Document:

Employment Agreement - Stephen D. Holland

 Exhibit 10.xx 
  
 EMPLOYMENT AGREEMENT 
  
 THIS EMPLOYMENT AGREEMENT, made and entered into as of the 18 day of May 2003, by and between QUAKER CHEMICAL CORPORATION, a Pennsylvania corporation
(hereinafter referred to as “QUAKER”), and Stephen D. Holland (hereinafter referred to as “EXECUTIVE”). 
  
 BACKGROUND 
  
 WHEREAS, QUAKER wishes to employ EXECUTIVE, and EXECUTIVE wishes to be employed by QUAKER. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained, and intending to be legally bound
hereby, the parties hereto agree as follows: 
  

	1)	QUAKER agrees to employ EXECUTIVE, and EXECUTIVE agrees to serve as Vice President, Human Resources of QUAKER. He shall perform all duties consistent with such position as well as
any other duties which are assigned to him from time to time by the Chief Executive Officer of QUAKER or the Board of Directors. EXECUTIVE covenants and agrees that he will, during the term of this Employment Agreement or any extension or renewal
thereof, devotes his knowledge, skill, and working time solely and exclusively to the business and interests of QUAKER. 

  

	2)	Except as otherwise provided for in Paragraph 9, the term of EXECUTIVE’s employment shall continue until either party hereto shall have given the other at least ninety (90)
days’ prior written notice of a desire to terminate this Agreement (and thereby terminate EXECUTIVE’s employment with QUAKER) except as otherwise provided under Paragraph 9 below. 

  

	3)	QUAKER shall pay to EXECUTIVE and EXECUTIVE shall accept an annual rate of salary as set forth in Exhibit A attached hereto, payable semi-monthly, during the term of this Employment
Agreement or any extension or renewal thereof. The rate of salary will be reviewed on an annual basis consistent with QUAKER’S then current practice for reviewing officers’ salaries and performance. 

  

	4)	EXECUTIVE shall participate in such QUAKER Incentive Programs as described and set forth in Exhibit A. As an Officer of QUAKER, the particulars of Exhibit A may be amended by the
Board of Directors at any time as to any matter set forth therein including eligibility to participate in any given QUAKER incentive plan, the level of participation in any QUAKER incentive plan, and the terms and conditions of any QUAKER incentive
plan. Any changes to Exhibit A shall not affect any of the other terms and conditions hereof including, without limitation, the provisions of Paragraphs 7 through 9. For the purposes of this Agreement, the term “QUAKER Incentive Program”
shall refer to each individual as well as the combined incentive programs approved by the Board of Directors. Revisions to Exhibit A shall become effective upon notification in writing by QUAKER. 

  

	5)	EXECUTIVE shall be entitled to 10 days vacation in 2003 and beginning in calendar year 2004, 20 days vacation per year, paid holidays, and such other employee benefits, including,
without limitation, life insurance, medical and dental benefits, disability, and retirement benefits as are made generally available to all QUAKER associates. 

 QUAKER shall reimburse EXECUTIVE for all reasonable expenses incurred by EXECUTIVE on behalf of QUAKER in
the course of EXECUTIVE’s employment under this Employment Agreement, provided that such expenses shall have been approved by QUAKER in accordance with such expense reimbursement procedures as shall be adopted by QUAKER. 
  

	6)	The EXECUTIVE acknowledges that information concerning the method and conduct of QUAKER’s (and any affiliates’) business, including, without limitation, strategic and
marketing plans, budgets, corporate practices and procedures, financial statements, customer and supplier information, formulae, formulation information, application technology, manufacturing information, and laboratory test methods and all of
QUAKER’s (and any affiliates’) manuals, documents, notes, letters, records, and computer programs are QUAKER’s (and/or QUAKER’s affiliates, as the case may be) trade secrets (“Trade Secrets”) and are the sole and
exclusive property of QUAKER (and/or QUAKER’s affiliates, as the case may be). EXECUTIVE agrees that at no time during or following employment with QUAKER will EXECUTIVE use, divulge, or pass on, directly or through any other individual or
entity, any Trade Secrets. Upon termination of EXECUTIVE’s employment with QUAKER, or at any other time upon QUAKER’s request, EXECUTIVE agrees to forthwith surrender to QUAKER any and all materials in his possession. Trade Secrets do not
include information that is in the public domain at no fault of the EXECUTIVE. 

  

	7)	In consideration of EXECUTIVE’s employment with QUAKER, EXECUTIVE agrees that during his employment with QUAKER and for a period of one (1) year thereafter, regardless of the
reason for his termination, EXECUTIVE will not: 

  

	 	a)	directly or indirectly, together or separately or with any third party, whether as an employee, individual proprietor, partner, stockholder, officer, director, or investor, or in a
joint venture or any other capacity whatsoever, actively engage in business or assist anyone or any firm in business as a manufacturer, seller, or distributor of chemical specialty products which are the same, like, similar to, or which compete with
QUAKER (or any of its affiliates’) products or services; and 

  

	 	b)	recruit or solicit any QUAKER employee or otherwise induce such employee to leave QUAKER’s employ, or to become an employee or otherwise be associated with you or any firm,
corporation, business, or other entity with which you are or may become associated. 

  
 The parties consider these restrictions reasonable, including the period of time during which the restrictions are effective. However, if any restriction
or the period of time specified should be found to be unreasonable in any court proceeding, then such restriction shall be modified or the period of time shall be shortened as is found to be reasonable so that the foregoing covenant not to compete
may be enforced. You agree that in the event of a breach or threatened breach by you of the provisions of the restrictive covenants contained in Paragraph 6 or in this Paragraph 7, QUAKER will suffer irreparable harm, and monetary damages may not be
an adequate remedy. Therefore, if any breach occurs, or is threatened, in addition to all other remedies available to QUAKER, at law or in 
  

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 equity, QUAKER shall be entitled as a matter of right to specific performance of the covenants contained
herein by way of temporary or permanent injunctive relief. In the event of any breach of the restrictive covenant contained in this Paragraph 7, the term of the restrictive covenant shall be extended by a period of time equal to that period
beginning on the date such violation commenced and ending when the activities constituting such violation cease. 
  

	8)	In the event that QUAKER in its sole discretion and at any time terminates this Agreement with EXECUTIVE (other than for Termination for Cause, death, disability, or normal
retirement age), QUAKER agrees to provide EXECUTIVE with reasonable out-placement assistance and a severance payment (contingent upon EXECUTIVE executing a form of release satisfactory to QUAKER) that shall be equal to but not less than twelve (12)
months’ base salary calculated at EXECUTIVE’s then current rate. 

  

	9)	This Employment Agreement also can be terminated by QUAKER (and thereby terminate EXECUTIVE’s employment with QUAKER) at any time and without notice by “Termination for
Cause.” Termination for Cause means EXECUTIVE’s employment with QUAKER shall have been terminated by QUAKER by reason of either: 

  

	 	a)	The willful and continued failure (following written notice) by EXECUTIVE to execute his duties under this Employment Agreement; or 

  

	 	b)	The willful engaging by EXECUTIVE in a continued course of misconduct which is materially injurious to QUAKER, monetarily or otherwise. 

  

	10)	EXECUTIVE represents and warrants to QUAKER that: 

  

	 	a)	there are no restrictions, agreements, or understandings whatsoever to which EXECUTIVE is a party which would prevent or make unlawful his execution of this Employment Agreement or
his employment hereunder; and 

  

	 	b)	his execution of this Employment Agreement and his employment hereunder shall not constitute a breach of any contract agreement, or understanding, oral or written, to which he is a
party or by which he is bound. 

  

	11)	This Employment Agreement contains all the agreements and understandings between the parties hereto with respect to EXECUTIVE’s employment by QUAKER and supersedes all prior or
contemporaneous agreements with respect thereto and shall be binding upon and for the benefit of the parties hereto and their respective personal representatives, successors, and assigns. This Employment Agreement shall be governed by and construed
in accordance with the laws of the Commonwealth of Pennsylvania without regard to any conflict of laws. 

  

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 IN WITNESS WHEREOF, QUAKER has caused this Employment Agreement to be signed by its Chief Executive Officer, thereunto
duly authorized, and its corporate seal to be hereunto affixed and attested by its Corporate Secretary, and EXECUTIVE has hereunto set his hand and seal all as of the day and year first above written. 
  

			
	 ATTEST:
	  	 QUAKER CHEMICAL CORPORATION

	(SEAL)	  	 
		
	 /s/    D. Jeffry Benoliel

	  	 /s/    Ronald J. Naples

	 D. Jeffry Benoliel
	  	 Ronald J. Naples

	 Corporate Secretary
	  	 Chairman and Chief Executive Officer

		
	 AGREED:
	  	 
		
	 18 May 2003

	  	 /s/    Stephen D. Holland

	 Date:
	  	 Stephen D. Holland

		
	 WITNESS:
	  	 
		
	 /s/    W. Timothy Haines

	  	

  

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 EMPLOYMENT AGREEMENT 
  
 EXHIBIT A 
  
 Effective: 5/16/03 
  

			
	Name of Employee:     Stephen D. Holland	  	 
		
	Address:     1605 Amity Road Rydal, PA 19046	  	 
		
	Title:	  	Vice President – Human Resources
		
	Annual Rate of:     $175,000	  	 
	Salary at:     May 16, 2003	  	 
	Starting Date:     May 16, 2003	  	 

  
 Participation in Quaker
Incentive Programs 
  
 Annual Bonus
Plan (1998) 
  
 Bonus will be based on achieving certain benchmarks and/or a
discretionary award, as follows: 
  

							
	 Threshold level
	 	 12.4% of salary
	 	 	 	 
	 Target level
	 	 24.8% of salary
	 	 	 	 
	 Maximum level
	 	    45% of salary
	 	 	 	 
	 Discretionary
	 	 	 	 	 	 
	 Total Bonus Opportunity
	 	    45% of salary
	 	 	 	 

  
 Long-Term Performance Incentive Plan 1997-2000 
  
 Will be full
participant in Plan, even though entering one (1) year after the start, at an appropriate level in relation to other officers. (Awards not yet designated by Compensation/Management Development Committee of the Board.)Exhibit 10.1

 EXHIBIT 10.1 
  
 US AIRWAYS FUNDED EXECUTIVE DEFINED CONTRIBUTION PLAN 
  
 This Plan is established as of the 16th day of October, 2003, by US AIRWAYS, INC., a Delaware corporation, as a
nonqualified deferred compensation plan. This Plan is intended to be fully funded. 
  
 WHEREAS, it is in the best interests of the Company to employ and retain competent and loyal management personnel; and 
  
 WHEREAS, certain executives of the Company have previously participated in and been provided supplemental executive retirement arrangements with
the Company, as evidenced by the Prior SERPs; and 
  
 WHEREAS, the Company desires to reward its executives for their services, to encourage the continued employment of the executives with the Company and to promote the executives’ devotion to duties on behalf of the Company by
providing a supplemental executive retirement benefit in such a manner as to avoid uncertainty or concern as to the security of the executives’ supplemental retirement benefit; and 
  
 WHEREAS, as part of the recent First Amended Joint Plan of Reorganization of US Airways Group, Inc. and its
Affiliated Debtors and Debtors-in-Possession, dated January 17, 2003 (the “Reorg Plan”), the Company has agreed to continue to provide the supplemental executive retirement arrangements outlined in the Prior SERPs, modified as outlined in
the Reorg Plan; and 
  
 WHEREAS, in order to effectuate the
modifications outlined in the Reorg Plan, the Company and the executives have agreed to amend and restate the Prior SERPs, a portion of which shall be provided under this Plan, and therefore, this document (together with the US Airways Unfunded
Executive Defined Contribution Plan and the relevant Participation Agreements) shall be considered an amendment and restatement of the Prior SERPs; 
  
 WHEREAS, as part of this amendment and restatement, and as provided under the Reorg Plan, the supplemental executive retirement arrangements shall
be converted from their prior defined benefit format into a defined contribution format; and 
  
 WHEREAS, the Company wishes to use this amended and restated Funded Executive Defined Contribution Plan to provide supplemental retirement benefits to certain executives listed on Exhibit A who do not currently
have Prior SERPs; 

 NOW, THEREFORE, the Company hereby enters into this Funded Executive Defined Contribution Plan, as
follows: 
  
 ARTICLE I 
  
 DEFINITIONS AND USAGE 
  
 Definitions. Wherever used in this Plan, the following words and
phrases shall have the meanings set forth below, unless the context plainly requires a different meaning: 
  
 1.1 “Account” shall mean the amount held in the Trust for the benefit of the Participant under this Plan. 
  
 1.2 “Administrator” shall mean the Company, acting through
the Human Resources Committee, or other person or persons designated by the Human Resources Committee. 
  
 1.3 “Board” shall mean the Board of Directors of the Company. 
  
 1.4 “Change in Control” shall mean, with respect to a Participant, the definition of Change in Control
specified in any Severance Agreement or Employment Agreement or other employment contract that exists between such Participant and the Company, or if no such contract with a definition of “Change in Control” exists: 
  
 (a) The acquisition by an individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of
either (i) the then outstanding shares of common stock of the Company’s parent, US Airways Group, Inc. (“Group”) (the “Outstanding Group Common Stock”) or (ii) the combined voting power of the then outstanding voting
securities of Group entitled to vote generally in the election of directors (the “Outstanding Group Voting Securities”); provided, however, that the following acquisitions shall not constitute a Change in Control: (v) any acquisition
directly from Group, (w) any acquisition by Group or any of its subsidiaries, (x) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by Group or any of its subsidiaries, (y) any acquisition by any corporation
with respect to which, following such acquisition, more than 85% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled
to vote generally in the election of directors, is then beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were beneficial owners, respectively, of the Outstanding Group Common Stock and the
Outstanding Group Voting Securities in substantially the same proportions as their ownership, immediately prior to such acquisition, of the Outstanding Group Common Stock and the Outstanding Group Voting Securities, as the case may be or (z) any
acquisition by an individual, entity or group that, pursuant to Rule 13d-1 promulgated under the Exchange Act, is permitted to, and actually does, report its beneficial ownership of Outstanding Group Common Stock and Outstanding Group Voting
Securities on Schedule 13G (or any successor Schedule); provided further, that if any such individual, entity or group subsequently becomes required to or does report its ownership of Outstanding Group Common Stock and Outstanding Group Voting
Securities on Schedule 13D (or any successor Schedule) then, for purposes of this Section 
  

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 1.4(a), such individual, entity or group shall be deemed to have first acquired, on the first date on
which such individual, entity or group becomes required to or does so file, beneficial ownership of all of the Outstanding Group Common Stock and Outstanding Group Voting Securities beneficially owned by it on such date; or 
  
 (b) Individuals who, as of the date hereof, constitute the
Group’s Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Group Board of Directors; provided, however, that any individual becoming a director subsequent to the date hereof whose
election, or nomination for election by Group’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange
Act) or other actual or threatened solicitation of proxies or contests; or 
  
 (c) There is consummated a reorganization, merger or consolidation, in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the
Outstanding Group Common Stock and Outstanding Group Voting Securities immediately prior to such reorganization, merger or consolidation, beneficially own, directly or indirectly, less than 85% of, respectively, the then outstanding shares of common
stock and the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such reorganization, merger or consolidation (or any parent
thereof) in substantially the same proportions as their ownership, immediately prior to such reorganization, merger or consolidation of the Outstanding Group Common Stock and the Outstanding Group Voting Securities, as the case may be; or

  
 (d) Approval by the shareholders of Group of
a complete liquidation or dissolution of Group or the consummation of the sale or other disposition of all or substantially all of the assets of Group, other than to a corporation with respect to which, following such sale or other disposition, more
than 85% of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is then
beneficially owned, directly or indirectly, by all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Group Common Stock and the Outstanding Group Voting Securities immediately prior
to such sale or other disposition in substantially the same proportion as their ownership, immediately prior to such sale or other disposition, of the Outstanding Group Common Stock and Outstanding Group Voting Securities, as the case may be.

  
 Notwithstanding the foregoing, no “Change of
Control” or “Change in Control” shall be deemed to have occurred in connection with transactions under the Retirement Systems of Alabama investment agreement dated September 26, 2002, as amended, or in connection with the
Company’s emergence from bankruptcy. 
  

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 1.5 “Change in Control Contribution” shall mean an amount equal to the Scheduled
Contributions that the Company would have had to make for the number of years (including partial years) set forth in the next sentence, which immediately follow the termination of a Participant on or following the occurrence of a Change in Control.
The number of years referred to in the previous sentence shall be equal to the number of years for which the Company is required to continue to provide benefits to such Participant following the termination of such Participant after a Change in
Control for reasons other than Cause, Disability or death or for Good Reason (each such term being used as defined in the relevant Severance Agreement, Employment Agreement, or other employment contract) pursuant to the Severance Agreement,
Employment Agreement or other employment contract that exists between such Participant and the Company, as amended or modified from time to time. 
  
 1.6 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. Any reference to a particular Code section shall
include any provision which modifies, replaces or supersedes it. 
  
 1.7 “Company” shall mean US Airways, Inc., a Delaware corporation, and shall include any successor to its business and/or assets which assumes and agrees to perform this Plan by operation of law or otherwise. 
  
 1.8 “Contribution” shall mean any amounts transferred by the
Company to the Trust on behalf of a Participant pursuant to this Plan, as determined pursuant to Section 4.1(a) and (b). 
  
 1.9 “Determination Date” shall mean December 31, 2002, and each subsequent December 31. Notwithstanding the foregoing, with respect to a
newly hired Participant who is hired in a month other than December, the first Determination Date shall be the first day of the month immediately succeeding the date of hire of such Participant, and the subsequent Determination Dates will occur on
each subsequent December 31. 
  
 1.10 “Earnings”
with respect to a Participant for any calendar year, shall mean, with respect to the time period beginning on January 1, 2003, the amount of Earnings projected by the actuary for each year, including (i) the Participant’s annual rate of base
salary for such year (reduced by the amount of any base salary reduction imposed in connection with the Company’s emergence from bankruptcy proceedings, but including any amount of base salary that would have been paid to the Participant but
for the 5% salary deferral program implemented by the Company in connection with similar deferrals implemented with respect to Company pilots under the War Contingency provision of LOA 84), and (ii) the Participant’s target bonus under the
Company’s Incentive Compensation Plan (or any successor plan) with respect to such year. 
  
 1.11 “Effective Date” shall mean October 16, 2003. 
  
 1.12 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. Any reference to a particular
ERISA section shall include any provision which modifies, replaces, or supersedes it. 
  

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 1.13 “Final Average Earnings” shall mean the sum of the Participant’s highest total
Earnings during any 36 consecutive months occurring during the 120 months immediately prior to the Participant’s Normal Retirement Date, divided by three (3). 
  
 1.14 “Human Resources Committee” shall mean the Human Resources Committee of the Board. 
  
 1.15 “Normal Retirement Age” shall mean age sixty-two (62).

  
 1.16 “Normal Retirement Date” shall mean the
first day of the month immediately following or coincident with the date on which the Participant attains Normal Retirement Age. 
  
 1.17 “Participant” shall mean any person who has an Account under the Plan. 
  
 1.18 “Participation Agreement” shall mean a written agreement, executed and dated by the Company and a
Participant, evidencing a Participant’s participation in this Plan, and setting forth the schedule of Contributions and the actuarial assumptions used to determine such Participant’s benefits hereunder. 
  
 1.19 “Plan” shall mean this US Airways Funded Executive
Defined Contribution Plan, as set forth herein and as amended from time to time. 
  
 1.20 “Prior SERPs” shall mean all individual supplemental executive retirement agreements entered into by the Company and the Participants before the Effective Date. 
  
 1.21 “Retirement Benefit” shall mean the lump sum benefit
payable under this Plan, as determined under Article III. 
  
 1.22
“Scheduled Contribution” shall have the meaning given in Section 4.1 hereof. 
  
 1.23 “Tax Payment” shall have the meaning given in Section 5.4 hereof. 
  
 1.24 “Trust” shall mean that certain taxable trust that the Company shall enter into contemporaneously with the execution of this Plan,
with the trustee designated therein (the “Trustee”), and which shall hold any and all Contributions made pursuant to this Plan, and any investment earnings on such Contributions. It is the intent of the parties to this Plan that such Trust
shall constitute a “secular” trust, and its assets shall not be subject to the claims of the Company’s general or secured creditors (other than the Participants) in the event of the Company’s insolvency or bankruptcy. The
Company’s Contributions to such Trust shall be taxable to the Participants as ordinary compensation paid by the Company to the Participants in the year in which such Contribution is actually transferred to the Trust. Any earnings on a
Participant’s Account in the Trust shall be included in the gross income of the Participant pursuant to Code Section 402(b)(4). 
  
 1.25 “Years of Actual Service” shall mean, as of any Determination Date, the Participant’s total number of years of active
employment with the Company during which substantial services were rendered as an employee (including employment before the Effective Date). Years of Actual Service shall be measured from the Participant’s date of hire. Participants will be
credited with Years of Service in units of 1/12th of a year. 
  

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 1.26 “Years of Credited Service” shall mean the total number of years of service which
are credited to a Participant for purposes of this Plan at any given date pursuant to the Participation Agreement entered into between the Participant and the Company. 
  
 ARTICLE II 
  
 PARTICIPATION 
  
 Section 2.1 Commencement of Participation. As of the Effective Date, the individuals listed on Exhibit A shall be Participants in the Plan. The
Administrator may, at any time and from time to time, designate key management or highly compensated employees to become eligible for the Plan, and shall specify an effective date for each such Participant’s participation. Only individuals who
are employees of the Company may participate in the Plan. 
  
 Section 2.2 Cessation of Participation. In the event a Participant’s entire Account is distributed pursuant to the terms of the Plan, such Participant will no longer be a Participant in the Plan. 
  
 ARTICLE III 
  
 RETIREMENT BENEFIT 
  
 Section 3.1 Amendment and Restatement of Prior SERP Retirement
Benefit. As of the Effective Date, as provided in the Reorg Plan, any benefit that had accrued for a Participant under all Prior SERPs shall be amended and restated as the benefit provided by this Plan (and by the US Airways Unfunded Executive
Defined Contribution Plan). Upon the Effective Date of this Plan, no Participant shall have a current or future claim for benefits, payments or other rights or claims under any Prior SERP. 
  
 Section 3.2 Amount of Retirement Benefit. Each Participant shall be
entitled to receive a lump sum benefit equal to the actual value of his or her Account balance under this Plan (determined as of the end of the calendar month in which the Participant terminates employment). 
  
 ARTICLE IV 
  
 CONTRIBUTIONS AND VESTING 
  
 Section 4.1 Contributions. 
  
 (a) Scheduled Contributions. The Company shall
provide a schedule specifying the amount of Contribution (“Scheduled Contribution”) to be made by each Determination Date to the account of each Participant who is employed by the Company on such Determination Date in such
Participant’s Participation Agreement. 
  

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 (b) Change in Control Contributions. Upon the termination of the Participant on or
after the occurrence of a Change in Control, for the year in which such termination occurs the Company will make an additional contribution in an amount equal to the Change in Control Contribution, provided however, that the calculation of
the Change in Control Contribution will not be subject to any maximum annual limits that may be applicable to the calculation of the Scheduled Contribution for such year. 
  
 (c) Disability, etc.. If a Participant receives either short-term or long-term disability benefits
under any Company plan, then, during the period of payment of such disability benefits, such Participant shall be treated as employed for all purposes of the Plan, including, without limitation, attainment of age and service. The employment of the
Participant will be considered terminated hereunder on the earlier of the Normal Retirement Date or the date on which such disability benefits cease (unless normal employment re-commences on such date). In addition, if a Participant is absent from
work pursuant to the birth of a child, pregnancy, adoption, or caring of a child for a period following the birth or adoption (or placement for adoption) of such child, for the period beginning on the first date of such absence and ending on the
first anniversary of the first date of absence, the Participant shall be treated as employed for all purposes of the Plan, including, without limitation, attainment of age and service. 
  
 (d) Timing of Contributions. Contributions shall be made to the Participants’ Accounts and
deposited in the Trust monthly according to determinations to be made on the bases outlined in Section 4.1(a) and (b) above, the Participation Agreement, and the administrative provisions of Article VII. 
  
 (e) Investment of Contributions. Contributions made
to a Participant’s Account shall be invested by the Trustee in accordance with the written directions provided by the Participant from time to time. In absence of such directions, the Trustee shall invest such funds in accordance with the terms
of the Trust Agreement entered into by the Trustee and the Company and the arrangements contemplated thereunder. 
  
 Section 4.2 Vesting. A Participant shall at all times be 100% vested in his or her Account balance under this Plan. 
  
 ARTICLE V 
  
 PAYMENT OF BENEFITS 
  
 Section 5.1 Form of Payment. All benefits payable under this Plan
shall be in the form of a lump-sum cash payment. 
  
 Section 5.2
Time of Payment of Retirement Benefit. The payment of a Participant’s Retirement Benefit shall only be made after the end of the calendar month in which the Participant terminates employment. As soon as practicable following the
Participant’s termination of employment, the Company shall deliver instructions to the Trustee to execute a distribution to the Participant. 
  

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 Section 5.3 Termination by Reason of Death. If a Participant dies prior to receiving payment of
his or her Retirement Benefit, payment shall be made to the beneficiary or beneficiaries designated by the Participant by written instruction delivered to the Administrator during the Participant’s lifetime. A Participant may designate one or
more primary and contingent beneficiaries to receive his or her Retirement Benefit, and may designate the proportions in which such beneficiaries are to receive such payments. The Participant may change such designations from time to time, and the
last written designation filed with the Administrator prior to the Participant’s death shall control. If a Participant fails to specifically designate a beneficiary, or if no designated beneficiary survives the Participant, payment shall be
made by the Administrator in the following order of priority: 
  
 (a) to the Participant’s surviving spouse; or 
  
 (b) in the event there is no surviving spouse, to the Participant’s children (per stirpes), if any; or 
  
 (c) to the Participant’s estate. 
  
 Section 5.4 Tax Payment. In order to assist a Participant with the
payment of taxes on Contributions to the Trust on behalf of the Participant, promptly after making any Contribution to a Participant’s Account, the Company shall set aside for payment to the Participant an amount (the “Tax Payment”),
determined so that the net amount of the Tax Payment retained by the Participant, after deduction of any federal, state and local income and employment taxes upon the Tax Payment, shall be equal to the total federal, state and local income and
employment taxes owed by the Participant with respect to such Contribution. For purposes of determining the amount of each Tax Payment, a Participant shall be deemed to pay federal, state and local income taxes at an aggregate effective rate of 42%.
Notwithstanding the foregoing provisions of this Section 5.4, the Company shall withhold from each Tax Payment the amount of withholding required of the Company pursuant to applicable federal, state and local tax laws and employment taxes with
respect to (i) such Contribution to the Participant’s Account and (ii) the payment of the Tax Payment. The Company shall remit such withheld amount to the proper governmental authorities as soon as possible after making a Contribution to the
Participant’s Account. 
  
 Section 5.5 Distribution of
Trust Income. Any realized income or gain that is attributable to a Participant’s Account shall be distributed to such Participant in accordance with the terms of the Trust Agreement entered into by the Trustee and the Company . 

 
 ARTICLE VI 
  
 WITHDRAWALS 
  
 Section 6.1 In-Service Withdrawals. Participants may withdraw, at any
time, upon a written request made to the Human Resources Committee specifying the amount of funds requested and the reasons for such withdrawal, all or any portion of their vested Account balance. The Human Resources Committee shall approve such a
request in its sole and complete discretion, provided that no such request shall be approved unless it meets the conditions that must be met in order to make a hardship withdrawal under the US Airways, Inc. Employee 
  

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 Savings Plan, or the Human Resources Committee determines that the reasons specified in the request justify a withdrawal.
Upon the Human Resources Committee approving any withdrawal, the Administrator shall furnish the Trustee with instructions directing the Trustee to make the withdrawal from the Participant’s Account in a lump-sum payment to the Participant. The
amount of any withdrawal shall be determined by the value of the amounts credited to the Participant’s Account under the Plan as of the date that the authorized directions are received by the Trustee from the Administrator to make the
withdrawal payment, or such other date as hereinafter determined by the Administrator (the “Withdrawal Date”). Upon approval of a request for a withdrawal pursuant to this Section 6.1, the Administrator shall instruct the Trustee to sell
or liquidate, as of the applicable Withdrawal Date, the Participant’s interest in the Trust fund from such Participant’s Account as will permit the payment to the Participant of the amount requested by the Participant or approved by the
Human Resources Committee. 
  
 ARTICLE VII 
  
 ADMINISTRATION 
  
 Section 7.1 General. Except as otherwise specifically provided in the
Plan, the Administrator shall be responsible for administration of the Plan. 
  
 Section 7.2 Administrative Rules. The Administrator may adopt such rules of procedure as it deems desirable for the conduct of its affairs, except to the extent that such rules conflict with the provisions of
the Plan. 
  
 Section 7.3 Duties. The Administrator shall
have the following rights, powers and duties: 
  
 (a) The decision of the Administrator in matters within its jurisdiction shall be final, binding and conclusive upon the Company and upon any person affected by such decision. 
  
 (b) The Administrator shall have the sole discretion and authority to interpret and construe the provisions
of the Plan, to determine the appropriate amount and timing of any Retirement Benefit, to correct any defect, supply any omission and reconcile any inconsistency that may appear in the Plan, to decide any question which may arise regarding the
rights of the Participants hereunder and to exercise such powers as the Administrator may deem necessary for the administration of the Plan. 
  
 (c) The Administrator shall maintain full and complete records of its decisions. Its records shall contain all relevant data pertaining to
each Participant and the Participants’ rights and duties under the Plan. 
  
 Section 7.4 Fees. No fee or compensation shall be paid to any person for services as the Administrator. 
  
 Section 7.5 Indemnification. The Company shall indemnify each member of the Administrator, and each employee who assists the Administrator in
connection with his employment duties against any liability or loss sustained by reason of any act or failure to act 
  

 9 

 made in good faith, including, but not limited to, those in reliance on certificates, reports, tables, opinions or other
communications from any company or agents chosen by the Administrator in good faith. Such indemnification shall include attorneys’ fees and other costs and expenses reasonably incurred in defense of any action brought by reason of any such act
or failure to act. 
  
 ARTICLE VIII 
  
 CLAIMS PROCEDURE 
  
 Section 8.1 General. Any claim for a Retirement Benefit under the Plan
shall be filed by the Participant or his or her beneficiary (either of which is referred to in this Article as the “claimant”) in the manner prescribed by the Administrator. 
  
 Section 8.2 Denials. If a claim for a Retirement Benefit under the Plan is wholly or partially denied, notice of the
decision shall be furnished to the claimant by the Administrator within a reasonable period of time, but not more than 90 days, after receipt of the claim by the Administrator. If special circumstances require an extension of time for processing the
claim, the Administrator shall furnish written notice (that states the circumstances requiring an extension and the date by which the Administrator expects to render a benefit determination) of the extension to the claimant prior to the termination
of the initial 90-day period, and such extension shall not exceed one additional consecutive 90-day period. 
  
 Section 8.3 Notice. Any claimant who is denied a claim for Retirement Benefits shall be furnished written or electronic notice setting forth:

  
 (a) the specific reason or reasons for the
denial; 
  
 (b) specific reference to the
pertinent provision of the Plan upon which the denial is based; 
  
 (c) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and 
  
 (d) an explanation of the claims review procedure under the
Plan and the time limits applicable to such procedures, including a statement of a claimant’s right to bring a civil action under Section 502 of ERISA following an adverse benefit determination upon review. 
  
 Section 8.4 Appeals Procedure. In order that a claimant may appeal a
denial of a claim, the claimant or the claimant’s duly authorized representative may: 
  
 (a) request a review by written application to the Administrator, no later than sixty (60) days after receipt by the claimant of written
notification of denial of a claim; 
  
 (b) review
pertinent documents; and 
  

 10 

 (c) submit issues and comments, documents, records and other information in writing.

  
 The claimant will be provided, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits (as determined under applicable regulations), including information generated by but not ultimately relied
on by the Plan in considering the claim, and the documents demonstrating the Plan’s process for ensuring proper, consistent decisions to a claimant’s denied benefits. 
  
 Section 8.5 Review. The review will take into account all information submitted by the claimant regardless of whether
it was submitted with or considered in the original claim determination. A decision on review of a denied claim shall be made by the Administrator not later than sixty (60) days after receipt of a request for review, unless special circumstances
require an extension of time for processing, in which case a decision shall be rendered within a reasonable period of time, but not later than one hundred twenty (120) days after receipt of a request for a review. The decision on review shall be in
writing and shall include the specific reason(s) for the decision and the specific references(s) to the pertinent provisions of the Plan on which the decision is based, a statement that the claimant is entitled to receive, upon request and free of
charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits (as determined under applicable regulations), a statement describing any voluntary appeal procedures offered
by the Plan and the claimant’s right to obtain information about such procedure, and a statement of the claimant’s right to bring an action under Section 502(a) of ERISA. 
  
 Section 8.6 Arbitration. Any further dispute or controversy arising under or in connection with this Plan which is
not resolved by agreement shall be resolved by binding arbitration pursuant to the Federal Arbitration Act in accordance with the Employment Dispute Resolution Rules then in effect with the American Arbitration Association. The arbitration
proceeding shall be conducted in the state of Virginia. This agreement to arbitrate shall be enforceable in either federal or state court. 
  
 The enforcement of this agreement to arbitrate and all procedural aspects of this agreement to arbitrate shall be governed by and construed pursuant to
the Federal Arbitration Act and shall be decided by the arbitrators. In deciding the substance of any such claims, the arbitrator(s) shall apply the substantive laws of the State of Delaware (excluding Delaware choice-of-law principles that might
call for the application of some other state’s law). Judgment upon any award rendered in any such arbitration proceeding may be entered by any federal or state court having jurisdiction. 
  
 ARTICLE IX 
  
 MISCELLANEOUS PROVISIONS 
  
 Section 9.1 Amendment and Termination. The Company expects the Plan to
be continued indefinitely, but it reserves the right to amend or terminate the Plan, or to cease further accruals under the Plan, at any time by action of its Human Resources Committee; provided, that no such amendment, termination or cessation
shall reduce the then-existing Account of any Participant. 
  

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 Section 9.2 No Assignment. No Participant shall have the power to pledge, transfer, assign,
anticipate, mortgage or otherwise encumber or dispose of in advance any interest in amounts payable hereunder, nor shall any interest in amounts payable hereunder be subject to seizure for payments of any debts or judgments (except as required by
law). 
  
 Section 9.3 Successors and Assigns. The
provisions of the Plan are binding upon and inure to the benefit of the Company, its successors and assigns, and the Participants, the Participants’ beneficiaries, heirs and legal representatives. 
  
 Section 9.4 Governing Law. The Plan shall be subject to and construed
in accordance with the laws of the State of Delaware. 
  
 Section
9.5 No Guarantee of Employment. Nothing contained in the Plan shall be construed as a contract of employment or deemed to give a Participant the right to be retained in the employ of the Company or any equity or other interest in the assets,
business or affairs of the Company. 
  
 Section 9.6
Severability. If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan, but the Plan shall be construed and enforced as if such illegal
or invalid provision had never been included herein. 
  
 Section
9.7 Notification of Addresses. Each Participant and beneficiary shall file with the Administrator, from time to time, in writing, the address of the Participant, and the address of each designated beneficiary, and any change of address. Any
communication, statement or notice addressed to the last address filed with the Administrator (or if no such address was filed with the Administrator, then to the last address of the Participant or beneficiary as shown on the Company’s records)
shall be binding on the Participant and each beneficiary for all purposes of the Plan and neither the Administrator nor the Company shall be obliged to search for or ascertain the whereabouts of the Participant or beneficiary. 
  
 Section 9.8 Other Plans. Payments made to Participants under this Plan
shall not be includable as salary or compensation for purposes of determining the amount of employee benefits under any other retirement, pension, profit-sharing or welfare benefit plans of the Company. 
  
 Section 9.9 Bonding. The Administrator and all agents and advisors
employed by it shall not be required to be bonded, except as may otherwise be required by ERISA. 
  

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 IN WITNESS WHEREOF, the Company has caused the Plan to be executed by its duly authorized officers on the
day and year first above written. 
  

			
	US AIRWAYS, INC.
		
	 By:
	 	 /s/ Jerrold A. Glass

	 Title:
	 	 Senior Vice President – Employee Relations

  

 13 

 EXHIBIT A 
  

PARTICIPANTS AS OF EFFECTIVE DATE 
  
 Participants with  
 Prior
SERPs 
  
 N. Bruce Ashby 
 B. Ben Baldanza 
 Jerrold A. Glass 
 Neal S. Cohen 
 Alan W. Crellin 
 John Prestifilippo 
 Elizabeth Lanier 
  
 Participants who do  
 not have Prior  
 SERPs 
  
 P. Douglas McKeen 
 David Davis 
 Christopher Chiames

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