998,  PNC,  the  Borrower and certain  Guarantors
entered into a Revolving  Credit,  Acquisition Term Loan and Security  Agreement
(as such has been amended, supplemented and/or restated until November 28, 2000,
the  "Original  Loan  Agreement"),  pursuant to which certain  Lenders  extended
various credit facilities in favor of the Borrower;

      Whereas,  on November 29, 2000,  Borrower,  Guarantors and Lenders amended
and  restated  the  Original  Loan  Agreement  and  entered  into an Amended and
Restated Revolving Credit,  Capital  Expenditure Line and Security Agreement (as
may be amended, supplemented and/or restated, the "Loan Agreement"), pursuant to
which the Lenders extended various credit  facilities in the aggregate amount of
$85,000,000 in favor of the Borrower;

      Whereas, on September 28, 2001, Borrower, Guarantors and Lenders agreed to
modify the terms of the Loan  Agreement  as set forth in the First  Amendment to
Amended and Restated  Revolving  Credit,  Capital  Expenditure Line and Security
Agreement;

      Whereas,  Borrower,  Guarantors  and Lenders have agreed to further modify
the terms of the Loan Agreement as set forth in this Agreement.

      Now, therefore, in consideration of Lender's continued extension of credit
and the agreements contained herein, the parties agree as follows:

                                    AGREEMENT

1)    ACKNOWLEDGMENT  OF  BALANCE.  Borrower  acknowledges  that the most recent
      statement of account sent to Borrower with respect to the  Obligations  is
      correct.

2)    MODIFICATIONS. The Loan Agreement be and hereby is modified as follows:

      (A) The following  definitions contained in Section 1.2 are hereby deleted
and new definitions are substituted therefor to read as follows:

      "Capital  Expenditure  Line Interest Rate" shall mean an interest rate per
      annum equal to the sum of the Base Rate plus one and three quarters of one
      percent (1.75%).

      "Revolving  Interest  Rate" shall mean an interest rate per annum equal to
      the sum of the Base Rate plus one and one half of one percent (1.50%).

                                       1
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

      "Maximum Loan Amount" shall mean $60,800,000.

      "Maximum Revolving Advance Amount" shall mean $55,000,000.

      (B) The  following  definition  is hereby added to Section 1.2 of the Loan
Agreement to read as follows:

      "Inventory  Sublimit"  shall mean (i)  $35,000,000 in the aggregate at any
      one time until and  including  March 31,  2003,  (ii)  $32,500,000  in the
      aggregate at any one time from April 1, 2003 until and including  June 30,
      2003 and (iii) $30,000,000 in the aggregate at any one time thereafter.

      (C) The following  definition  contained in Section 1.2 is hereby deleted:

      "Applicable Margin"

      (D)  Subsection  2.1(a)(ii)  of the Loan  Agreement is hereby  deleted and
replaced with a new Subsection 2.1(a)(ii) to read as follows:

            (ii) the  lesser of (A) 60%,  subject to the  provisions  of Section
      2.1(b)  hereof,  of the  value  of the  Eligible  Inventory  ; or (B)  the
      Inventory  Sublimit;  or (C) 85% of the net orderly  liquidation  value of
      Eligible  Inventory as determined  by the  appraisals  (the  "Appraisals")
      referred to in Section 7 of the Second  Amendment  to Amended and Restated
      Revolving Credit,  Capital Expenditure Line and Security Agreement,  dated
      as of October __, 2002, by and among Borrower, Guarantors, Lenders and the
      Agent,  and thereafter as reasonably  determined by the Agent from time to
      time upon request of the Borrower using substantially the same methodology
      and  standards as are used in the  Appraisals  (the lesser of (A), (B) and
      (C) shall be referred to as the "Inventory Advance Rate") (the Receivables
      Advance  Rate  and  the  Inventory  Advance  Rate  shall  be  referred  to
      collectively, as the "Advance Rates"), minus

      (E) Subsection 2.2(a) of the Loan Agreement is hereby deleted and replaced
with new Subsection 2.2(a) to read as follows:

            2.2 (a)  Capital  Expenditure  Advances.  Subject  to the  terms and
      conditions  set forth in this  Agreement,  each Lender,  severally and not
      jointly, will make Capital Expenditure Advances to Borrower,  from time to
      time  during  the  period  commencing  on the  Closing  Date and ending on
      October 1, 2002, in aggregate  principal  amounts,  at any time,  equal to
      such Lender's Commitment Percentage of up to the lesser of (i) $5,800,000;
      or (ii) 70% of the  appraised  orderly  liquidation  value  of  Borrower's
      domestic  Equipment  (For  purposes of this  Subsection  2.2(a),  the term
      "Equipment"  shall  include  only the  Equipment  of the  Borrower).  Upon
      receipt  by  Agent  of an  appraisal  calculating  the  appraised  orderly
      liquidation  value  of  Borrower's  domestic  Equipment,   Borrower  shall
      reimburse  each  Lender  their   Commitment   Percentage  of  any  Capital
      Expenditure  Line Advances  provided to Borrower in excess of the value of
      70% of the appraised  orderly  liquidation  value of  Borrower's  domestic
      Equipment.  The Capital  Expenditure  Advances  shall be  evidenced by the
      secured   promissory   note  (the   "Capital   Expenditure   Line  Note"),
      substantially in the form attached as Exhibit 2.2(a).

            The amount  derived  from the  calculation  of the lesser of (i) and
      (ii) above shall be referred to as the "Capital  Expenditure  Line Formula
      Amount".

      (F)  Subsection  2.10 of the Loan Agreement is hereby deleted and replaced
with a new Subsection 2.10 to read as follows:

      2.10. Letters of Credit. Subject to the terms and conditions hereof, Agent
      shall (a) issue or cause the  issuance of Letters of Credit  ("Letters  of
      Credit") on behalf of Borrower;  provided, however, that Agent will not be
      required  to issue or cause to be  issued  any  Letters  of  Credit to the
      extent that the face amount of such Letters of Credit would then cause the
      sum of (i)  the  outstanding  Revolving  Advances  plus  (ii)  outstanding
      Letters  of Credit  to exceed  the  lesser  of (x) the  Maximum  Revolving
      Advance  Amount  or  (y)  the  Formula  Amount.   The  maximum  amount  of
      outstanding Letters of Credit shall not exceed $7,500,000 in the aggregate
      at any time. All  disbursements  or payments

                                       2
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

      related to Letters of Credit shall be deemed to be Revolving  Advances and
      shall bear interest at the  applicable  Contract  Rate;  Letters of Credit
      that have not been drawn upon shall not bear interest.

      (G) Subsection 6.5 of the Loan Agreement is hereby deleted.

      (H)  Subsection  6.6 of the Loan  Agreement is hereby deleted and replaced
with a new Subsection 6.6 to read as follows:

      6.6. Interest  Coverage Ratio.  Maintain at all times an Interest Coverage
      Ratio of (i) not less than 1.29 to 1.0 as of  September  30,  2002,  to be
      tested for the immediately  preceding three (3) months; (ii) not less than
      1.33 to 1.0 as of  December  31,  2002,  to be tested for the  immediately
      preceding six (6) months;  (iii) not less than 1.37 to 1.0 as of March 31,
      2003, to be tested for the immediately  preceding nine (9) months and (iv)
      not less than 1.40 to 1.0 as of June 30, 2003 and thereafter, to be tested
      for the  immediately  preceding  twelve (12) months.  For purposes of this
      Section  6.6,  EBITDA shall be  calculated  to exclude  one-time  charges,
      restructuring charges and charges from discontinued operations.

      (I) Subsection 6.10 of the Loan Agreement is hereby deleted.

      (J)  Subsection  6.12 is  hereby  added to the Loan  Agreement  to read as
follows:

      6.12.  Monthly  Domestic Cash Flow.  Maintain at all times,  except as set
      forth below, a monthly domestic cash flow of at least  $2,250,000,  tested
      monthly on a trailing  three (3) month basis.  However,  for the months of
      December,  January and February of each year,  monthly  domestic cash flow
      shall not be less than  $1,750,000  tested monthly on a trailing three (3)
      month basis.  For purposes of this Subsection  6.12, (i) monthly  domestic
      cash flow shall  mean,  for any month,  the sum of EBITDA  plus  dividends
      and/or  distributions  paid to the Obligors from all foreign  Subsidiaries
      and  (ii)  EBITDA  shall  be  calculated  to  exclude  one-time   charges,
      restructuring charges and charges from discontinued operations.

      (K)  Subsection  6.13 is  hereby  added to the Loan  Agreement  to read as
follows:

      6.13.  Minimum  Undrawn  Availability.  Maintain  at all  times a  minimum
      Undrawn Availability of not less than $5,000,000.

      (L)  Subsection  9.9 of the Loan  Agreement is hereby deleted and replaced
with a new Subsection 9.9 to read as follows:

      9.9. Monthly Financial Statements and Borrowing Base Certificates. Furnish
      Agent within  thirty (30) days after the end of each month,  the financial
      statements of the Borrower and all of its direct and indirect Subsidiaries
      and of the Borrower and all of its domestic  Subsidiaries  including,  but
      not limited to, an unaudited  statement of profit and loss,  statements of
      income and  stockholders'  equity and cash flow from the  beginning of the
      current  fiscal year to the end of such month and the balance  sheet as at
      the end of such  month,  all on a  consolidated  and  consolidating  basis
      reflecting  results of operations from the beginning of the fiscal year to
      the end of such month and for such month,  prepared on a basis  consistent
      with prior practices and fairly present,  in all material  respects,  such
      financial condition, subject to normal year end and audit adjustments. The
      reports shall be accompanied by a certificate on behalf of each Obligor by
      the Chief Financial Officer of such Obligor, which shall state that, based
      on an examination  sufficient to permit it to make an informed  statement,
      no  Default  or Event of  Default  exists,  or,  if such is not the  case,
      specifying such Default or Event of Default, its nature, when it occurred,
      whether  it is  continuing  and the steps  being  taken by  Obligors  with
      respect to such event and, such  certificate  shall have appended  thereto
      calculations which set forth Obligors' compliance with the requirements or
      restrictions  imposed by Sections 6.6,  6.12,  6.13, 7.6 and 7.11 hereof..
      Furnish  Agent  within  twenty  (20) days  after  the end of each  month a
      Borrowing Base Certificate for the Borrower and its domestic Subsidiaries,
      on a  consolidated  basis,  and for  each  domestic  Obligor,  in form and
      reasonably satisfactory to the Agent.

                                       3
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

3)    EURODOLLAR  LOAN  AVAILABILITY.  Notwithstanding  any  other  term  and/or
      provision  of the Loan  Agreement or the Other  Documents,  as of the date
      hereof, Eurodollar Loans are no longer available to the Borrower.

4)    WAIVER OF BREACH OF  COVENANT.  The  Borrower  acknowledges  that it is in
      breach of the following  financial  covenants under the Loan Agreement for
      the periods ended June 30, 2002 and  September 30, 2002:  (i) the Domestic
      Net Worth covenant  contained in Section 6.5 of the Loan  Agreement,  (ii)
      the Interest Coverage Ratio contained in Section 6.6 of the Loan Agreement
      and (iii) the Fixed Charge Coverage Ratio contained in Section 6.10 of the
      Loan  Agreement.  The Lenders hereby waive the  Borrower's  breaches under
      such covenants solely for such periods. Except as heretofore waived by the
      Lenders in  writing,  the  Lenders  reserve  their  rights  under the Loan
      Agreement and the Other  Documents for breaches  under such  covenants for
      any other periods.

5)    ACKNOWLEDGMENTS. Borrower acknowledges and represents that:

      (A) the Loan Agreement and Other Documents, as amended hereby, are in full
force and effect  without any defense,  claim,  counterclaim,  right or claim of
set-off;

      (B) to the best of its  knowledge,  no  default by the Agent or Lenders in
the  performance of their duties under the Loan Agreement or the Other Documents
has occurred;

      (C) all  representations  and warranties of the Borrower  contained herein
and in the Other  Documents are true and correct in all material  respects as of
this date, except for any representation or warranty that specifically refers to
an earlier  date and except to the extent  that the Agent and the  Lenders  have
been notified by the Borrower that any representation or warranty is not correct
and the Required Lenders have explicitly waived in writing  compliance with such
representation  or  warranty  (which  waiver is hereby  granted)  and except for
changes not prohibited by the terms of the Loan Agreement;

      (D)  Borrower  has taken all  necessary  corporate  or  company  action to
authorize the execution and delivery of this Agreement; and

      (E) this Agreement is a modification of an existing  obligation and is not
a novation.

6)    PRECONDITIONS.  The Borrower shall deliver to the Agent the following: (a)
      an executed  Second  Amendment to Amended and Restated  Revolving  Credit,
      Capital Expenditure Line and Security  Agreement,  (b) an executed Amended
      and  Restated  Revolving  Credit  Note in  favor of PNC in the  amount  of
      $22,647,058.82, (c) an executed Amended and Restated Revolving Credit Note
      in favor of Bank of America, N.A. in the amount of $16,176,470.59,  (d) an
      executed  Amended and Restated  Revolving  Credit Note in favor of General
      Electric  Capital  Corporation  in the  amount of  $16,176,470.59,  (e) an
      executed  Amended and Restated  Capital  Expenditure Line Note in favor of
      PNC in the amount of  $2,388,235.30,  (f) an executed Amended and Restated
      Capital  Expenditure  Line Note in favor of Bank of  America,  N.A. in the
      amount of  $1,705,882.35,  (g) an executed  Amended and  Restated  Capital
      Expenditure Line Note in favor of General Electric Capital  Corporation in
      the  amount  of  $1,705,882.35,  (h) an  amendment  fee in the  amount  of
      $100,000 and (i) an executed  resolution of each Obligor  authorizing  the
      transaction  described  herein.  It is understood and agreed that Borrower
      shall pay all fees and costs  incurred  by Lenders in  entering  into this
      Agreement  and  the  other  documents  executed  in  connection  herewith,
      including but not limited to all reasonable  attorney fees and expenses of
      Lenders' counsel.

7)    POST  CONDITIONS.  The  Borrower  shall  promptly  engage an  appraiser or
      appraisers  satisfactory  to the Agent to prepare  an orderly  liquidation
      value appraisal with respect to all of Borrower's Inventory and an orderly
      liquidation  value  appraisal of the  Borrower's  domestic  Equipment (For
      purposes of this Section 7, the term  "Equipment"  shall  include only the
      Equipment of the Borrower). Such appraisal shall be delivered to the Agent
      no later than December 20, 2002.  Failure to deliver such appraisal to the
      Agent by said  date  shall be  deemed  an Event  of  Default.  Until  such
      appraisal is delivered to the Agent, the Minimum Undrawn  Availability set
      forth in Section 6.13 shall not be less than  $7,500,000,  notwithstanding
      any term or provision  to the contrary  contained  herein.  However,  upon
      delivery of such appraisal to the Agent, the Minimum Undrawn  Availability
      shall reduce to $5,000,000.  The

                                       4
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

      Borrower shall  cooperate and provide such appraiser with such  assistance
      and information as reasonably requested to allow such appraiser to prepare
      such appraisals and to deliver the same to the Borrower, the Agent and the
      Lenders.

8)    MISCELLANEOUS.  This Agreement  shall be construed in accordance  with and
      governed by the laws of the State of New Jersey, without reference to that
      state's  conflicts  of  law  principles.  This  Agreement  and  the  Other
      Documents constitute the sole agreement of the parties with respect to the
      subject matter hereof and thereof and supersede all oral  negotiations and
      prior writings with respect to the subject  matter hereof and thereof.  No
      amendment  of  this  Agreement,  and no  waiver  of any one or more of the
      provisions  hereof  shall be  effective  unless set forth in  writing  and
      signed  by  the  parties  hereto.  The  illegality,   unenforceability  or
      inconsistency  of any  provision  of this  Agreement  shall not in any way
      affect  or impair  the  legality,  enforceability  or  consistency  of the
      remaining  provisions  of this  Agreement  or the  Other  Documents.  This
      Agreement and the Other Documents are intended to be consistent.  However,
      in the event of any  inconsistencies  among this  Agreement and either the
      Loan Agreement or any of the Other Documents, the terms of this Agreement,
      then the Loan Agreement,  shall control. This Agreement may be executed in
      any  number of  counterparts  and by the  different  parties  on  separate
      counterparts.  Each such counterpart shall be deemed an original,  but all
      such counterparts shall together constitute one and the same agreement.

9)    DEFINITIONS.  The terms used herein and not otherwise  defined or modified
      herein shall have the meanings ascribed to them in the Loan Agreement. The
      terms used herein and not otherwise  defined or modified herein or defined
      in the Loan  Agreement  shall have the  meanings  ascribed  to them by the
      Uniform Commercial Code as enacted in New Jersey.

IN WITNESS  WHEREOF,  the undersigned  have signed and sealed this Agreement the
day and year first above written.

BORROWER:

ATTEST:                                  PHILIPP BROTHERS CHEMICALS, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A. Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

GUARANTORS:

ATTEST:                                  PHIBRO-TECH, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

ATTEST:                                  C P CHEMICALS, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

                                       5
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

ATTEST:                                  THE PRINCE MANUFACTURING COMPANY (IL)
                                         (as an individual entity and as
                                         successor by merger to The Prince
                                         Manufacturing Company, a corporation
                                         organized under the laws of the State
                                         of Pennsylvania,)

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Prince Plaza
                                             P.O. Box 1009
                                             Quincy, Il. 62306

ATTEST:                                  PRINCE AGRIPRODUCTS, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Prince Plaza
                                             P.O. Box 1009
                                             Quincy, Il. 62306

ATTEST:                                  Mineral Resource Technologies, Inc.
                                         (successor by merger of Mineral
                                         Resource Technologies, L.L.C. which
                                         merged into MRT Management Corp.)

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             120 Interstate North Parkway East
                                             Suite 440
                                             Atlanta, G.A. 30339

ATTEST:                                  PHIBRO-CHEM, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

ATTEST:                                  PHIBROCHEMICALS, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

                                       6
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

ATTEST:                                  WESTERN MAGNESIUM CORP.

BY: /s/ Joseph M. Katzenstein            By: /s/ William A. Mathison
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         William A Mathison, Vice President
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

ATTEST:                                  PHIBRO ANIMAL HEALTH HOLDINGS, INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ Jack C. Bendheim
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         Jack C. Bendheim, Chief Executive
                                               Officer
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

ATTEST:                                  PHIBRO ANIMAL HEALTH  U.S., INC.

BY: /s/ Joseph M. Katzenstein            By: /s/ Jack C. Bendheim
    ------------------------------           ------------------------------
    Joseph M. Katzenstein, Secretary         Jack C. Bendheim, Chief Executive
                                               Officer
                                             One Parker Plaza
                                             Fort Lee, N.J. 07024

SIGNATURE PAGES OF LENDERS TO FOLLOW

                                       7
<PAGE>

                                                                  Exhibit 10.1.2
                                                                  EXECUTION COPY

LENDERS:

ATTEST:                        PNC BANK, NATIONAL ASSOCIATION, as Lender and as
                               Agent

                               By: /s/ Michelle Stanley-Nurse
                                   ---------------------------------------
                                   Name:    Michelle Stanley-Nurse
                                   Title:   Vice President
                                   Address: 70 East 55th Street, 14th Floor
                                            New York, New York  10022
                               Commitment Percentage:  41.1764705882%

                               BANK OF AMERICA, N. A., as Lender

                               By: /s/ Edmundo E. Kahn
                                   ---------------------------------------
                                   Name:    Edmundo E. Kahn
                                   Title:   Vice President
                                   Address: 335 Madison Avenue
                                            6th Floor
                                            New York, New York 10017
                               Commitment Percentage:  29.4117647059%

                               GENERAL ELECTRIC CAPITAL CORPORATION, as Lender

                               By: /s/
                                   ---------------------------------------
                                   Name:
                                   Title:
                                   Address:

                               Commitment Percentage:  29.4117647059%

                                       8

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