Document:

EX-4.12

 Exhibit 4.12 

EXECUTION VERSION 
  

 
 NOTE PURCHASE AGREEMENT 

Dated as of February 14, 2018 

Among 
 UNITED AIRLINES, INC.,

 WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Pass Through Trustee under each of the 

Pass Through Trust Agreements 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Subordination Agent 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Escrow Agent 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Paying Agent 
  

 

 INDEX TO NOTE PURCHASE AGREEMENT 

 

							
	 	 	 	  	Page	 
	SECTION 1.	 	 Financing of Aircraft
	  	 	3	 
	SECTION 2.	 	 Conditions Precedent
	  	 	7	 
	SECTION 3.	 	 Representations and Warranties
	  	 	7	 
	SECTION 4.	 	 Covenants
	  	 	12	 
	SECTION 5.	 	 Notices
	  	 	16	 
	SECTION 6.	 	 Expenses
	  	 	16	 
	SECTION 7.	 	 Further Assurances
	  	 	18	 
	SECTION 8.	 	 Miscellaneous
	  	 	18	 
	SECTION 9.	 	 Governing Law
	  	 	19	 
	
	 Schedules
	  

			
	Schedule I	 	 Aircraft and Scheduled Delivery Months
	  			
	Schedule II	 	 Trust Supplements
	  			
	Schedule III	 	 Required Terms
	  			
	
	 Annex
	  

			
	Annex A	 	 Definitions
	  			
	
	Exhibits	 
			
	Exhibit A	 	 Form of Closing Notice
	  			
	Exhibit B	 	 Form of Participation Agreement
	  			
	Exhibit C	 	 Form of Indenture
	  			

 NOTE PURCHASE AGREEMENT 

This NOTE PURCHASE AGREEMENT, dated as of February 14, 2018 (this “Agreement”), is among (i) UNITED AIRLINES, INC., a
Delaware corporation (the “Company”), (ii) WILMINGTON TRUST, NATIONAL ASSOCIATION (“WTNA”), a national banking association, not in its individual capacity except as otherwise expressly provided herein, but solely as
trustee (in such capacity together with its successors in such capacity, the “Pass Through Trustee”) under each of the two separate Pass Through Trust Agreements (as defined below), (iii) WILMINGTON TRUST, NATIONAL ASSOCIATION, a
national banking association, as subordination agent and trustee (in such capacity together with its successors in such capacity, the “Subordination Agent”) under the Intercreditor Agreement (as defined below), (iv) U.S. BANK
NATIONAL ASSOCIATION, a national banking association, as Escrow Agent (in such capacity together with its successors in such capacity, the “Escrow Agent”), under each of the Escrow and Paying Agent Agreements (as defined below) and
(v) WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as Paying Agent (in such capacity together with its successors in such capacity, the “Paying Agent”) under each of the Escrow and Paying Agent
Agreements. 
 W I T N E S S E T H: 

WHEREAS, capitalized terms used but not defined herein shall have the meanings ascribed to such terms in Annex A hereto; 

WHEREAS, the Company has obtained commitments from the Manufacturer pursuant to the applicable Aircraft Purchase Agreement for the
delivery of two Boeing 737-800 aircraft, six Boeing 737 MAX 9 aircraft, five Boeing 787-9 aircraft and three Boeing 777-300ER
aircraft listed in Schedule I hereto (together with any aircraft substituted therefor in accordance with the applicable Aircraft Purchase Agreement prior to the delivery thereof, the “Aircraft”), provided that certain of such
Aircraft have been delivered to the Company prior to the date hereof (the “Delivered Aircraft”, and the Aircraft excluding the Delivered Aircraft, the “New Aircraft”); 

WHEREAS, pursuant to this Agreement the Company wishes to finance each of the Aircraft hereunder; 

WHEREAS, pursuant to the Basic Pass Through Trust Agreement and each of the Trust Supplements set forth in Schedule II hereto, and
concurrently with the execution and 

 
delivery of this Agreement, separate grantor trusts (collectively, the “Pass Through Trusts” and, individually, a “Pass Through Trust”) have been created to
facilitate certain of the transactions contemplated hereby, including, without limitation, the issuance and sale of pass through certificates pursuant thereto (collectively, the “Certificates”) to provide for a portion of the
financing of the Aircraft contemplated hereby; 
 WHEREAS, the Company has entered into the Underwriting Agreement, dated as of
January 31, 2018 (the “Underwriting Agreement”) with the Underwriters named therein (the “Underwriters”), which provides that the Company will cause the Pass Through Trustee under the Class AA Pass Through
Trust (the “Class AA Pass Through Trustee”) and the Pass Through Trustee under the Class A Pass Through Trust (the “Class A Pass Through Trustee”) to issue and sell the Class AA
Certificates and the Class A Certificates, respectively, to the Underwriters on the Issuance Date; 
 WHEREAS, concurrently with the
execution and delivery of this Agreement, (i) the Escrow Agent and the Depositary have entered into two Deposit Agreements, dated as of the Issuance Date, one each relating to the Class AA and Class A Pass Through Trust (together, the
“Deposit Agreements”) whereby the Escrow Agent agreed to direct the Underwriters to make certain deposits referred to therein on the Issuance Date (the “Initial Deposits”) and to permit the applicable Pass Through
Trustees to make additional deposits from time to time thereafter (the Initial Deposits together with such additional deposits are collectively referred to as the “Deposits”) and (ii) the applicable Pass Through Trustees,
Underwriters, Paying Agents and Escrow Agents have entered into two Escrow and Paying Agent Agreements, dated as of the Issuance Date, one each relating to the Class AA and Class A Pass Through Trust (together, the “Escrow and
Paying Agent Agreements”), whereby, among other things, (a) the Underwriters agreed to deliver an amount equal to the amount of the Initial Deposits to the Depositary on behalf of the applicable Escrow Agent and (b) the applicable
Escrow Agent, upon the Depositary receiving such amount, agreed to deliver escrow receipts to be affixed to each Certificate; 
 WHEREAS,
upon receipt of a Closing Notice with respect to an Aircraft, subject to the terms and conditions of this Agreement, the applicable Pass Through Trustees will enter into the applicable Financing Agreements relating to such Aircraft; 

  
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 WHEREAS, upon the financing of each Aircraft, the Class AA and Class A Pass Through
Trustees each will fund its purchase of Equipment Notes with the proceeds of one or more Deposits withdrawn by the applicable Escrow Agent under the related Deposit Agreement bearing the same interest rate as the Certificates issued by the
applicable Pass Through Trust (or, if financed on the Issuance Date, with a portion of the proceeds from the offering of the Certificates); and 

WHEREAS, concurrently with the execution and delivery of this Agreement, (i) National Australia Bank Limited, acting through its New York
Branch (the “ Liquidity Provider”), has entered into two revolving credit agreements, one each for the benefit of the Certificateholders of the Class AA and Class A Pass Through Trusts, in each case, with the Subordination
Agent, as agent for the Pass Through Trustee on behalf of each such Pass Through Trust (each such revolving credit agreement with the Liquidity Provider, a “Liquidity Facility”) and (ii) the Pass Through Trustees, the Liquidity
Provider and the Subordination Agent have entered into the Intercreditor Agreement, dated as of the date hereof (the “Intercreditor Agreement”). 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual agreements herein contained and other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. Financing of
Aircraft. (a) The Company confirms that (i) it currently owns the Delivered Aircraft that were delivered to it by the Manufacturer prior to the date hereof and (ii) it has entered into the Aircraft Purchase Agreements with the
Manufacturer pursuant to which the Company has agreed to purchase, and the Manufacturer has agreed to deliver, the New Aircraft subject thereto in the months specified in Schedule I hereto, all on and subject to terms and conditions specified in
such Aircraft Purchase Agreement. The Company agrees to finance the Aircraft in the manner provided herein, all on and subject to the terms and conditions hereof and of the relevant Financing Agreements. 

(b)    In furtherance of the foregoing, the Company agrees to give the parties hereto, the Depositary and each of the
Rating Agencies not less than one Business Day’s prior notice substantially in the form of Exhibit A hereto (a “Closing Notice”) of the scheduled closing date (the “Scheduled Closing Date”) (or, in the
case of a substitute Closing Notice under 

  
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Section 1(e) or (f) hereof, one Business Day’s prior notice) in respect of the financing of each Aircraft under this Agreement, which notice shall: 

(i) specify the Scheduled Closing Date of such Aircraft (which shall be a Business Day before the
Cut-off Date and, except as provided in Section 1(f) hereof, the date (the “Funding Date”) on which the financing therefor in the manner provided herein shall be consummated); 

(ii) instruct each Pass Through Trustee being requested to purchase Equipment Notes pursuant to such Closing Notice (the “Applicable
Pass Through Trustees”) to enter into the Participation Agreement included in the Financing Agreements with respect to such Aircraft in such form and at such a time on or before the Funding Date specified in such Closing Notice and to
perform its obligations thereunder; 
 (iii) instruct each of the Class AA and Class A Pass Through Trustees to instruct the
relevant Escrow Agent to provide a Notice of Purchase Withdrawal to the Depositary with respect to the Equipment Notes to be issued to such Pass Through Trustee in connection with the financing of such Aircraft (except in the case of any such
financing on the Issuance Date); and 
 (iv) specify the aggregate principal amount of each series of Equipment Notes, if any, to be issued,
and purchased by the Applicable Pass Through Trustees, in connection with the financing of such Aircraft scheduled on such Funding Date (which shall in all respects comply with the Required Terms). 

Notwithstanding the foregoing, in the case of any Aircraft to be financed hereunder on the Issuance Date, the Closing Notice therefor may be delivered to the
parties hereto on the Issuance Date. 
 (c)    Upon receipt of a Closing Notice, the Applicable Pass Through Trustees
shall, and shall cause the Subordination Agent to, enter into and perform their respective obligations under the Participation Agreement specified in such Closing Notice, provided that such Participation Agreement and the Indenture to be
entered into pursuant to such Participation Agreement shall be in the forms thereof annexed hereto in all material respects and, if modified in any material respect, as to which Rating Agency Confirmation shall have been obtained from each Rating
Agency by the Company (to be delivered by the Company to the Applicable Pass Through Trustees on or before the 

  
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relevant Funding Date, it being understood that if Rating Agency Confirmation shall have been received with respect to any Financing Agreements and such Financing Agreements are utilized for
subsequent Aircraft (or Substitute Aircraft) without material modifications, no additional Rating Agency Confirmation shall be required); provided, however, that the relevant Financing Agreements as executed and delivered shall not
vary the Required Terms. Notwithstanding the foregoing, an Indenture may be modified to the extent required for the issuance of Equipment Notes pursuant to Section 4(a)(vi) of this Agreement, subject to the terms of such Section and
Section 9.1(c) or 9.1(d) of the Intercreditor Agreement, whichever may be applicable. The Company shall pay the reasonable costs and expenses of the Rating Agencies in connection with obtaining any such Rating Agency Confirmation. With respect
to each Aircraft, the Company shall cause WTNA (or such other person that meets the eligibility requirements to act as loan trustee under the Indenture) to execute as Loan Trustee the Financing Agreements relating to such Aircraft to which such Loan
Trustee is intended to be a party, and shall concurrently therewith execute such Financing Agreements to which the Company is intended to be a party and perform its respective obligations thereunder. Upon the request of any Rating Agency, the
Company shall deliver or cause to be delivered to such Rating Agency a true and complete copy of each Financing Agreement relating to the financing of each Aircraft together with a true and complete set of the closing documentation (including legal
opinions) delivered to the related Loan Trustee, Subordination Agent and Pass Through Trustee under the related Participation Agreement. 

(d)    The Company agrees that all Equipment Notes issued pursuant to any Indenture shall initially be registered in the
name of the Subordination Agent on behalf of the Applicable Pass Through Trustees (or, in the case of any Additional Series Equipment Notes, on behalf of the Additional Series Pass Through Trustee with respect to the corresponding Additional Series
Pass Through Certificates). 
 (e)    If after giving any Closing Notice, there shall be a delay in the delivery of the
Aircraft referred to therein, or if on the Scheduled Closing Date of the Aircraft referred to therein the financing thereof in the manner contemplated hereby shall not be consummated for whatever reason, the Company shall give the parties hereto and
the Depositary prompt notice thereof. Concurrently with the giving of such notice of postponement or subsequently, the Company shall give the parties hereto and the Depositary a substitute Closing Notice specifying

  
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the date to which the financing of such Aircraft (or of another Aircraft of the same model in lieu thereof) shall have been re-scheduled (which shall be a
Business Day before the Cut-off Date on which the Escrow Agents shall be entitled to withdraw one or more Deposits under each of the applicable Deposit Agreements to enable each of the Class AA and
Class A Pass Through Trustees to fund its purchase of the related Equipment Notes). Upon receipt of any such notice of postponement, each Applicable Pass Through Trustee shall comply with its obligations under Section 5.01 of each of the
Trust Supplements and thereafter the financing of such Aircraft, as specified in such substitute Closing Notice, shall take place on the re-scheduled Closing Date therefor (all on and subject to the terms and
conditions of the relevant Financing Agreements) unless further postponed as provided herein. 
 (f)    Anything in this
Section 1 to the contrary notwithstanding, the Company shall have the right to accept delivery of an Aircraft (including a Delivered Aircraft) under the applicable Aircraft Purchase Agreement on the Delivery Date thereof by utilization of
bridge financing of such Aircraft (including cash provided by the Company) and thereafter give the parties hereto and the Depositary a Closing Notice specifying a Funding Date (i) in the case of any New Aircraft, not later than 90 days after
the Delivery Date of such New Aircraft, (ii) in the case of any Delivered Aircraft, not later than 60 days after the Issuance Date and (iii) in the case of any Aircraft, not later than the Cut-off
Date, and otherwise complying with the provisions of Section 1(b) hereof. All other terms and conditions of this Agreement shall apply to the financing of any such Aircraft on the re-scheduled Funding
Date therefor except the related Financing Agreements shall be amended to reflect the original delivery of such Aircraft to the Company. 

(g)    If the scheduled delivery date from the Manufacturer for any New Aircraft is delayed more than 30 days beyond the
last day of the month set forth opposite such New Aircraft under the heading “Scheduled Delivery Month” in Schedule I hereto, the Company may identify for delivery a substitute aircraft therefor meeting the following conditions (a
“Substitute Aircraft”): (i) a Substitute Aircraft must be of the same model as the New Aircraft being replaced and (ii) the Company shall be obligated to obtain Rating Agency Confirmation in respect of the replacement of any
New Aircraft by Substitute Aircraft. Upon the satisfaction of the conditions set forth above with respect to a Substitute Aircraft, the New Aircraft to be replaced shall cease to be subject to this Agreement and all

  
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rights and obligations of the parties hereto concerning such New Aircraft shall cease, and such Substitute Aircraft shall become and thereafter be subject to the terms and conditions of this
Agreement to the same extent as such New Aircraft. 
 (h)    The Company shall have no liability for the failure of the
Pass Through Trustees to purchase Equipment Notes with respect to any Aircraft or Substitute Aircraft. 

(i)    Anything herein to the contrary notwithstanding, the Company shall not have the right, and shall not be entitled,
at any time to request the issuance of Equipment Notes of any series to the Class AA or Class A Pass Through Trustee in an aggregate principal amount in excess of the amount of the Deposits then available for withdrawal by the Escrow Agent
under and in accordance with the provisions of the related Deposit Agreement. 
 SECTION 2. Conditions Precedent. The obligation of
the Applicable Pass Through Trustees to enter into, and to cause the Subordination Agent to enter into, any Participation Agreement as directed pursuant to a Closing Notice and to perform its obligations thereunder is subject to satisfaction of the
following conditions: 
 (a)    no Triggering Event shall have occurred; and 

(b)    the Company shall have delivered a certificate to each such Pass Through Trustee and the Liquidity Provider stating
(i) that such Participation Agreement and the other Financing Agreements to be entered into pursuant to such Participation Agreement do not vary the Required Terms and (ii) that any substantive modification of such Financing Agreements
from the forms of Financing Agreements attached to this Agreement do not materially and adversely affect the Certificateholders or the Liquidity Provider, and such certification shall be true and correct. 

Anything herein to the contrary notwithstanding, the obligation of each Pass Through Trustee to purchase Equipment Notes shall terminate on
the Cut-off Date. 
 SECTION 3. Representations and Warranties. (a) The Company
represents and warrants that: 
 (i) the Company is duly incorporated, validly existing and in good standing under the laws
of the State of Delaware and is a “citizen of the United 

  
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States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the State of Delaware to execute and deliver this
Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of the Company under this Agreement and each Financing Agreement to which it will be a party; 

(ii) the execution and delivery by the Company of this Agreement and the performance by the Company of its obligations under
this Agreement have been duly authorized by the Company and will not violate its Certificate of Incorporation or by-laws or the provisions of any indenture, mortgage, contract or other agreement to which it is
a party or by which it is bound; and 
 (iii) this Agreement constitutes the legal, valid and binding obligation of the
Company, enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of
equity, whether considered in a proceeding at law or in equity. 
 (b)    WTNA represents and warrants that: 

(i) WTNA is a national banking association duly incorporated, validly existing and in good standing under the laws of the
United States and is a “citizen of the United States” as defined in Section 40102(a)(15) of the Act, and has the full corporate power, authority and legal right under the laws of the United States and of the state of the United States
in which it is located pertaining to its banking, trust and fiduciary powers to execute and deliver this Agreement and each Financing Agreement to which it will be a party and to carry out the obligations of WTNA, in its capacity as Subordination
Agent, Pass Through Trustee or Paying Agent, as the case may be, under this Agreement and each Financing Agreement to which it will be a party; 

(ii) the execution and delivery by WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the
case may be, of this Agreement 

  
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and the performance by WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, of its obligations under this Agreement have been duly authorized by
WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage,
contract or other agreement to which it is a party or by which it is bound; and 
 (iii) this Agreement constitutes the
legal, valid and binding obligations of WTNA, in its capacity as Subordination Agent, Pass Through Trustee or Paying Agent, as the case may be, enforceable against it in accordance with its terms, except as the same may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 

(c)    The Pass Through Trustee hereby confirms to each of the other parties hereto that its representations and
warranties set forth in Section 7.15 of the Basic Pass Through Trust Agreement and Section 5.04 of each Trust Supplement are true and correct as of the date hereof. 

(d)    The Subordination Agent represents and warrants that: 

(i) the Subordination Agent is a national banking association duly incorporated, validly existing and in good standing under
the laws of the United States, and has the full corporate power, authority and legal right under the laws of the United States and of the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to
execute and deliver this Agreement and each Financing Agreement to which it is or will be a party and to perform its obligations under this Agreement and each Financing Agreement to which it is or will be a party; 

(ii) this Agreement has been duly authorized, executed and delivered by the Subordination Agent; this Agreement constitutes the
legal, valid and binding obligations of the Subordination Agent 

  
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enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the rights of
creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity; 
 (iii)
none of the execution, delivery and performance by the Subordination Agent of this Agreement contravenes any law, rule or regulation of the state of the United States in which it is located or any United States governmental authority or agency
regulating the Subordination Agent’s banking, trust or fiduciary powers or any judgment or order applicable to or binding on the Subordination Agent and do not contravene the Subordination Agent’s articles of association or by-laws or result in any breach of, or constitute a default under, any agreement or instrument to which the Subordination Agent is a party or by which it or any of its properties may be bound; 

(iv) neither the execution and delivery by the Subordination Agent of this Agreement nor the consummation by the Subordination
Agent of any of the transactions contemplated hereby requires the consent or approval of, the giving of notice to, the registration with, or the taking of any other action with respect to, any governmental authority or agency of the state of the
United States in which it is located or any federal governmental authority or agency regulating the Subordination Agent’s banking, trust or fiduciary powers; 

(v) there are no Taxes payable by the Subordination Agent imposed by any state of the United States in which it is located or
any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by the Subordination Agent of this Agreement (other than franchise or other taxes based on or measured by any fees or compensation
received by the Subordination Agent for services rendered in connection with the transactions contemplated by the Intercreditor Agreement or any of the Liquidity Facilities), and there are no Taxes payable by the Subordination Agent imposed by any
state of the United States in which it is located or any political subdivision thereof in connection with the acquisition, possession or 

  
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ownership by the Subordination Agent of any of the Equipment Notes (other than franchise or other taxes based on or measured by any fees or compensation received by the Subordination Agent for
services rendered in connection with the transactions contemplated by the Intercreditor Agreement or any of the Liquidity Facilities); and 

(vi) there are no pending or threatened actions or proceedings against the Subordination Agent before any court or
administrative agency which individually or in the aggregate, if determined adversely to it, would materially adversely affect the ability of the Subordination Agent to perform its obligations under this Agreement. 

(e)    The Escrow Agent represents and warrants that: 

(i) the Escrow Agent is a national banking association duly incorporated, validly existing and in good standing under the laws
of the United States and has the full corporate power, authority and legal right under the laws of the United States and the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to execute and
deliver this Agreement, each Deposit Agreement and each Escrow and Paying Agent Agreement (collectively, the “Escrow Agent Agreements”) and to carry out the obligations of the Escrow Agent under each of the Escrow Agent Agreements;

 (ii) the execution and delivery by the Escrow Agent of each of the Escrow Agent Agreements and the performance by the
Escrow Agent of its obligations hereunder and thereunder have been duly authorized by the Escrow Agent and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage,
contract or other agreement to which it is a party or by which it is bound; and 
 (iii) each of the Escrow Agent Agreements
constitutes the legal, valid and binding obligations of the Escrow Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 

  
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 (f)    The Paying Agent represents and warrants that: 

(i) the Paying Agent is a national banking association duly incorporated, validly existing and in good standing under the laws
of the United States of America and has the full corporate power, authority and legal right under the laws of the United States and the state of the United States in which it is located pertaining to its banking, trust and fiduciary powers to
execute and deliver this Agreement and each Escrow and Paying Agent Agreement (collectively, the “Paying Agent Agreements”) and to carry out the obligations of the Paying Agent under each of the Paying Agent Agreements; 

(ii) the execution and delivery by the Paying Agent of each of the Paying Agent Agreements and the performance by the Paying
Agent of its obligations hereunder and thereunder have been duly authorized by the Paying Agent and will not violate its articles of association or by-laws or the provisions of any indenture, mortgage,
contract or other agreement to which it is a party or by which it is bound; and 
 (iii) each of the Paying Agent Agreements
constitutes the legal, valid and binding obligations of the Paying Agent enforceable against it in accordance with its terms, except as the same may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting the rights of creditors generally and by general principles of equity, whether considered in a proceeding at law or in equity. 

SECTION 4. Covenants. (a) The Company covenants with each of the other parties hereto that: 

(i) [Intentionally Omitted]; 

(ii) subject to Section 4(a)(iv) of this Agreement, the Company shall at all times maintain its corporate existence and shall not wind
up, liquidate or dissolve or take any action, or fail to take any action, that would have the effect of any of the foregoing; 

  
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 (iii) the Company shall at all times remain a U.S. Air Carrier (as defined in the Financing
Agreements) and shall at all times be otherwise certificated and registered to the extent necessary to entitle the Loan Trustee to the rights afforded to secured parties of aircraft equipment under Section 1110; 

(iv) Section 4.07 of each Indenture is hereby incorporated by reference herein; 

(v) the Company agrees to provide written notice to each of the parties hereto of the occurrence of the
Cut-off Date no later than one Business Day after the date thereof, such notice to refer specifically to the Pass Through Trustee’s obligation to assign, transfer and deliver all of its right, title and
interest to the Trust Property (as defined in each Pass Through Trust Agreement) to the trustee of the Related Trust (as defined in each Pass Through Trust Agreement) in accordance with Section 7.01 of each of the Trust Supplements; 

(vi) the Company shall not repay and re-issue any Series A Equipment Notes or issue (or repay and
reissue) any Additional Series Equipment Notes pursuant to any Indenture, unless it shall have obtained written confirmation from each Rating Agency that the reissuance or issuance of such Equipment Notes, as the case may be, will not result in
(1) a reduction of the rating for any Class of Certificates then rated by such Rating Agency that will remain outstanding below the then current rating for such Class of Certificates or (2) a withdrawal or suspension of the
rating of any Class of Certificates then rated by such Rating Agency that will remain outstanding. Any reissuance of the Series A Equipment Notes and issuance (or repayment and reissuance) of Additional Series Equipment Notes shall be subject
to the terms of Section 9.1(c) and 9.1(d), respectively, of the Intercreditor Agreement; and 
 (vii) If (x) the Depositary’s
long-term issuer credit rating and short-term issuer credit rating by Fitch Ratings, Inc. both fall below the Depositary Threshold Rating (or both such ratings have been withdrawn or suspended), or the Depositary’s short-term unsecured debt
rating by Moody’s Investors Service, Inc. falls below the Depositary Threshold Rating (or if such rating has been withdrawn or suspended) or (y) the Company or the Depositary, in its sole discretion, gives written notice to the other of
its election that the Depositary be replaced, the Company shall, within 35 days after such event occurring, cause the Depositary to be replaced with a depositary 

  
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bank (a “Replacement Depositary”) on the following terms and preconditions: 

(A)    the Replacement Depositary must meet the Depositary Threshold Ratings and the Company shall have obtained written
confirmation from each Rating Agency that such replacement will not cause a withdrawal, suspension or downgrading of any rating then in effect for any Class of Certificates by such Rating Agency (without regard to any withdrawal, suspension or
downgrading of any rating of the Depositary being replaced); 
 (B)    the Company shall pay all fees, expenses and
other amounts then owing to the replaced Depositary and, except as expressly provided in clause (C) below, the Company shall pay any up-front fee of the Replacement Depositary and (without limitation of
the foregoing) all out-of-pocket expenses (including reasonable fees and expenses of legal counsel) of the parties hereto (including without limitation all amounts
payable to the Rating Agencies) incurred in connection with such replacement; 
 (C)    solely in the case of the
Depositary making an election in its discretion that it be replaced (and without limitation of clause (A) above), (x) the notice given by the Depositary to the Company shall nominate a Replacement Depositary, which shall satisfy all of
terms and preconditions of this Section 4(a)(vii) (and the Company shall have the right to utilize such nominee as the Replacement Depositary or to select another Replacement Depositary), (y) the fees, expenses, indemnities and other
amounts payable to the Replacement Depositary upon its execution of the Replacement Deposit Agreement or thereafter shall not to any extent exceed those which would have been payable to the Depositary had such replacement not occurred (it being
specifically understood and agreed that any up-front fee of the Replacement Depositary shall be paid by the replaced Depositary, provided that, if the Company selects a Replacement Depositary other than
the nominee of the replaced Depositary and the upfront fee of such selection exceeds that of such nominee, the Company shall pay such excess), and (without limitation of the foregoing) the Depositary shall pay all out-of-pocket expenses (including reasonable fees and expenses of legal counsel) of the parties hereto (including without limitation all amounts payable to the Rating Agencies) incurred in connection with
such replacement, and (z) the Replacement Depositary shall be willing to enter into a Replacement Deposit Agreement for each of the Class AA and Class A Certificates with the Escrow Agent having the same

  
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terms and conditions (including without limitation as to the interest to be paid on the Deposits) as the Deposit Agreements to which the Depositary is a party; and 

(D)    the Company or, in the case of the Depositary making an election that it be replaced (unless the Company shall have
selected such Replacement Depositary), the Depositary, shall cause the Replacement Depositary to enter into a Replacement Deposit Agreement for each of the Class AA and Class A Certificates with the Escrow Agent (and, upon request of the
Company the Escrow Agent agrees to enter into any such Replacement Deposit Agreement) and shall cause the Replacement Depositary to deliver to the Company and each Rating Agency legal opinions and other closing documentation substantially similar in
scope and substance as those that were delivered by the Depositary being replaced in connection with the execution and delivery of the Deposit Agreement being replaced. 

Upon satisfaction of the foregoing conditions, the Company shall instruct the Class AA Pass Through Trustee and the Class A Pass
Through Trustee, and each such Pass Through Trustee agrees, to execute and deliver to the Escrow Agent a duly completed Withdrawal Certificate (as defined in the Escrow and Paying Agent Agreements) together with a Notice of Replacement Withdrawal
(as defined in the Escrow and Paying Agent Agreements). 
 Each of the parties hereto agrees, at the Company’s request, to enter into
any amendments to this Agreement, the Escrow and Paying Agent Agreements and any other Operative Agreements as may be necessary or desirable to give effect to the replacement of the Depositary with the Replacement Depositary and the replacement of
the Deposit Agreements with the Replacement Deposit Agreements. 
 Upon the execution and delivery of the Replacement Deposit Agreements,
the Replacement Depositary shall be deemed to be the Depositary with all of the rights and obligations of the Depositary hereunder and under the other Operative Agreements and the Replacement Deposit Agreements shall be deemed to be the Deposit
Agreements hereunder and under the other Operative Agreements, except that the obligations of the replaced Depositary under its Deposit Agreements resulting from the delivery of any Withdrawal Notice delivered thereunder shall remain in full force
and effect notwithstanding the execution and delivery of the Replacement Deposit Agreements. 

  
 15 

 (viii)    Promptly after the occurrence of a Triggering Event or an Indenture
Default resulting from the failure of the Company to make payments on any Equipment Note and on every Regular Distribution Date while the Triggering Event or such Indenture Default shall be continuing, the Company will, at the Subordination
Agent’s request from time to time but in any event no more frequently than once every three months, provide to the Subordination Agent a statement setting forth the following information with respect to each Aircraft then subject to the lien of
an Indenture: (A) whether the Aircraft are currently in service or parked in storage, (B) the maintenance status of the Aircraft and (C) the location of the Engines (as defined in the respective Indentures to which such Aircraft are
subject). As used in this sentence, the terms “Triggering Event”, “Indenture Default”, “Regular Distribution Date” shall have the respective meanings set forth in the Intercreditor Agreement as originally executed. 

(b)    WTNA, in its individual capacity, covenants with each of the other parties to this Agreement that it will,
immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status as a “citizen of the United States” as defined in Section 40102(a)(15) of the Act and promptly upon public disclosure of negotiations
in respect of any transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith. Upon WTNA giving any such notice, WTNA shall, subject to Section 9.01 of any
Indenture then entered into, resign as Loan Trustee in respect of such Indenture. 
 SECTION 5. Notices. Unless otherwise
specifically provided herein, all notices required or permitted by the terms of this Agreement shall be in English and in writing, and any such notice shall become effective upon being delivered personally or, if promptly confirmed by mail, when
dispatched by facsimile or other written telecommunication, addressed to such party hereto at its address or facsimile number set forth below the signature of such party at the foot of this Agreement or to such other address or facsimile number as
such party may hereafter specify by notice to the other parties. 
 SECTION 6. Expenses. (a) The Company agrees to pay to the
Subordination Agent when due an amount or amounts equal to the fees payable to the Liquidity Provider under Section 2.03 of each Liquidity Facility and the related Fee Letter (as defined in the Intercreditor Agreement) multiplied by a fraction
the numerator of which shall be the then outstanding aggregate 

  
 16 

 
amount of the Deposits under the Deposit Agreements pertaining to the Class AA and Class A Pass Through Trusts and the denominator of which shall be the sum of (x) the then
outstanding aggregate principal amount of the Series AA Equipment Notes and Series A Equipment Notes under all of the Indentures and (y) the then outstanding aggregate amount of the Deposits under the Deposit Agreements pertaining to the
Class AA and Class A Pass Through Trusts. 
 (b)    So long as no Equipment Notes have been issued in respect
of any Aircraft, the Company agrees to pay (i) to the Subordination Agent when due (A) the amount equal to interest on any Downgrade Advance (other than any Applied Downgrade Advance) payable under Section 3.07 of each Liquidity
Facility minus Investment Earnings while such Downgrade Advance shall be outstanding, (B) the amount equal to interest on any Non-Extension Advance (other than any Applied
Non-Extension Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings while such Non-Extension Advance shall be outstanding,
(C) the amount equal to interest on any Special Termination Advance (other than any Applied Special Termination Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings from such Special Termination Advance
while such Special Termination Advance shall be outstanding, and (D) any other amounts owed to the Liquidity Provider by the Subordination Agent as borrower under each Liquidity Facility (other than amounts due as repayment of advances
thereunder or as interest on such advances, except to the extent payable pursuant to clause (A), (B) or (C)), (ii) all compensation and reimbursement of expenses, disbursements and advances payable by the Company under the Pass Through Trust
Agreements, (iii) all compensation and reimbursement of expenses and disbursements payable to the Subordination Agent under the Intercreditor Agreement except with respect to any income or franchise taxes incurred by the Subordination Agent in
connection with the transactions contemplated by the Intercreditor Agreement and (iv) in the event the Company requests any amendment to any Operative Agreement, all reasonable fees and expenses (including, without limitation, fees and
disbursements of counsel) of the Escrow Agent and/or the Paying Agent in connection therewith. For purposes of this Section 6(b), the terms “Applied Downgrade Advance”, “Applied
Non-Extension Advance”, “Applied Special Termination Advance”, “Downgrade Advance”, “Investment Earnings”, “Non-Extension
Advance” and “Special Termination Advance” shall have the meanings specified in each Liquidity Facility. 

  
 17 

 SECTION 7. Further Assurances. Each party hereto shall duly execute, acknowledge and
deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall
reasonably request in connection with its administration of, or to carry out more effectually the purposes of, or to better assure and confirm unto it the rights and benefits to be provided under, this Agreement. 

SECTION 8. Miscellaneous. (a) Provided that the transactions contemplated hereby have been consummated, in whole or in part, and
except as otherwise provided for herein, the representations, warranties and agreements herein of the Company, the Subordination Agent, the Escrow Agent, the Paying Agent and the Pass Through Trustee, and the Company’s, the Subordination
Agent’s, the Escrow Agent’s, the Paying Agent’s and the Pass Through Trustee’s obligations under any and all thereof, shall survive the expiration or other termination of this Agreement and the other agreements referred to
herein. 
 (b)    This Agreement may be executed in any number of counterparts (and each of the parties hereto shall not
be required to execute the same counterpart). Each counterpart of this Agreement, including a signature page executed by each of the parties hereto, shall be an original counterpart of this Agreement, but all of such counterparts together shall
constitute one instrument. Neither this Agreement nor any of the terms hereof may be terminated, amended, supplemented, waived or modified orally, but only by an instrument in writing signed by the party against which the enforcement of the
termination, amendment, supplement, waiver or modification is sought. The index preceding this Agreement and the headings of the various Sections of this Agreement are for convenience of reference only and shall not modify, define, expand or limit
any of the terms or provisions hereof. The terms of this Agreement shall be binding upon, and shall inure to the benefit of, the Company and its successors and permitted assigns, the Pass Through Trustee and its successors as Pass Through Trustee
(and any additional trustee appointed) under any of the Pass Through Trust Agreements, the Escrow Agent and its successors as Escrow Agent under the Escrow and Paying Agent Agreements, the Paying Agent and its successors as Paying Agent under the
Escrow and Paying Agent Agreement and the Subordination Agent and its successors as Subordination Agent under the Intercreditor Agreement. 

  
 18 

 (c)    This Agreement is not intended to, and shall not, provide any person
not a party hereto (other than the Underwriters, each of the beneficiaries of Section 6 hereof and the Depositary as a beneficiary of Section 4(a)(vii)) with any rights of any nature whatsoever against any of the parties hereto, and no
person not a party hereto (other than the Underwriters, each of the beneficiaries of Section 6 hereof and the Depositary as a beneficiary of Section 4(a)(vii)) shall have any right, power or privilege in respect of, or have any benefit or
interest arising out of, this Agreement. To the extent that this Agreement expressly confers upon, gives or grants any right, power, privilege, benefit, interest, remedy or claim to any of the beneficiaries of Section 6 hereof (including, but
not limited to rights, powers, privileges, benefits, interests, remedies and claims under Section 6) or to the Depositary with respect to Section 4(a)(vii), each such party is hereby recognized as a third party beneficiary hereunder and
may enforce any such right, power, privilege, benefit, interest, remedy or claim. 
 SECTION 9. Governing Law. THIS AGREEMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. 

  
 19 

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

			
	UNITED AIRLINES, INC.
		
	By	 	 /s/ Ted Davidson

	Name:	 	Ted Davidson
	Title:	 	Vice President Procurement
		
	Address:	 	233 S. Wacker Drive
		 	Chicago, IL 60606
		 	Attention:     Treasurer
		 	Facsimile:     (872) 825-0316
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity, except as otherwise provided herein, but solely as Pass Through Trustee

		
	By	 	 /s/ Chad May

	Name:	 	Chad May
	Title:	 	Assistant Vice President
		
	Address:	 	1100 North Market Street
		 	Wilmington, Delaware 19890-1605
		 	Attention:     Corporate Trust
		 	Administration
		 	Facsimile:     (302) 636-4140

  
 20 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity, except as otherwise provided herein, but solely as Subordination Agent

		
	By	 	 /s/ Chad May

	Name:	 	Chad May
	Title:	 	Assistant Vice President
		
	Address:	 	 1100 North Market Street Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Escrow Agent

		
	By	 	 /s/ David Doucette

	Name:	 	David Doucette
	Title:	 	Vice President
		
	Address:	 	 Boston, MA Office One Federal Street, 3rd Floor EX-MA-FED
Boston, MA 02110
 Attention: David W. Doucette
 Facsimile:
(617) 603-6672

  
 21 

 
			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Paying Agent

		
	By	 	 /s/ Chad May

	Name:	 	Chad May
	Title:	 	Assistant Vice President
		
	Address:	 	 1100 North Market Street Wilmington, Delaware 19890-1605

Attention: Corporate Trust Administration
 Facsimile: (302) 636-4140

  
 22 

 SCHEDULE I to 

Note Purchase Agreement 

AIRCRAFT AND SCHEDULED DELIVERY MONTHS 
  

							
	 Aircraft Type
	  	Expected
Registration Number	  	Expected
Manufacturer’s
Serial Number	  	Scheduled
Delivery Month
	 Boeing 737-800
	  	N79541	  	63725	  	September 2017
	 Boeing 737-800
	  	N77542	  	63647	  	September 2017
	 Boeing 737 MAX-9
	  	N67501	  	43430	  	April 2018
	 Boeing 737 MAX-9
	  	N37502	  	43431	  	April 2018
	 Boeing 737 MAX-9
	  	N27503	  	43434	  	April 2018
	 Boeing 737 MAX-9
	  	N37504	  	43435	  	May 2018
	 Boeing 737 MAX-9
	  	N47505	  	43433	  	May 2018
	 Boeing 737 MAX-9
	  	N37506	  	43432	  	May 2018
	 Boeing 787-9
	  	N26970	  	60146	  	August 2017
	 Boeing 787-9
	  	N29971	  	60147	  	January 2018
	 Boeing 787-9
	  	N24972	  	40939	  	January 2018
	 Boeing 787-9
	  	N24973	  	40941	  	February 2018
	 Boeing 787-9
	  	N24974	  	40942	  	February 2018
	 Boeing 777-300ER
	  	N2645U	  	64989	  	March 2018
	 Boeing 777-300ER
	  	N2846U	  	64990	  	March 2018
	 Boeing 777-300ER
	  	N2747U	  	64991	  	April 2018

 SCHEDULE II to 

Note Purchase Agreement 

TRUST SUPPLEMENTS 
 Trust Supplement dated as of
the Issuance Date between the Company and the Pass Through Trustee in respect of United Airlines Pass Through Trust, Series 2018-1AA-O. 

Trust Supplement dated as of the Issuance Date between the Company and the Pass Through Trustee in respect of United Airlines Pass Through Trust, Series 2018-1A-O. 

 SCHEDULE III TO 

Note Purchase Agreement 

REQUIRED TERMS 
 Equipment Notes 

Obligor:    United 

Maximum Principal Amount: 
 The
initial principal amount and amortization schedule of the Series AA and A Equipment Notes issued with respect to an Aircraft shall be as set forth in the following table for that Aircraft: 

 Boeing 737-800 

 

																	
	 	  	N79541	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	20,363,000.00	 	  	$	7,757,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	20,363,000.00	 	  	 	7,757,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	19,858,351.11	 	  	 	7,564,763.08	 	  	 	504,648.89	 	  	 	192,236.92	 
	 September 1, 2019
	  	 	19,353,702.85	 	  	 	7,372,524.38	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2020
	  	 	18,849,054.59	 	  	 	7,180,285.68	 	  	 	504,648.26	 	  	 	192,238.70	 
	 September 1, 2020
	  	 	18,344,406.33	 	  	 	6,988,046.98	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2021
	  	 	17,839,758.07	 	  	 	6,795,808.28	 	  	 	504,648.26	 	  	 	192,238.70	 
	 September 1, 2021
	  	 	17,335,109.81	 	  	 	6,603,569.58	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2022
	  	 	16,830,461.55	 	  	 	6,411,330.88	 	  	 	504,648.26	 	  	 	192,238.70	 
	 September 1, 2022
	  	 	16,325,813.29	 	  	 	6,219,092.18	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2023
	  	 	15,821,165.03	 	  	 	6,026,853.48	 	  	 	504,648.26	 	  	 	192,238.70	 
	 September 1, 2023
	  	 	15,316,516.77	 	  	 	5,834,614.78	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2024
	  	 	14,811,868.51	 	  	 	5,642,376.08	 	  	 	504,648.26	 	  	 	192,238.70	 
	 September 1, 2024
	  	 	14,307,220.25	 	  	 	5,450,137.38	 	  	 	504,648.26	 	  	 	192,238.70	 
	 March 1, 2025
	  	 	13,702,568.99	 	  	 	5,219,803.94	 	  	 	604,651.26	 	  	 	230,333.44	 
	 September 1, 2025
	  	 	13,097,917.73	 	  	 	4,989,470.50	 	  	 	604,651.26	 	  	 	230,333.44	 
	 March 1, 2026
	  	 	12,493,266.47	 	  	 	4,759,137.06	 	  	 	604,651.26	 	  	 	230,333.44	 
	 September 1, 2026
	  	 	11,888,615.21	 	  	 	4,528,803.62	 	  	 	604,651.26	 	  	 	230,333.44	 
	 March 1, 2027
	  	 	11,283,963.95	 	  	 	4,298,470.18	 	  	 	604,651.26	 	  	 	230,333.44	 
	 September 1, 2027
	  	 	10,679,312.69	 	  	 	4,068,136.74	 	  	 	604,651.26	 	  	 	230,333.44	 
	 March 1, 2028
	  	 	10,074,661.43	 	  	 	3,837,803.30	 	  	 	604,651.26	 	  	 	230,333.44	 
	 September 1, 2028
	  	 	9,470,010.17	 	  	 	3,607,469.86	 	  	 	604,651.26	 	  	 	230,333.44	 
	 March 1, 2029
	  	 	8,865,358.91	 	  	 	3,377,136.42	 	  	 	604,651.26	 	  	 	230,333.44	 
	 September 1, 2029
	  	 	8,260,707.65	 	  	 	3,146,802.98	 	  	 	604,651.26	 	  	 	230,333.44	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	8,260,707.65	 	  	 	3,146,802.98	 
		
	 	  	N77542	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	20,376,000.00	 	  	$	7,762,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	20,376,000.00	 	  	 	7,762,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	19,871,028.94	 	  	 	7,569,639.17	 	  	 	504,971.06	 	  	 	192,360.83	 
	 September 1, 2019
	  	 	19,366,058.51	 	  	 	7,377,276.56	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2020
	  	 	18,861,088.08	 	  	 	7,184,913.95	 	  	 	504,970.43	 	  	 	192,362.61	 
	 September 1, 2020
	  	 	18,356,117.65	 	  	 	6,992,551.34	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2021
	  	 	17,851,147.22	 	  	 	6,800,188.73	 	  	 	504,970.43	 	  	 	192,362.61	 
	 September 1, 2021
	  	 	17,346,176.79	 	  	 	6,607,826.12	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2022
	  	 	16,841,206.36	 	  	 	6,415,463.51	 	  	 	504,970.43	 	  	 	192,362.61	 
	 September 1, 2022
	  	 	16,336,235.93	 	  	 	6,223,100.90	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2023
	  	 	15,831,265.50	 	  	 	6,030,738.29	 	  	 	504,970.43	 	  	 	192,362.61	 
	 September 1, 2023
	  	 	15,326,295.07	 	  	 	5,838,375.68	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2024
	  	 	14,821,324.64	 	  	 	5,646,013.07	 	  	 	504,970.43	 	  	 	192,362.61	 
	 September 1, 2024
	  	 	14,316,354.21	 	  	 	5,453,650.46	 	  	 	504,970.43	 	  	 	192,362.61	 
	 March 1, 2025
	  	 	13,711,316.93	 	  	 	5,223,168.55	 	  	 	605,037.28	 	  	 	230,481.91	 
	 September 1, 2025
	  	 	13,106,279.65	 	  	 	4,992,686.64	 	  	 	605,037.28	 	  	 	230,481.91	 
	 March 1, 2026
	  	 	12,501,242.37	 	  	 	4,762,204.73	 	  	 	605,037.28	 	  	 	230,481.91	 
	 September 1, 2026
	  	 	11,896,205.09	 	  	 	4,531,722.82	 	  	 	605,037.28	 	  	 	230,481.91	 
	 March 1, 2027
	  	 	11,291,167.81	 	  	 	4,301,240.91	 	  	 	605,037.28	 	  	 	230,481.91	 
	 September 1, 2027
	  	 	10,686,130.53	 	  	 	4,070,759.00	 	  	 	605,037.28	 	  	 	230,481.91	 
	 March 1, 2028
	  	 	10,081,093.25	 	  	 	3,840,277.09	 	  	 	605,037.28	 	  	 	230,481.91	 
	 September 1, 2028
	  	 	9,476,055.97	 	  	 	3,609,795.18	 	  	 	605,037.28	 	  	 	230,481.91	 
	 March 1, 2029
	  	 	8,871,018.69	 	  	 	3,379,313.27	 	  	 	605,037.28	 	  	 	230,481.91	 
	 September 1, 2029
	  	 	8,265,981.41	 	  	 	3,148,831.36	 	  	 	605,037.28	 	  	 	230,481.91	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	8,265,981.41	 	  	 	3,148,831.36	 

  
 2 

 Boeing 737 MAX 9 

 

																	
	 	  	N67501	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,298,000.00	 	  	$	8,494,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,745,397.39	 	  	 	8,283,496.52	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2020
	  	 	21,192,794.78	 	  	 	8,072,993.04	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2020
	  	 	20,640,192.17	 	  	 	7,862,489.56	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2021
	  	 	20,087,589.56	 	  	 	7,651,986.08	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2021
	  	 	19,534,986.95	 	  	 	7,441,482.60	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2022
	  	 	18,982,384.34	 	  	 	7,230,979.12	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2022
	  	 	18,429,781.73	 	  	 	7,020,475.64	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2023
	  	 	17,877,179.12	 	  	 	6,809,972.16	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2023
	  	 	17,324,576.51	 	  	 	6,599,468.68	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2024
	  	 	16,771,973.90	 	  	 	6,388,965.20	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2024
	  	 	16,219,371.29	 	  	 	6,178,461.72	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2025
	  	 	15,557,262.87	 	  	 	5,926,244.08	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2025
	  	 	14,895,154.45	 	  	 	5,674,026.44	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2026
	  	 	14,233,046.03	 	  	 	5,421,808.80	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2026
	  	 	13,570,937.61	 	  	 	5,169,591.16	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2027
	  	 	12,908,829.19	 	  	 	4,917,373.52	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2027
	  	 	12,246,720.77	 	  	 	4,665,155.88	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2028
	  	 	11,584,612.35	 	  	 	4,412,938.24	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2028
	  	 	10,922,503.93	 	  	 	4,160,720.60	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2029
	  	 	10,260,395.51	 	  	 	3,908,502.96	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2029
	  	 	9,598,287.09	 	  	 	3,656,285.32	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,598,287.09	 	  	 	3,656,285.32	 

  
 3 

																	
	 	  	N37502	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,298,000.00	 	  	$	8,494,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,745,397.39	 	  	 	8,283,496.52	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2020
	  	 	21,192,794.78	 	  	 	8,072,993.04	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2020
	  	 	20,640,192.17	 	  	 	7,862,489.56	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2021
	  	 	20,087,589.56	 	  	 	7,651,986.08	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2021
	  	 	19,534,986.95	 	  	 	7,441,482.60	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2022
	  	 	18,982,384.34	 	  	 	7,230,979.12	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2022
	  	 	18,429,781.73	 	  	 	7,020,475.64	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2023
	  	 	17,877,179.12	 	  	 	6,809,972.16	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2023
	  	 	17,324,576.51	 	  	 	6,599,468.68	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2024
	  	 	16,771,973.90	 	  	 	6,388,965.20	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2024
	  	 	16,219,371.29	 	  	 	6,178,461.72	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2025
	  	 	15,557,262.87	 	  	 	5,926,244.08	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2025
	  	 	14,895,154.45	 	  	 	5,674,026.44	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2026
	  	 	14,233,046.03	 	  	 	5,421,808.80	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2026
	  	 	13,570,937.61	 	  	 	5,169,591.16	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2027
	  	 	12,908,829.19	 	  	 	4,917,373.52	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2027
	  	 	12,246,720.77	 	  	 	4,665,155.88	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2028
	  	 	11,584,612.35	 	  	 	4,412,938.24	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2028
	  	 	10,922,503.93	 	  	 	4,160,720.60	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2029
	  	 	10,260,395.51	 	  	 	3,908,502.96	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2029
	  	 	9,598,287.09	 	  	 	3,656,285.32	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,598,287.09	 	  	 	3,656,285.32	 
		
	 	  	N27503	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,298,000.00	 	  	$	8,494,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,298,000.00	 	  	 	8,494,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,745,397.39	 	  	 	8,283,496.52	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2020
	  	 	21,192,794.78	 	  	 	8,072,993.04	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2020
	  	 	20,640,192.17	 	  	 	7,862,489.56	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2021
	  	 	20,087,589.56	 	  	 	7,651,986.08	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2021
	  	 	19,534,986.95	 	  	 	7,441,482.60	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2022
	  	 	18,982,384.34	 	  	 	7,230,979.12	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2022
	  	 	18,429,781.73	 	  	 	7,020,475.64	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2023
	  	 	17,877,179.12	 	  	 	6,809,972.16	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2023
	  	 	17,324,576.51	 	  	 	6,599,468.68	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2024
	  	 	16,771,973.90	 	  	 	6,388,965.20	 	  	 	552,602.61	 	  	 	210,503.48	 
	 September 1, 2024
	  	 	16,219,371.29	 	  	 	6,178,461.72	 	  	 	552,602.61	 	  	 	210,503.48	 
	 March 1, 2025
	  	 	15,557,262.87	 	  	 	5,926,244.08	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2025
	  	 	14,895,154.45	 	  	 	5,674,026.44	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2026
	  	 	14,233,046.03	 	  	 	5,421,808.80	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2026
	  	 	13,570,937.61	 	  	 	5,169,591.16	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2027
	  	 	12,908,829.19	 	  	 	4,917,373.52	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2027
	  	 	12,246,720.77	 	  	 	4,665,155.88	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2028
	  	 	11,584,612.35	 	  	 	4,412,938.24	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2028
	  	 	10,922,503.93	 	  	 	4,160,720.60	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2029
	  	 	10,260,395.51	 	  	 	3,908,502.96	 	  	 	662,108.42	 	  	 	252,217.64	 
	 September 1, 2029
	  	 	9,598,287.09	 	  	 	3,656,285.32	 	  	 	662,108.42	 	  	 	252,217.64	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,598,287.09	 	  	 	3,656,285.32	 

  
 4 

																	
	 	  	N37504	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,336,000.00	 	  	$	8,508,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,782,455.65	 	  	 	8,297,149.57	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2020
	  	 	21,228,911.30	 	  	 	8,086,299.14	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2020
	  	 	20,675,366.95	 	  	 	7,875,448.71	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2021
	  	 	20,121,822.60	 	  	 	7,664,598.28	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2021
	  	 	19,568,278.25	 	  	 	7,453,747.85	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2022
	  	 	19,014,733.90	 	  	 	7,242,897.42	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2022
	  	 	18,461,189.55	 	  	 	7,032,046.99	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2023
	  	 	17,907,645.20	 	  	 	6,821,196.56	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2023
	  	 	17,354,100.85	 	  	 	6,610,346.13	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2024
	  	 	16,800,556.50	 	  	 	6,399,495.70	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2024
	  	 	16,247,012.15	 	  	 	6,188,645.27	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2025
	  	 	15,583,775.37	 	  	 	5,936,011.92	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2025
	  	 	14,920,538.59	 	  	 	5,683,378.57	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2026
	  	 	14,257,301.81	 	  	 	5,430,745.22	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2026
	  	 	13,594,065.03	 	  	 	5,178,111.87	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2027
	  	 	12,930,828.25	 	  	 	4,925,478.52	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2027
	  	 	12,267,591.47	 	  	 	4,672,845.17	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2028
	  	 	11,604,354.69	 	  	 	4,420,211.82	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2028
	  	 	10,941,117.91	 	  	 	4,167,578.47	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2029
	  	 	10,277,881.13	 	  	 	3,914,945.12	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2029
	  	 	9,614,644.35	 	  	 	3,662,311.77	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,614,644.35	 	  	 	3,662,311.77	 

  
 5 

																	
		
	 	  	N47505	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,336,000.00	 	  	$	8,508,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,782,455.65	 	  	 	8,297,149.57	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2020
	  	 	21,228,911.30	 	  	 	8,086,299.14	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2020
	  	 	20,675,366.95	 	  	 	7,875,448.71	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2021
	  	 	20,121,822.60	 	  	 	7,664,598.28	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2021
	  	 	19,568,278.25	 	  	 	7,453,747.85	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2022
	  	 	19,014,733.90	 	  	 	7,242,897.42	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2022
	  	 	18,461,189.55	 	  	 	7,032,046.99	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2023
	  	 	17,907,645.20	 	  	 	6,821,196.56	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2023
	  	 	17,354,100.85	 	  	 	6,610,346.13	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2024
	  	 	16,800,556.50	 	  	 	6,399,495.70	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2024
	  	 	16,247,012.15	 	  	 	6,188,645.27	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2025
	  	 	15,583,775.37	 	  	 	5,936,011.92	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2025
	  	 	14,920,538.59	 	  	 	5,683,378.57	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2026
	  	 	14,257,301.81	 	  	 	5,430,745.22	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2026
	  	 	13,594,065.03	 	  	 	5,178,111.87	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2027
	  	 	12,930,828.25	 	  	 	4,925,478.52	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2027
	  	 	12,267,591.47	 	  	 	4,672,845.17	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2028
	  	 	11,604,354.69	 	  	 	4,420,211.82	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2028
	  	 	10,941,117.91	 	  	 	4,167,578.47	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2029
	  	 	10,277,881.13	 	  	 	3,914,945.12	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2029
	  	 	9,614,644.35	 	  	 	3,662,311.77	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,614,644.35	 	  	 	3,662,311.77	 
		
	 	  	N37506	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	22,336,000.00	 	  	$	8,508,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	22,336,000.00	 	  	 	8,508,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	21,782,455.65	 	  	 	8,297,149.57	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2020
	  	 	21,228,911.30	 	  	 	8,086,299.14	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2020
	  	 	20,675,366.95	 	  	 	7,875,448.71	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2021
	  	 	20,121,822.60	 	  	 	7,664,598.28	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2021
	  	 	19,568,278.25	 	  	 	7,453,747.85	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2022
	  	 	19,014,733.90	 	  	 	7,242,897.42	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2022
	  	 	18,461,189.55	 	  	 	7,032,046.99	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2023
	  	 	17,907,645.20	 	  	 	6,821,196.56	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2023
	  	 	17,354,100.85	 	  	 	6,610,346.13	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2024
	  	 	16,800,556.50	 	  	 	6,399,495.70	 	  	 	553,544.35	 	  	 	210,850.43	 
	 September 1, 2024
	  	 	16,247,012.15	 	  	 	6,188,645.27	 	  	 	553,544.35	 	  	 	210,850.43	 
	 March 1, 2025
	  	 	15,583,775.37	 	  	 	5,936,011.92	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2025
	  	 	14,920,538.59	 	  	 	5,683,378.57	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2026
	  	 	14,257,301.81	 	  	 	5,430,745.22	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2026
	  	 	13,594,065.03	 	  	 	5,178,111.87	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2027
	  	 	12,930,828.25	 	  	 	4,925,478.52	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2027
	  	 	12,267,591.47	 	  	 	4,672,845.17	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2028
	  	 	11,604,354.69	 	  	 	4,420,211.82	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2028
	  	 	10,941,117.91	 	  	 	4,167,578.47	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2029
	  	 	10,277,881.13	 	  	 	3,914,945.12	 	  	 	663,236.78	 	  	 	252,633.35	 
	 September 1, 2029
	  	 	9,614,644.35	 	  	 	3,662,311.77	 	  	 	663,236.78	 	  	 	252,633.35	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	9,614,644.35	 	  	 	3,662,311.77	 

  
 6 

 Boeing 787-9 

 

																	
	 	  	N26970	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	58,867,000.00	 	  	$	22,426,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	58,867,000.00	 	  	 	22,426,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	57,408,120.37	 	  	 	21,870,230.35	 	  	 	1,458,879.63	 	  	 	555,769.65	 
	 September 1, 2019
	  	 	55,949,242.54	 	  	 	21,314,455.57	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2020
	  	 	54,490,364.71	 	  	 	20,758,680.79	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 September 1, 2020
	  	 	53,031,486.88	 	  	 	20,202,906.01	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2021
	  	 	51,572,609.05	 	  	 	19,647,131.23	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 September 1, 2021
	  	 	50,113,731.22	 	  	 	19,091,356.45	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2022
	  	 	48,654,853.39	 	  	 	18,535,581.67	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 September 1, 2022
	  	 	47,195,975.56	 	  	 	17,979,806.89	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2023
	  	 	45,737,097.73	 	  	 	17,424,032.11	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 September 1, 2023
	  	 	44,278,219.90	 	  	 	16,868,257.33	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2024
	  	 	42,819,342.07	 	  	 	16,312,482.55	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 September 1, 2024
	  	 	41,360,464.24	 	  	 	15,756,707.77	 	  	 	1,458,877.83	 	  	 	555,774.78	 
	 March 1, 2025
	  	 	39,612,489.68	 	  	 	15,090,798.56	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 September 1, 2025
	  	 	37,864,515.12	 	  	 	14,424,889.35	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 March 1, 2026
	  	 	36,116,540.56	 	  	 	13,758,980.14	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 September 1, 2026
	  	 	34,368,566.00	 	  	 	13,093,070.93	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 March 1, 2027
	  	 	32,620,591.44	 	  	 	12,427,161.72	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 September 1, 2027
	  	 	30,872,616.88	 	  	 	11,761,252.51	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 March 1, 2028
	  	 	29,124,642.32	 	  	 	11,095,343.30	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 September 1, 2028
	  	 	27,376,667.76	 	  	 	10,429,434.09	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 March 1, 2029
	  	 	25,628,693.20	 	  	 	9,763,524.88	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 September 1, 2029
	  	 	23,880,718.64	 	  	 	9,097,615.67	 	  	 	1,747,974.56	 	  	 	665,909.21	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	23,880,718.64	 	  	 	9,097,615.67	 

  
 7 

																	
	 	  	N29971	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	60,217,000.00	 	  	$	22,940,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	60,217,000.00	 	  	 	22,940,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	58,724,663.81	 	  	 	22,371,492.20	 	  	 	1,492,336.19	 	  	 	568,507.80	 
	 September 1, 2019
	  	 	57,232,329.46	 	  	 	21,802,979.16	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2020
	  	 	55,739,995.11	 	  	 	21,234,466.12	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2020
	  	 	54,247,660.76	 	  	 	20,665,953.08	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2021
	  	 	52,755,326.41	 	  	 	20,097,440.04	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2021
	  	 	51,262,992.06	 	  	 	19,528,927.00	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2022
	  	 	49,770,657.71	 	  	 	18,960,413.96	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2022
	  	 	48,278,323.36	 	  	 	18,391,900.92	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2023
	  	 	46,785,989.01	 	  	 	17,823,387.88	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2023
	  	 	45,293,654.66	 	  	 	17,254,874.84	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2024
	  	 	43,801,320.31	 	  	 	16,686,361.80	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2024
	  	 	42,308,985.96	 	  	 	16,117,848.76	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2025
	  	 	40,520,925.01	 	  	 	15,436,677.03	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2025
	  	 	38,732,864.06	 	  	 	14,755,505.30	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2026
	  	 	36,944,803.11	 	  	 	14,074,333.57	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2026
	  	 	35,156,742.16	 	  	 	13,393,161.84	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2027
	  	 	33,368,681.21	 	  	 	12,711,990.11	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2027
	  	 	31,580,620.26	 	  	 	12,030,818.38	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2028
	  	 	29,792,559.31	 	  	 	11,349,646.65	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2028
	  	 	28,004,498.36	 	  	 	10,668,474.92	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2029
	  	 	26,216,437.41	 	  	 	9,987,303.19	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2029
	  	 	24,428,376.46	 	  	 	9,306,131.46	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	24,428,376.46	 	  	 	9,306,131.46	 

  

																	
	 	  	N24972	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	60,217,000.00	 	  	$	22,940,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	60,217,000.00	 	  	 	22,940,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	58,724,663.81	 	  	 	22,371,492.20	 	  	 	1,492,336.19	 	  	 	568,507.80	 
	 September 1, 2019
	  	 	57,232,329.46	 	  	 	21,802,979.16	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2020
	  	 	55,739,995.11	 	  	 	21,234,466.12	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2020
	  	 	54,247,660.76	 	  	 	20,665,953.08	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2021
	  	 	52,755,326.41	 	  	 	20,097,440.04	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2021
	  	 	51,262,992.06	 	  	 	19,528,927.00	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2022
	  	 	49,770,657.71	 	  	 	18,960,413.96	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2022
	  	 	48,278,323.36	 	  	 	18,391,900.92	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2023
	  	 	46,785,989.01	 	  	 	17,823,387.88	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2023
	  	 	45,293,654.66	 	  	 	17,254,874.84	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2024
	  	 	43,801,320.31	 	  	 	16,686,361.80	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 September 1, 2024
	  	 	42,308,985.96	 	  	 	16,117,848.76	 	  	 	1,492,334.35	 	  	 	568,513.04	 
	 March 1, 2025
	  	 	40,520,925.01	 	  	 	15,436,677.03	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2025
	  	 	38,732,864.06	 	  	 	14,755,505.30	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2026
	  	 	36,944,803.11	 	  	 	14,074,333.57	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2026
	  	 	35,156,742.16	 	  	 	13,393,161.84	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2027
	  	 	33,368,681.21	 	  	 	12,711,990.11	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2027
	  	 	31,580,620.26	 	  	 	12,030,818.38	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2028
	  	 	29,792,559.31	 	  	 	11,349,646.65	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2028
	  	 	28,004,498.36	 	  	 	10,668,474.92	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2029
	  	 	26,216,437.41	 	  	 	9,987,303.19	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 September 1, 2029
	  	 	24,428,376.46	 	  	 	9,306,131.46	 	  	 	1,788,060.95	 	  	 	681,171.73	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	24,428,376.46	 	  	 	9,306,131.46	 

  
 8 

																	
	 	  	N24973	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	60,266,000.00	 	  	$	22,958,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	60,266,000.00	 	  	 	22,958,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	58,772,449.46	 	  	 	22,389,046.12	 	  	 	1,493,550.54	 	  	 	568,953.88	 
	 September 1, 2019
	  	 	57,278,900.76	 	  	 	21,820,086.99	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2020
	  	 	55,785,352.06	 	  	 	21,251,127.86	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2020
	  	 	54,291,803.36	 	  	 	20,682,168.73	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2021
	  	 	52,798,254.66	 	  	 	20,113,209.60	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2021
	  	 	51,304,705.96	 	  	 	19,544,250.47	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2022
	  	 	49,811,157.26	 	  	 	18,975,291.34	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2022
	  	 	48,317,608.56	 	  	 	18,406,332.21	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2023
	  	 	46,824,059.86	 	  	 	17,837,373.08	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2023
	  	 	45,330,511.16	 	  	 	17,268,413.95	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2024
	  	 	43,836,962.46	 	  	 	16,699,454.82	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2024
	  	 	42,343,413.76	 	  	 	16,130,495.69	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2025
	  	 	40,553,897.83	 	  	 	15,448,789.47	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2025
	  	 	38,764,381.90	 	  	 	14,767,083.25	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2026
	  	 	36,974,865.97	 	  	 	14,085,377.03	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2026
	  	 	35,185,350.04	 	  	 	13,403,670.81	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2027
	  	 	33,395,834.11	 	  	 	12,721,964.59	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2027
	  	 	31,606,318.18	 	  	 	12,040,258.37	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2028
	  	 	29,816,802.25	 	  	 	11,358,552.15	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2028
	  	 	28,027,286.32	 	  	 	10,676,845.93	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2029
	  	 	26,237,770.39	 	  	 	9,995,139.71	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2029
	  	 	24,448,254.46	 	  	 	9,313,433.49	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	24,448,254.46	 	  	 	9,313,433.49	 

  

																	
	 	  	N24974	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	60,266,000.00	 	  	$	22,958,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	60,266,000.00	 	  	 	22,958,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	58,772,449.46	 	  	 	22,389,046.12	 	  	 	1,493,550.54	 	  	 	568,953.88	 
	 September 1, 2019
	  	 	57,278,900.76	 	  	 	21,820,086.99	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2020
	  	 	55,785,352.06	 	  	 	21,251,127.86	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2020
	  	 	54,291,803.36	 	  	 	20,682,168.73	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2021
	  	 	52,798,254.66	 	  	 	20,113,209.60	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2021
	  	 	51,304,705.96	 	  	 	19,544,250.47	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2022
	  	 	49,811,157.26	 	  	 	18,975,291.34	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2022
	  	 	48,317,608.56	 	  	 	18,406,332.21	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2023
	  	 	46,824,059.86	 	  	 	17,837,373.08	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2023
	  	 	45,330,511.16	 	  	 	17,268,413.95	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2024
	  	 	43,836,962.46	 	  	 	16,699,454.82	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 September 1, 2024
	  	 	42,343,413.76	 	  	 	16,130,495.69	 	  	 	1,493,548.70	 	  	 	568,959.13	 
	 March 1, 2025
	  	 	40,553,897.83	 	  	 	15,448,789.47	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2025
	  	 	38,764,381.90	 	  	 	14,767,083.25	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2026
	  	 	36,974,865.97	 	  	 	14,085,377.03	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2026
	  	 	35,185,350.04	 	  	 	13,403,670.81	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2027
	  	 	33,395,834.11	 	  	 	12,721,964.59	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2027
	  	 	31,606,318.18	 	  	 	12,040,258.37	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2028
	  	 	29,816,802.25	 	  	 	11,358,552.15	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2028
	  	 	28,027,286.32	 	  	 	10,676,845.93	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2029
	  	 	26,237,770.39	 	  	 	9,995,139.71	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 September 1, 2029
	  	 	24,448,254.46	 	  	 	9,313,433.49	 	  	 	1,789,515.93	 	  	 	681,706.22	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	24,448,254.46	 	  	 	9,313,433.49	 

  
 9 

 Boeing 777-300ER 

 

																	
	 	  	N2645U	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	67,549,000.00	 	  	$	25,732,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	67,549,000.00	 	  	 	25,732,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	65,874,957.49	 	  	 	25,094,299.80	 	  	 	1,674,042.51	 	  	 	637,700.20	 
	 September 1, 2019
	  	 	64,200,917.06	 	  	 	24,456,593.71	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2020
	  	 	62,526,876.63	 	  	 	23,818,887.62	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2020
	  	 	60,852,836.20	 	  	 	23,181,181.53	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2021
	  	 	59,178,795.77	 	  	 	22,543,475.44	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2021
	  	 	57,504,755.34	 	  	 	21,905,769.35	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2022
	  	 	55,830,714.91	 	  	 	21,268,063.26	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2022
	  	 	54,156,674.48	 	  	 	20,630,357.17	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2023
	  	 	52,482,634.05	 	  	 	19,992,651.08	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2023
	  	 	50,808,593.62	 	  	 	19,354,944.99	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2024
	  	 	49,134,553.19	 	  	 	18,717,238.90	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2024
	  	 	47,460,512.76	 	  	 	18,079,532.81	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2025
	  	 	45,454,738.16	 	  	 	17,315,456.48	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2025
	  	 	43,448,963.56	 	  	 	16,551,380.15	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2026
	  	 	41,443,188.96	 	  	 	15,787,303.82	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2026
	  	 	39,437,414.36	 	  	 	15,023,227.49	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2027
	  	 	37,431,639.76	 	  	 	14,259,151.16	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2027
	  	 	35,425,865.16	 	  	 	13,495,074.83	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2028
	  	 	33,420,090.56	 	  	 	12,730,998.50	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2028
	  	 	31,414,315.96	 	  	 	11,966,922.17	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2029
	  	 	29,408,541.36	 	  	 	11,202,845.84	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2029
	  	 	27,402,766.76	 	  	 	10,438,769.51	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	27,402,766.76	 	  	 	10,438,769.51	 

  

																	
	 	  	N2846U	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	67,549,000.00	 	  	$	25,732,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	67,549,000.00	 	  	 	25,732,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	65,874,957.49	 	  	 	25,094,299.80	 	  	 	1,674,042.51	 	  	 	637,700.20	 
	 September 1, 2019
	  	 	64,200,917.06	 	  	 	24,456,593.71	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2020
	  	 	62,526,876.63	 	  	 	23,818,887.62	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2020
	  	 	60,852,836.20	 	  	 	23,181,181.53	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2021
	  	 	59,178,795.77	 	  	 	22,543,475.44	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2021
	  	 	57,504,755.34	 	  	 	21,905,769.35	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2022
	  	 	55,830,714.91	 	  	 	21,268,063.26	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2022
	  	 	54,156,674.48	 	  	 	20,630,357.17	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2023
	  	 	52,482,634.05	 	  	 	19,992,651.08	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2023
	  	 	50,808,593.62	 	  	 	19,354,944.99	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2024
	  	 	49,134,553.19	 	  	 	18,717,238.90	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 September 1, 2024
	  	 	47,460,512.76	 	  	 	18,079,532.81	 	  	 	1,674,040.43	 	  	 	637,706.09	 
	 March 1, 2025
	  	 	45,454,738.16	 	  	 	17,315,456.48	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2025
	  	 	43,448,963.56	 	  	 	16,551,380.15	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2026
	  	 	41,443,188.96	 	  	 	15,787,303.82	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2026
	  	 	39,437,414.36	 	  	 	15,023,227.49	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2027
	  	 	37,431,639.76	 	  	 	14,259,151.16	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2027
	  	 	35,425,865.16	 	  	 	13,495,074.83	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2028
	  	 	33,420,090.56	 	  	 	12,730,998.50	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2028
	  	 	31,414,315.96	 	  	 	11,966,922.17	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2029
	  	 	29,408,541.36	 	  	 	11,202,845.84	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 September 1, 2029
	  	 	27,402,766.76	 	  	 	10,438,769.51	 	  	 	2,005,774.60	 	  	 	764,076.33	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	27,402,766.76	 	  	 	10,438,769.51	 

  
 10 

																	
	 	  	N2747U	 
	 	  	Equipment Note Ending Balance	 	  	Scheduled Payments of Principal	 
	 Date
	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 	  	Series AA
Equipment Note	 	  	Series A
Equipment Note	 
	 At Issuance
	  	$	67,603,000.00	 	  	$	25,754,000.00	 	  	$	0.00	 	  	$	0.00	 
	 September 1, 2018
	  	 	67,603,000.00	 	  	 	25,754,000.00	 	  	 	0.00	 	  	 	0.00	 
	 March 1, 2019
	  	 	67,603,000.00	 	  	 	25,754,000.00	 	  	 	0.00	 	  	 	0.00	 
	 September 1, 2019
	  	 	65,927,621.32	 	  	 	25,115,748.69	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2020
	  	 	64,252,242.64	 	  	 	24,477,497.38	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 September 1, 2020
	  	 	62,576,863.96	 	  	 	23,839,246.07	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2021
	  	 	60,901,485.28	 	  	 	23,200,994.76	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 September 1, 2021
	  	 	59,226,106.60	 	  	 	22,562,743.45	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2022
	  	 	57,550,727.92	 	  	 	21,924,492.14	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 September 1, 2022
	  	 	55,875,349.24	 	  	 	21,286,240.83	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2023
	  	 	54,199,970.56	 	  	 	20,647,989.52	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 September 1, 2023
	  	 	52,524,591.88	 	  	 	20,009,738.21	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2024
	  	 	50,849,213.20	 	  	 	19,371,486.90	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 September 1, 2024
	  	 	49,173,834.52	 	  	 	18,733,235.59	 	  	 	1,675,378.68	 	  	 	638,251.31	 
	 March 1, 2025
	  	 	47,166,456.45	 	  	 	17,968,506.00	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 September 1, 2025
	  	 	45,159,078.38	 	  	 	17,203,776.41	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 March 1, 2026
	  	 	43,151,700.31	 	  	 	16,439,046.82	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 September 1, 2026
	  	 	41,144,322.24	 	  	 	15,674,317.23	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 March 1, 2027
	  	 	39,136,944.17	 	  	 	14,909,587.64	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 September 1, 2027
	  	 	37,129,566.10	 	  	 	14,144,858.05	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 March 1, 2028
	  	 	35,122,188.03	 	  	 	13,380,128.46	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 September 1, 2028
	  	 	33,114,809.96	 	  	 	12,615,398.87	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 March 1, 2029
	  	 	31,107,431.89	 	  	 	11,850,669.28	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 September 1, 2029
	  	 	29,100,053.82	 	  	 	11,085,939.69	 	  	 	2,007,378.07	 	  	 	764,729.59	 
	 March 1, 2030
	  	 	0.00	 	  	 	0.00	 	  	 	29,100,053.82	 	  	 	11,085,939.69	 

 Indenture 

Debt Rate (as such term is defined in Annex A of the form of Indenture marked as Exhibit C of the Note Purchase Agreement (the
“Indenture Form”)) for Series AA (computed on the basis of a 360-day year consisting of twelve 30-day months, payable semi-annually in arrears): 3.50%

  
 11 

 Debt Rate (as such term is defined in Annex A of the Indenture Form) for Series A (computed on
the basis of a 360-day year consisting of twelve 30 day months, payable semi-annually in arrears): 3.70% 
  

			
	Payment Due Rate:	  	Debt Rate plus 2% per annum
		
	Payment Dates:	  	March 1 and September 1 (after March 1, 2018)
		
	Make-Whole Premiums:	  	As provided in Article II of the Indenture Form
		
	Redemption:	  	As provided in Article II of the Indenture Form
		
	All-risk hull insurance:    	  	Not less than the unpaid principal amount of the Equipment Notes relating to an Aircraft, together with six months of interest accrued thereon, subject to United’s right to self-insure on terms no more favorable to United in
any material respect than those set forth in Section G of Annex B to the Indenture Form.

 Participation Agreement 

Mortgagee, Subordination Agent, Liquidity Providers, Pass Through Trustees, Escrow Agents and Note Holders indemnified against Expenses and
Taxes to the extent set forth in Section 8 of the form of the Participation Agreement marked as Exhibit B to the Note Purchase Agreement. 

Prohibited Modifications 
  

	1.	May not modify in any material adverse respect the Granting Clause of the Indenture so as to deprive the Note Holders or the Related Note Holders (as defined in the Indenture) of a first priority security interest in
and mortgage lien on the Aircraft or, to the extent assigned thereunder, United’s rights under the Purchase Agreement (as defined in the Indenture) or to eliminate any of the obligations intended to be secured thereby or otherwise modify in any
material adverse respect as regards the interests of the Note Holders, the Related Note Holder of a Related Series AA Equipment Note, the Related Note Holder of a Related Series A Equipment Note, the Subordination Agent, the Liquidity Providers or
the Mortgagee the provisions of Article II or III or Section 4.05(c), 5.01, 5.02, 6.02, 10.01(a), 10.01(b)(vii), 11.01, 11.04, 11.11, 11.12 or 11.13 of the Indenture or the definition of “Make-Whole Amount” in Annex A to the
Indenture. 

  
 12 

	 	2.	May not modify in any material adverse respect as regards the interests of the Note Holders, the Subordination Agent, the Liquidity Providers or the Mortgagee the provisions of Section 4.1.3, 4.1.8, 4.1.9, 4.1.10,
4.1.11, 6.1.3(b), 6.3, 10, 12.8(a) or 12.9 of the Participation Agreement, of the provisions of Section 4.1.2(x) of the Participation Agreement so as to eliminate the requirement to deliver to the Subordination Agent or the Mortgagee, as the
case may be, the legal opinions to be provided to such Persons thereunder (recognizing that the lawyers rendering such opinions may be changed) or of the provisions of Section 6.4.5(a)(ii) of the Participation Agreement as regards the rights of
the Mortgagee thereunder or otherwise modify the terms of the Participation Agreement to deprive the Trustees, the Subordination Agent, the Liquidity Providers or the Mortgagee of any indemnity or right of reimbursement in its favor for Expenses or
Taxes. 

 Notwithstanding the foregoing, any form of Financing Agreement may be modified to correct or supplement any such
provision which may be defective or to cure any ambiguity or correct any mistake, provided that any such action shall not materially adversely affect the interests of the Note Holders, the Related Note Holder of a Related Series AA Equipment
Note, the Related Note Holder of a Related Series A Equipment Note, the Subordination Agent, the Liquidity Providers, the Mortgagee or the Certificateholders. 

  
 13 

 ANNEX A to 

Note Purchase Agreement 

DEFINITIONS 
 “Act” means 49
U.S.C. §§ 40101-46507. 
 “Additional Series Equipment Notes” means Equipment Notes of each series issued under an Indenture and
designated other than as “Series AA” or “Series A” issued thereunder, if any. 
 “Additional Series Pass Through
Certificates” means the pass through certificates issued pursuant to any Additional Series Pass Through Trust Agreement. 
 “Additional
Series Pass Through Trust” means a grantor trust created to facilitate the issuance and sale of pass through certificates in connection with the issuance of any Additional Series Equipment Notes. 

“Additional Series Pass Through Trust Agreement” means a Trust Supplement entered into in connection with the creation of an Additional
Series Pass Through Trust, together with the Basic Pass Through Trust Agreement. 
 “Additional Series Pass Through Trustee” means the
trustee under an Additional Series Pass Through Trust Agreement. 
 “Aircraft” has the meaning set forth in the second recital to the Note
Purchase Agreement. 
 “Aircraft Purchase Agreement” means, (a) with respect to any Boeing
737-800 aircraft, the Purchase Agreement No. PA-03784, dated as of July 12, 2012 (which incorporates and amends the terms and conditions of the Aircraft General
Terms Agreement AGTA-UAL, dated as of February 19, 2010), as amended, between the Company and The Boeing Company, (b) with respect to any Boeing 787-9
aircraft, the Purchase Agreement No. 2484, dated as of December 29, 2004, as amended, between the Company and The Boeing Company, (c) with respect to any Boeing 737 MAX 9 aircraft, the Purchase Agreement No. PA-03776, dated July 12, 2012 (which incorporates the terms and conditions (except as specifically set forth in such Purchase Agreement) of the Aircraft General Terms Agreement, dated as of July 12, 2012,
between UCH and The Boeing Company), as amended, between the Company (as assignee of UCH) and The Boeing Company and (d) with respect to any Boeing 777-300ER the Purchase Agreement No. 04308 dated
January 14, 2015 (which incorporates the terms and conditions (except as specifically set forth in such Purchase Agreement) of the Aircraft General Terms 

 
Agreement, dated as of February 19, 2010 between the Company and The Boeing Company) as amended, between the Company and The Boeing Company (in each case under clauses (a), (b), (c) and
(d) including all exhibits thereto, together with all letter agreements entered into that by their terms constitute part of such Purchase Agreement). 

“Applicable Pass Through Trustee” has the meaning provided in Section 1(b)(ii) of the Note Purchase Agreement. 

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. §§ 101 et seq. 

“Basic Pass Through Trust Agreement” means the Pass Through Trust Agreement, dated October 3, 2012, between the Company and Pass Through
Trustee, as such agreement may be supplemented, amended or modified, but does not include any Trust Supplement. 
 “Business Day” means any
day, other than a Saturday, Sunday or other day on which commercial banks are authorized or required by law to close in New York, New York, Chicago, Illinois, Wilmington, Delaware or Boston, Massachusetts. 

“Certificates” has the meaning set forth in the fourth recital to the Note Purchase Agreement. 

“Certificateholder” means the Person in whose name a Certificate is registered in the Register. 

“Class” means the class of Certificates issued by each Pass Through Trust. 

“Class A Certificates” means Certificates issued by the Class A Pass Through Trust. 

“Class A Pass Through Trustee” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“Class AA Certificates” means Certificates issued by the Class AA Pass Through Trust. 

“Class AA Pass Through Trustee” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“Closing Notice” has the meaning set forth in Section 1(b) of the Note Purchase Agreement. 

“Company” means United Airlines, Inc., a Delaware corporation. 

  
 2 

 “Cut-off Date” means the earlier of (a) the day
after the Delivery Period Termination Date and (b) the date on which a Triggering Event occurs. 
 “Delivered Aircraft” has the
meaning set forth in the second recital to the Note Purchase Agreement. 
 “Delivery Date” means the Business Day on which an Aircraft is
delivered to and accepted by the Company. 
 “Delivery Period Termination Date” means the earlier of (a) August 31, 2018, (provided
that, if a labor strike occurs or continues at the Manufacturer after the Issuance Date and on or prior to such date referred to in this clause (a), such date shall be extended by adding thereto the number of days that such strike continued in
effect after the Issuance Date, but not more than 60 days (such extended number of days, the “Strike Period”)) and (b) the date on which Equipment Notes issued with respect to all of the Aircraft (including any Substitute
Aircraft in lieu of any New Aircraft) have been purchased by the Pass Through Trustees in accordance with the Note Purchase Agreement. 

“Deposits” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

“Deposit Agreements” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

“Depositary” means Citibank, N.A., a national banking association. 

“Depositary Threshold Ratings” means, in the case of Fitch, the long-term issuer credit rating of A-
or short-term issuer credit rating of F1 and, in the case of Moody’s, a short-term unsecured debt rating of P-1. 

“Equipment Notes” means and includes any equipment notes issued under any Indenture in the form specified in Section 2.01 thereof (as
such form may be varied pursuant to the terms of such Indenture) and any Equipment Note issued under any Indenture in exchange for or replacement of any other Equipment Note. 

“Escrow Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Escrow Agent Agreements” has the meaning set forth in Section 3(e)(i) of the Note Purchase Agreement. 

“Escrow and Paying Agent Agreements” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

  
 3 

 “FAA” means the Federal Aviation Administration of the United States. 

“Financing Agreements” means, collectively, the Participation Agreement, the Indenture and the Equipment Notes issued thereunder. 

“Funding Date” has the meaning set forth in Section 1(b)(i) of the Note Purchase Agreement. 

“Government Entity” means (a) any federal, state, provincial or similar government, and any body, board, department, commission, court,
tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government entity having
jurisdiction over any matter contemplated by the Operative Agreements or relating to the observance or performance of the obligations of any of the parties to the Operative Agreements. 

“Indenture” means the Trust Indenture and Mortgage substantially in the form of Exhibit C to the Note Purchase Agreement. 

“Initial Deposits” has the meaning set forth in the sixth recital to the Note Purchase Agreement. 

“Intercreditor Agreement” has the meaning set forth in the ninth recital to the Note Purchase Agreement. 

“Issuance Date” means the date of the original issuance of the Certificates. 

“Law” means (a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any Government Entity, and
(b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 
 “Liquidity Facility”
has the meaning set forth in the ninth recital to the Note Purchase Agreement. 
 “Liquidity Provider” has the meaning set forth in the
ninth recital to the Note Purchase Agreement. 
 “Loan Trustee” means the “Mortgagee” as defined in the Financing Agreements.

 “Manufacturer” means The Boeing Company, a Delaware corporation, solely in its capacity as manufacturer or seller of the Aircraft under
the applicable Aircraft Purchase Agreement to which it is a party. 

  
 4 

 “New Aircraft” has the meaning set forth in the second recital to the Note Purchase Agreement.

 “Note Purchase Agreement” means the Note Purchase Agreement to which this Annex A is attached. 

“Notice of Purchase Withdrawal” with respect to each Deposit Agreement, has the meaning set forth in Section 2.3 thereof. 

“Operative Agreements” means, collectively, the Pass Through Trust Agreements, the Escrow and Paying Agent Agreements, the Deposit
Agreements, the Liquidity Facilities, the Intercreditor Agreement, the Equipment Notes, the Certificates and the Financing Agreements. 

“Participation Agreement” means the Participation Agreement substantially in the form of Exhibit B to the Note Purchase Agreement. 

“Paying Agent Agreements” has the meaning set forth in Section 3 (f) (i) of the Note Purchase Agreement. 

“Pass Through Trust” has the meaning set forth in the fourth recital to the Note Purchase Agreement. 

“Pass Through Trust Agreement” means each of the two separate Trust Supplements referred to in the fourth recital to the Note Purchase
Agreement, together in each case with the Basic Pass Through Trust Agreement, each dated as of the Issuance Date, by and between the Company and Pass Through Trustee. 

“Pass Through Trustee” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Paying Agent” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

“Person” means any individual, firm, partnership, joint venture, trust, trustee, Government Entity, organization, association, corporation,
limited liability company, government agency, committee, department, authority and other body, corporate or incorporate, whether having distinct legal status or not, or any member of any of the same. 

“Rating Agencies” means, collectively, at any time, each nationally recognized rating agency which shall have been requested to rate the
Certificates and which shall then be rating the Certificates. The initial Rating Agencies will be Fitch Ratings, Inc. and Moody’s Investors Service, Inc. 

  
 5 

 “Rating Agency Confirmation” means, with respect to (1) any Financing Agreement that has
been modified in any material respect from the forms thereof attached to the Note Purchase Agreement or (2) a Substitute Aircraft, a written confirmation from each of the Rating Agencies that (1) the use of such Financing Agreement with
such modifications or (2) the substituting of such Substitute Aircraft for a New Aircraft, whichever of the foregoing shall in a particular case require Rating Agency Confirmation, would not result in (i) a reduction of the rating for any
Class of Certificates then rated by such Rating Agency below the then current rating for such Class of Certificates or (ii) a withdrawal or suspension of the rating of any Class of Certificates then rated by such Rating Agency.

 “Register” means the register maintained pursuant to Sections 3.04 and 7.12 of the Basic Pass Through Trust Agreement with respect to
each Pass Through Trust. 
 “Replacement Deposit Agreement” means, for each Class of Certificates, a deposit agreement substantially
in the form of the replaced Deposit Agreement for such Class of Certificates as shall permit each Rating Agency to confirm in writing that the replacement of the Depositary will not cause a withdrawal, suspension or downgrading of the rating
then in effect for such Class of Certificates by such Rating Agency (without regard to any withdrawal, suspension or downgrading of the Depositary being replaced.) 

“Replacement Depositary” has the meaning set forth in Section 4(a)(vii) of the Note Purchase Agreement. 

“Required Terms” means the terms set forth on Schedule III to the Note Purchase Agreement. 

“Scheduled Closing Date” has the meaning set forth in Section 1(b) of the Note Purchase Agreement. 

“Section 1110” means 11 U.S.C. § 1110 of the Bankruptcy Code or any successor or analogous Section of the federal bankruptcy Law in
effect from time to time. 
 “Series A Equipment Notes” means the “Series A Equipment Notes” as defined in each Indenture entered
into pursuant to the Note Purchase Agreement. 
 “Series AA Equipment Notes” means the “Series AA Equipment Notes” as defined in
each Indenture entered into pursuant to the Note Purchase Agreement. 

  
 6 

 “Subordination Agent” has the meaning set forth in the first paragraph of the Note Purchase
Agreement. 
 “Substitute Aircraft” has the meaning set forth in Section 1(g) of the Note Purchase Agreement. 

“Taxes” means all license, recording, documentary, registration and other similar fees and all taxes, levies, imposts, duties, charges,
assessments or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or interest thereon or additions thereto. 

“Taxing Authority” means any federal, state or local government or other taxing authority in the United States, any foreign government or any
political subdivision or taxing authority thereof, any international taxing authority or any territory or possession of the United States or any taxing authority thereof. 

“Triggering Event” has the meaning assigned to such term in the Intercreditor Agreement. 

“Trust Supplement” means an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to which (i) a separate trust is
created for the benefit of the holders of the pass through certificates of a class, (ii) the issuance of the pass through certificates of such class representing fractional undivided interests in such trust is authorized and (iii) the
terms of the pass through certificates of such class are established. 
 “UCH” means United Continental Holdings, Inc., a Delaware
corporation. 
 “Underwriters” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“Underwriting Agreement” has the meaning set forth in the fifth recital to the Note Purchase Agreement. 

“WTNA” has the meaning set forth in the first paragraph of the Note Purchase Agreement. 

  
 7 

 EXHIBIT A 

TO 
 NOTE PURCHASE AGREEMENT 

CLOSING NOTICE 
 Dated as
of [                    ] 
 To each of the addressees
listed 
             in Schedule A hereto 

 

	Re:	Closing Notice in accordance with Note Purchase Agreement referred to below 

 Ladies and Gentlemen: 

Reference is made to the Note Purchase Agreement, dated as of February 14, 2018, among United Airlines, Inc. (the
“Company”), Wilmington Trust, National Association, as Pass Through Trustee under each of the Pass Through Trust Agreements (as defined therein) (the “Pass Through Trustee”), Wilmington Trust, National Association,
as Subordination Agent (the “Subordination Agent”), U.S. Bank National Association, as Escrow Agent (the “Escrow Agent”), and Wilmington Trust, National Association, as Paying Agent (the “Paying
Agent”) (as in effect from time to time, the “Note Purchase Agreement”). Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement or, to the extent not
defined therein, the Intercreditor Agreement. 
 Pursuant to Section 1(b) of the Note Purchase Agreement, the undersigned hereby
notifies you, in respect of the Boeing Model [                    ] aircraft with manufacturer’s serial number
[                    ] (the “Aircraft”), of the following: 

(1)     The Scheduled Closing Date of the Aircraft is
[                    ]; 
 (2)
    The Funding Date for the Aircraft shall be [                    ]; and 

(3)     The aggregate amount of each series of Equipment Notes to be issued, and purchased by the respective Pass Through Trustees
referred to below (each, an “Applicable Pass Through Trustee”), on the Funding Date, in connection with the financing of such Aircraft is as follows: 

(a)     the Class AA Pass Through Trustee shall purchase Series AA Equipment Notes in the amount of
$[        ]; and 
 (b)    the Class A Pass Through Trustee shall purchase Series A
Equipment Notes in the amount of $[        ]. 

 The Company hereby instructs the Class AA Pass Through Trustee to (i) execute a
Withdrawal Certificate in the form of Annex A hereto dated as of [                    ] and attach thereto a Notice of Purchase Withdrawal dated such
date completed as set forth on Exhibit A hereto and (ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent. 

The Company hereby instructs the Class A Pass Through Trustee to (i) execute a Withdrawal Certificate in the form of Annex A hereto
dated as of [                    ] and attach thereto a Notice of Purchase Withdrawal dated such date completed as set forth on Exhibit B hereto and
(ii) deliver such Withdrawal Certificate and Notice of Purchase Withdrawal to the applicable Escrow Agent. 
 The Company hereby
instructs each Applicable Pass Through Trustee to (i) purchase Equipment Notes of a series and in an amount set forth opposite such Pass Through Trustee in clause (3) above with a portion of the proceeds of the withdrawals of Deposits
referred to in the applicable Notice of Purchase Withdrawal referred to above and (ii) re-deposit with the Depositary the excess, if any, of the amount so withdrawn over the purchase price of such
Equipment Notes. 
 The Company hereby instructs each Applicable Pass Through Trustee to (a) enter into the Participation Agreement
[    ] dated as of [                    ] among the Company, as Owner, and Wilmington Trust, National Association, as Mortgagee,
Subordination Agent and Pass Through Trustee, (b) perform its obligations thereunder and (c) deliver such certificates, documents and legal opinions relating to such Pass Through Trustee as required thereby. 

  
 -2- 

 
			
	 Yours faithfully,
 United Airlines,
Inc.

		
	By:	 	  

		 	Name:
		 	Title:

  
 -3- 

 SCHEDULE A 

Wilmington Trust, National Association, as 

    Pass Through Trustee, Subordination 

    Agent and Paying Agent 
 1100 North Market
Street 
 Wilmington, Delaware 19890-1605 
 Attention: Corporate
Trust Administration 
 Facsimile: (302) 636-4140 

U.S. Bank National Association, 
     as
Escrow Agent 
 Boston, MA Office 
 One Federal Street, 3rd
Floor 
 EX-MA-FED 

Boston, MA 02110 
 Attention: David W. Doucette 

Facsimile: (617) 603-6672 

Citibank, N.A. 
     as Depositary, 

480 Washington Blvd., 18th Floor 
 Jersey City, NJ 07310 

Attention: Agency & Trust Payment Group 
 E-mail: cts.spag@citi.com 

 Moody’s Investors Service, Inc. 

7 World Trade Center at 250 Greenwich Street 
 New York, New York
10007 
 Attention: Jonathan Root 
 Facsimile: 212-553-4661 
 Fitch Ratings, Inc. 

1 State Street 
 New York, New York 10004 

Attention: Joe Rohlena 
 Facsimile: (212) 558-2564 

 Annex A 

WITHDRAWAL CERTIFICATE 
 (Class
    ) 
 U.S. Bank National Association, 

as Escrow Agent 
 Ladies and Gentlemen: 

Reference is made to the Escrow and Paying Agent Agreement, dated as of February 14, 2018 (the “Agreement”). We hereby certify to you that the
conditions to the obligations of the undersigned to execute a Participation Agreement pursuant to the Note Purchase Agreement have been satisfied. Pursuant to Section 1.02(c) of the Agreement, please execute the attached Notice of Purchase
Withdrawal and immediately transmit by E-mail to the Depositary, at cts.spag@citi.com (Attention: Agency & Trust Payment Group). 

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

 

			
	Very truly yours,
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity but solely as Pass Through Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: As of
[                    ] 

 Exhibit A 

NOTICE OF PURCHASE WITHDRAWAL 
 Citibank, N.A.

     as Depositary, 
 480 Washington
Blvd., 18th Floor 
 Jersey City, NJ 07310 
 Attention:
Agency & Trust Payment Group 
 E-mail: cts.spag@citi.com 

Ladies and Gentlemen: 
 Reference is made to the
Deposit Agreement (Class AA) dated as of February 14, 2018 (the “Deposit Agreement”) between U.S. Bank National Association, as Escrow Agent, and Citibank, N.A., as Depositary (the “Depositary”). 

In accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby requests the withdrawal of the entire amount of the
Deposit, $[        ], Account No. [                    ]. 

The undersigned hereby directs the Depositary to pay the entire amount of the Deposit to Wilmington Trust, National Association, Account No.
[                    ], Reference:
[                    ] on [                    ].

  

			
	 U.S. BANK NATIONAL ASSOCIATION, as Escrow
Agent

 
			
		
	By	 	  

		 	Name:
		 	Title:

 Dated: As of
[                    ] 

 Exhibit B 

NOTICE OF PURCHASE WITHDRAWAL 
 Citibank, N.A.

     as Depositary, 
 480 Washington
Blvd., 18th Floor 
 Jersey City, NJ 07310 
 Attention:
Agency & Trust Payment Group 
 E-mail: cts.spag@citi.com 

Ladies and Gentlemen: 
 Reference is made to the
Deposit Agreement (Class A) dated as of February 14, 2018 (the “Deposit Agreement”) between U.S. Bank National Association, as Escrow Agent, and Citibank, N.A., as Depositary (the “Depositary”). 

In accordance with Section 2.3(a) of the Deposit Agreement, the undersigned hereby requests the withdrawal of the entire amount of the
Deposit, $[        ], Account No. [                    ]. 

The undersigned hereby directs the Depositary to pay the entire amount of the Deposit to Wilmington Trust, National Association, Account No.
[                    ], Reference:
[                    ] on [                    ].

  

			
	 U.S. BANK NATIONAL ASSOCIATION,

  as Escrow Agent

 

			
		
	By	 	          

		 	Name:
		 	Title:

 Dated: As of
[                    ] 

 EXHIBIT B TO NOTE PURCHASE AGREEMENT 

 

					
		 	CONFIDENTIAL:     Subject to Restrictions on Dissemination	 	
		 	Set Forth in Section 7 of this Agreement	 	

  
  

 
 PARTICIPATION AGREEMENT
[                    ] 
 Dated as of
[                    ] 
 Among 

UNITED AIRLINES, INC., 

Owner, 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

Not in its individual capacity 

except as expressly provided herein, 

but solely as Mortgagee, Subordination Agent 

under the Intercreditor Agreement and Pass Through Trustee 

under each of the Applicable Pass Through Trust Agreements 
  

 
 One Boeing
Model [                    ] Aircraft 

Bearing Manufacturer’s Serial No.[    ] 

and U.S. Registration No. N[    ] 
  

 
  

 CONTENTS 
  

									
	SECTION 1.	 		 	DEFINITIONS AND CONSTRUCTION	 	 	2	 
	SECTION 2.	 		 	SECURED LOANS; CLOSING	 	 	2	 
	 2.1
	 	Making of Loans and Issuance of Equipment Notes	 	 	2	 
	 2.2
	 	Closing	 	 	3	 
	SECTION 3.	 		 	[Intentionally omitted]	 	 	3	 
	SECTION 4.	 		 	CONDITIONS PRECEDENT	 	 	3	 
	 4.1
	 	Conditions Precedent to the Obligations of the Pass Through Trustees	 	 	3	 
	 4.2
	 	Conditions Precedent to Obligations of Mortgagee	 	 	7	 
	 4.3
	 	Conditions Precedent to Obligations of Owner	 	 	8	 
	 4.4
	 	Post-Registration Opinion	 	 	9	 
	SECTION 5.	 		 	REPRESENTATIONS AND WARRANTIES	 	 	9	 
	 5.1
	 	Owner’s Representations and Warranties	 	 	9	 
	 5.2
	 	WTNA’s Representations and Warranties	 	 	13	 
	SECTION 6.	 		 	COVENANTS, UNDERTAKINGS AND AGREEMENTS	 	 	17	 
	 6.1
	 	 Covenants of Owner
	 	 	17	 
	 6.2
	 	 Covenants of WTNA
	 	 	19	 
	 6.3
	 	 Covenants of Note Holders
	 	 	20	 
	 6.4
	 	 Agreements
	 	 	21	 
	SECTION 7.	 		 	CONFIDENTIALITY	 	 	25	 
	SECTION 8.	 		 	INDEMNIFICATION AND EXPENSES	 	 	26	 
	 8.1
	 	 General Indemnity
	 	 	26	 
	 8.2
	 	 Expenses
	 	 	32	 
	 8.3
	 	 General Tax Indemnity
	 	 	33	 
	 8.4
	 	 Payments
	 	 	43	 
	 8.5
	 	 Interest
	 	 	43	 
	 8.6
	 	 Benefit of Indemnities
	 	 	44	 
	SECTION 9.	 		 	ASSIGNMENT OR TRANSFER OF INTEREST	 	 	44	 
	 9.1
	 	 Note Holders
	 	 	44	 
	 9.2
	 	 Effect of Transfer
	 	 	44	 
	SECTION 10.	 		 	SECTION 1110	 	 	45	 
	SECTION 11.	 	CHANGE OF CITIZENSHIP	 	 	45	 
	 11.1
	 	 Generally
	 	 	45	 
	 11.2
	 	 Mortgagee
	 	 	45	 
	SECTION 12.	 	MISCELLANEOUS	 	 	45	 
	 12.1
	 	 Amendments
	 	 	45	 
	 12.2
	 	 Severability
	 	 	46	 
	 12.3
	 	 Survival
	 	 	46	 
	 12.4
	 	 Reproduction of Documents
	 	 	46	 
	 12.5
	 	 Counterparts
	 	 	47	 
	 12.6
	 	 No Waiver
	 	 	47	 
	 12.7
	 	 Notices
	 	 	47	 
	 12.8
	 	 GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE
	 	 	48	 
	 12.9
	 	 Third-Party Beneficiary
	 	 	49	 
	 12.10
	 	 Entire Agreement
	 	 	49	 
	 12.11
	 	 Further Assurances
	 	 	49	 

  

	
	PAGE i

 SCHEDULES AND EXHIBITS 
  

					
	 SCHEDULE 1
	  	-	  	 Accounts; Addresses

	 SCHEDULE 2
	  	-	  	 Commitments

	 SCHEDULE 3
	  	-	  	 Certain Terms

	 SCHEDULE 4
	  	-	  	 Permitted Countries

			
	 EXHIBIT A
	  	-	  	 Opinion of special counsel to Owner

	 EXHIBIT B
	  	-	  	 Opinion of corporate counsel to Owner

	 EXHIBIT C
	  	-	  	 Opinion of special counsel to Mortgagee and to the Applicable Pass Through
Trustees

	 EXHIBIT D
	  	-	  	 Opinion of special counsel in Oklahoma City, Oklahoma

  

	
	PAGE ii

 PARTICIPATION AGREEMENT
[                    ] 

PARTICIPATION AGREEMENT
[                    ], dated as of
[                    ] (this “Agreement”), among (a) UNITED AIRLINES, INC., a Delaware corporation (“Owner”),
(b) WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly provided herein, but solely as Mortgagee (in its capacity as Mortgagee, “Mortgagee” and in its individual
capacity, “WTNA”), (c) WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under each of the Applicable Pass Through Trust Agreements (each,
an “Applicable Pass Through Trustee”) and (d) WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, except as expressly provided herein, but solely as Subordination Agent under the Intercreditor Agreement
(“Subordination Agent”). 
 RECITALS 

A.    [The Aircraft is currently owned by the Owner.]1 [Owner and
Airframe Manufacturer have entered into the Purchase Agreement, pursuant to which, among other things, Airframe Manufacturer has agreed to manufacture and sell to Owner and Owner has agreed to purchase from Airframe Manufacturer, certain aircraft,
including the Aircraft.]2 
 B.    Pursuant to each of the Pass
Through Trust Agreements, the Pass Through Trusts were created and the Pass Through Certificates were issued and sold. 

C.    Each Applicable Pass Through Trustee has agreed to use a portion of the proceeds from the issuance and sale of the
Pass Through Certificates issued by each Applicable Pass Through Trust to purchase from Owner, on behalf of the related Applicable Pass Through Trust, the Equipment Note bearing the same interest rate as the Pass Through Certificates issued by such
Pass Through Trust. 
 D.    Owner and Mortgagee, concurrently with the execution and delivery hereof, have entered into
the Trust Indenture for the benefit of the Note Holders, pursuant to 
  

	1 	Insert for Delivered Aircraft. 

	2 	 Insert for New Aircraft. 

  

	
	PAGE 1

 
which, among other things, Owner agrees (1) to issue Equipment Notes, in the amounts and otherwise as provided in the Trust Indenture, and (2) to mortgage, pledge and assign to
Mortgagee all of Owner’s right, title and interest in the Collateral pursuant to the terms and conditions of the Indenture to secure the Secured Obligations, including, without limitation, Owner’s obligations under the Equipment Notes.

 E.    The parties hereto wish to set forth in this Agreement the terms and conditions upon and subject to which the
aforesaid transactions shall be effected. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	SECTION 1.	DEFINITIONS AND CONSTRUCTION 

 Capitalized terms used but not defined herein (including
in the initial paragraph and Recitals above) shall have the respective meanings set forth or incorporated by reference, and shall be construed and interpreted in the manner described, in Annex A to the Trust Indenture. 

 

	SECTION 2.	SECURED LOANS; CLOSING 

  

	 	2.1	Making of Loans and Issuance of Equipment Notes 

 Subject to the terms and conditions of
this Agreement, on the date hereof or on such other date agreed to by the parties hereto (the “Closing Date”): 
  

	 	(a)	Each Applicable Pass Through Trustee listed on Schedule 2 shall make a secured loan to the Owner in the amount in Dollars opposite such Trustee’s name on Schedule 2; and 

 

	 	(b)	The Owner shall issue, pursuant to and in accordance with the provisions of Article II of the Trust Indenture, to the Subordination Agent as the registered holder on behalf of each such Applicable Pass Through Trustee,
one or more Equipment Notes, dated the Closing Date, of the Series set forth opposite such Trustee’s name on Schedule 2, in an aggregate principal amount equal to the amount of the secured loan made by each such Applicable Pass Through Trustee.

  

	
	PAGE 2

 In addition, the Owner shall have the option after the Closing Date to repay and reissue Series A
Equipment Notes and to issue (and repay and reissue) from time to time Additional Series Equipment Notes, subject to the terms of the Note Purchase Agreement and the Intercreditor Agreement. If Series A or Additional Series Equipment Notes are so
reissued or issued after the Closing Date, the Note Holder of such Equipment Notes shall be entitled to execute a counterpart to this Agreement and become a party hereto. 
  

	 	2.2	Closing 

 (a)    The Closing of the transactions contemplated hereby
shall take place at the offices of Hughes Hubbard & Reed LLP, One Battery Park Plaza, New York, New York 10004, or at such other place as the parties shall agree. 

(b)    All payments pursuant to this Section 2 shall be made in immediately available funds to such accounts set
forth in Schedule 1 hereto. 
  

	SECTION 3.	[Intentionally omitted] 

  

	SECTION 4.	CONDITIONS PRECEDENT 

  

	 	4.1	Conditions Precedent to the Obligations of the Pass Through Trustees 

 The obligation of
each Applicable Pass Through Trustee listed on Schedule 2 to make the secured loan described in Section 2.1(a) and to participate in the transactions contemplated by this Agreement on the Closing Date is subject to the fulfillment, prior to or
on the Closing Date, of the following conditions precedent: 
  

	 	4.1.1	Equipment Notes 

 The Owner shall have tendered the Equipment Notes to be issued to such
Applicable Pass Through Trustees to the Mortgagee for authentication and the Mortgagee shall have authenticated such Equipment Notes to be issued to such Applicable Pass Through Trustees and shall have tendered the Equipment Notes to the
Subordination Agent on behalf of such Pass Through Trustee, against receipt of the loan proceeds, in accordance with Section 2.1. 

  

	
	PAGE 3

	 	4.1.2	Delivery of Documents 

 The Subordination Agent on behalf of each such Applicable Pass
Through Trustee shall have received executed counterparts or conformed copies of the following documents: 

(i)    this Agreement; 

(ii)    the Trust Indenture; 

(iii)    the initial Trust Indenture Supplement; 

(iv)    the broker’s report and insurance certificates required by Section 4.06 of the Trust Indenture; 

(v)    the Consent and Agreement and the Engine Consent and Agreement; 

(vi)    the Bills of Sale; 

(vii)    (A) a copy of the Certificate of Incorporation and By-Laws of Owner
and resolutions of the board of directors of Owner and/or the executive committee thereof, in each case certified as of the Closing Date, by the Secretary or an Assistant Secretary of Owner, duly authorizing the execution, delivery and performance
by Owner of the Operative Agreements to which it is party required to be executed and delivered by Owner on or prior to the Closing Date in accordance with the provisions hereof and thereof; and (B) an incumbency certificate of Owner as to the
person or persons authorized to execute and deliver the Operative Agreements on behalf of Owner; 
 (viii)    an
Officer’s Certificate of Owner, dated as of the Closing Date, stating that its representations and warranties set forth in this Agreement are true and correct as of the Closing Date (or, to the extent that any such representation and warranty
expressly relates to an earlier date, true and correct as of such earlier date); 
 (ix)    the Financing Statements;

 (x)    the following opinions of counsel, in each case dated the Closing Date: 

(A)    an opinion of Hughes Hubbard & Reed LLP, special counsel to Owner, substantially in the
form of Exhibit A; 

  

	
	PAGE 4

 (B)    an opinion of Owner’s Legal Department,
substantially in the form of Exhibit B; 
 (C)    an opinion of Morris James LLP, special counsel to
Mortgagee and to the Applicable Pass Through Trustees, substantially in the form of Exhibit C; 

(D)    an opinion of Lytle Soulé & Curlee, special counsel in Oklahoma City, Oklahoma,
substantially in the form of Exhibit D; and 
 (xi)    a copy of a current, valid Standard Certificate of Airworthiness
for the Aircraft duly issued by the FAA together with a copy of a duly executed application for registration of the Aircraft with the FAA in the name of the Owner. 
  

	 	4.1.3	Perfected Security Interest 

 On the Closing Date, after giving effect to the filing of
the FAA Filed Documents, the filing of the Financing Statements and the registration of the International Interest (or Prospective International Interest) of the Mortgagee in the Airframe and each Engine with the International Registry, Mortgagee
shall have received a duly perfected first priority security interest in all of Owner’s right, title and interest in the Aircraft, subject only to Permitted Liens. 
  

	 	4.1.4	Violation of Law 

 No change shall have occurred after the date of this Agreement in any
applicable Law that makes it a violation of Law for (a) Owner, any Applicable Pass Through Trustee, Subordination Agent or Mortgagee to execute, deliver and perform the Operative Agreements to which any of them is a party or (b) any
Applicable Pass Through Trustee to make the loan contemplated by Section 2.1, to acquire an Equipment Note or to realize the benefits of the security afforded by the Trust Indenture. 

 

	 	4.1.5	Representations, Warranties and Covenants 

 The representations and warranties of each
other party to this Agreement made, in each case, in this Agreement and in any other Operative Agreement to which it is a party, shall be true and accurate in all material respects as of the Closing Date (unless any such representation and warranty
shall have been made with reference to a specified date, in which case such representation and warranty shall be true and accurate as of 

  

	
	PAGE 5

 
such specified date) and each other party to this Agreement shall have performed and observed, in all material respects, all of its covenants, obligations and agreements in this Agreement and in
any other Operative Agreement to which it is a party to be observed or performed by it as of the Closing Date. 
  

	 	4.1.6	No Event of Default 

 On the Closing Date, no event shall have occurred and be
continuing, or would result from the mortgage of the Aircraft, which constitutes a Default or an Event of Default. 
  

	 	4.1.7	No Event of Loss 

 No Event of Loss with respect to the Airframe or any Engine shall have
occurred and no circumstance, condition, act or event that, with the giving of notice or lapse of time or both, would give rise to or constitute an Event of Loss with respect to the Airframe or any Engine shall have occurred. 

 

	 	4.1.8	Title 

 Owner shall have good title (subject to filing and recordation of the FAA Bill of
Sale with the FAA) to the Aircraft, free and clear of all Liens, except Permitted Liens. 
  

	 	4.1.9	Certification 

 The Aircraft shall have been duly certificated by the FAA as to type and
airworthiness in accordance with the terms of the Purchase Agreement. 
  

	 	4.1.10	Section 1110 

 Mortgagee shall be entitled to the benefits of Section 1110 (as
currently in effect) with respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies as provided in the Trust Indenture in the event of a case under Chapter 11 of the Bankruptcy Code
in which Owner is a debtor. 
  

	 	4.1.11	Filing 

 On the Closing Date (a) the FAA Filed Documents shall have been duly filed
for recordation (or shall be in the process of being so duly filed for recordation) with the FAA in accordance with the Act, (b) the sale of the Airframe and Engines to the Owner and the International Interest (or Prospective International
Interest) of the Mortgagee in the 

  

	
	PAGE 6

 
Airframe and Engines granted (or to be granted) under the Trust Indenture shall have been registered with the International Registry and there shall exist no registered International Interest
with respect to the Airframe or either Engine on the International Registry with a priority over the International Interest of the Mortgagee therein, (c) each Financing Statement shall have been duly filed (or shall be in the process of being
so duly filed) in the appropriate jurisdiction and (d) the Subordination Agent, on behalf of each Applicable Pass Through Trustee, shall have received a printout of the “priority search certificate” from the International Registry
relating to the Airframe and each Engine showing no International Interest with a priority over the International Interest of the Mortgagee therein. 
  

	 	4.1.12	No Proceedings 

 No action or proceeding shall have been instituted, nor shall any action
be threatened in writing, before any Government Entity, nor shall any order, judgment or decree have been issued or proposed to be issued by any Government Entity, to set aside, restrain, enjoin or prevent the completion and consummation of this
Agreement or any other Operative Agreement or the transactions contemplated hereby or thereby. 
  

	 	4.1.13	Governmental Action 

 All appropriate action required to have been taken prior to the
Closing Date by the FAA, or any governmental or political agency, subdivision or instrumentality of the United States, in connection with the transactions contemplated by this Agreement shall have been taken, and all orders, permits, waivers,
authorizations, exemptions and approvals of such entities required to be in effect on the Closing Date in connection with the transactions contemplated by this Agreement shall have been issued. 

 

	 	4.1.14	Note Purchase Agreement 

 The conditions precedent to the obligations of the Applicable
Pass Through Trustees and the other requirements relating to the Aircraft and the Equipment Notes set forth in the Note Purchase Agreement shall have been satisfied. 
  

	 	4.2	Conditions Precedent to Obligations of Mortgagee 

 The obligation of Mortgagee to
authenticate the Equipment Notes on the Closing Date is subject to the satisfaction or waiver by Mortgagee, on or prior to the Closing Date, of the conditions precedent set forth below in this Section 4.2. 

  

	
	PAGE 7

	 	4.2.1	Documents 

 Executed originals of the agreements, instruments, certificates or documents
described in Section 4.1.2 shall have been received by Mortgagee, except as specifically provided therein, unless the failure to receive any such agreement, instrument, certificate or document is the result of any action or inaction by
Mortgagee. 
  

	 	4.2.2	Other Conditions Precedent 

 Each of the conditions set forth in Sections 4.1.4,
4.1.5, 4.1.6 and 4.1.10 shall have been satisfied unless the failure of any such condition to be satisfied is the result of any action or inaction by Mortgagee. 
  

	 	4.3	Conditions Precedent to Obligations of Owner 

 The obligation of Owner to participate in
the transaction contemplated hereby on the Closing Date is subject to the satisfaction or waiver by Owner, on or prior to the Closing Date, of the conditions precedent set forth below in this Section 4.3. 

 

	 	4.3.1	Documents 

 Executed originals of the agreements, instruments, certificates or documents
described in Section 4.1.2 shall have been received by Owner, except as specifically provided therein, and shall be satisfactory to Owner, unless the failure to receive any such agreement, instrument, certificate or document is the result of
any action or inaction by Owner. In addition, the Owner shall have received the following: 
 (i)    (A) an
incumbency certificate of WTNA as to the person or persons authorized to execute and deliver the Operative Agreements on behalf of WTNA and (B) a copy of the Certificate of Incorporation and By-Laws and
general authorizing resolution of the board of directors (or executive committee) or other satisfactory evidence of authorization of WTNA, certified as of the Closing Date by the Secretary or Assistant or Attesting Secretary of WTNA, which authorize
the execution, delivery and performance by WTNA of the Operative Agreements to which it is a party; and 

  

	
	PAGE 8

 (ii)    an Officer’s Certificate of WTNA, dated as of the Closing Date,
stating that its representations and warranties in its individual capacity or as Mortgagee, an Applicable Pass Through Trustee or Subordination Agent, as the case may be, set forth in this Agreement are true and correct as of the Closing Date (or,
to the extent that any such representation and warranty expressly relates to an earlier date, true and correct as of such earlier date). 
  

	 	4.3.2	Other Conditions Precedent 

 Each of the conditions set forth in Sections 4.1.4,
4.1.5, 4.1.6, 4.1.7, 4.1.8, 4.1.9, 4.1.10, 4.1.11, 4.1.12 and 4.1.13 shall have been satisfied or waived by Owner, unless the failure of any such condition to be satisfied is the result of any action or inaction by Owner. 

 

	 	4.4	Post-Registration Opinion 

 Promptly upon the registration of the Aircraft and the
recordation of the FAA Filed Documents pursuant to the Act, Owner will cause Lytle Soulé & Curlee, special counsel in Oklahoma City, Oklahoma, to deliver to Owner, each Pass Through Trustee and Mortgagee a favorable opinion or opinions
addressed to each of them with respect to such registration and recordation. 
  

	SECTION 5.	REPRESENTATIONS AND WARRANTIES 

  

	 	5.1	Owner’s Representations and Warranties 

 Owner represents and warrants to each Pass
Through Trustee, Subordination Agent and Mortgagee that: 
  

	 	5.1.1	Organization; Qualification 

 Owner is a corporation duly incorporated, validly existing
and in good standing under the Laws of the State of Delaware and has the corporate power and authority to conduct the business in which it is currently engaged and to own or hold under lease its properties and to enter into and perform its
obligations under the Operative Agreements to which it is party. Owner is duly qualified to do business as a foreign corporation in good standing in each jurisdiction in which the nature and extent of the business conducted by it, or the ownership
of its properties, requires such qualification, except where the failure to be so qualified would not give rise to a Material Adverse Change to Owner. 

  

	
	PAGE 9

	 	5.1.2	Corporate Authorization 

 Owner has taken, or caused to be taken, all necessary corporate
action (including, without limitation, the obtaining of any consent or approval of stockholders required by its Certificate of Incorporation or By-Laws) to authorize the execution and delivery of each of the
Operative Agreements to which it is party, and the performance of its obligations thereunder. 
  

	 	5.1.3	No Violation 

 The execution and delivery by Owner of the Operative Agreements to which
it is party, the performance by Owner of its obligations thereunder and the consummation by Owner on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the Certificate of Incorporation or
By-Laws of Owner, (b) violate any Law applicable to or binding on Owner or (c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse
Change to Owner), or result in the creation of any Lien (other than as permitted under the Trust Indenture) upon the Aircraft under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other material
agreement, instrument or document to which Owner is a party or by which Owner or any of its properties is bound. 
  

	 	5.1.4	Approvals 

 The execution and delivery by Owner of the Operative Agreements to which
Owner is a party, the performance by Owner of its obligations thereunder and the consummation by Owner on the Closing Date of the transactions contemplated thereby do not and will not require the consent or approval of, or the giving of notice to,
or the registration with, or the recording or filing of any documents with, or the taking of any other action in respect of, (a) any trustee or other holder of any Debt of Owner and (b) any Government Entity, other than (x) the
filings, registrations and recordations referred to in Section 5.1.6 and (y) filings, recordings, notices or other ministerial actions pursuant to any routine recording, contractual or regulatory requirements applicable to it. 

 

	 	5.1.5	Valid and Binding Agreements 

 The Operative Agreements to which Owner is a party have
been duly authorized, executed and delivered by Owner and, 

  

	
	PAGE 10

 assuming the due authorization, execution and delivery thereof by the other party or parties thereto, constitute
the legal, valid and binding obligations of Owner and are enforceable against Owner in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium and
other similar Laws affecting the rights of creditors generally and general principles of equity, whether considered in a proceeding at law or in equity. 
  

	 	5.1.6	Registration and Recordation 

 Except for (a) the registration of the Aircraft with
the FAA pursuant to the Act in the name of Owner (and the periodic renewal of such registration with the FAA prior to its expiration), (b) the filing with the FAA of the AC Forms 8050-135 with respect to
the sale of the Airframe and Engines to Owner and the International Interests (or Prospective International Interests) granted under the Trust Indenture thereon and the filing with the FAA for recordation (and recordation) of the FAA Filed
Documents, (c) the registration of the International Interest (or Prospective International Interest) in, and the sale to the Owner of, the Airframe and Engines with the International Registry, (d) the filing of the Financing Statements
(and continuation statements relating thereto at periodic intervals), and (e) the affixation of the nameplates referred to in Section 4.02(f) of the Trust Indenture, no further action, including any filing or recording of any document
(including any financing statement in respect thereof under Article 9 of the UCC) is necessary in order to establish and perfect Mortgagee’s security interest in the Aircraft as against Owner and any other Person, in each case, in any
applicable jurisdictions in the United States. 
  

	 	5.1.7	Owner’s Location 

 The Owner’s location (as such term is used in Section 9-307 of the UCC) is Delaware. The full and correct legal name and mailing address of Owner are correctly set forth in Schedule 1 hereto in the column “Address for Notices”. 

 

	 	5.1.8	No Event of Loss 

 No Event of Loss has occurred with respect to the Airframe or any
Engine, and, to the Actual Knowledge of Owner, no circumstance, condition, act or event has occurred that, with the giving of notice or lapse of time or both gives rise to or constitutes an Event of Loss with respect to the Airframe or any Engine.

  

	
	PAGE 11

	 	5.1.9	Compliance With Laws 

 (a)    Owner is a Citizen of the United States
and a U.S. Air Carrier. 
 (b)    Owner holds all licenses, permits and franchises from the appropriate Government
Entities necessary to authorize Owner to lawfully engage in air transportation and to carry on scheduled commercial passenger service as currently conducted, except where the failure to so hold any such license, permit or franchise would not give
rise to a Material Adverse Change to Owner. 
 (c)    Owner is not an “investment company” or a company
controlled by an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 
  

	 	5.1.10	Securities Laws 

 Neither Owner nor any person authorized to act on its behalf has
directly or indirectly offered any beneficial interest or Security relating to the ownership of the Aircraft, or any of the Equipment Notes or any other interest in or security under the Trust Indenture, for sale to, or solicited any offer to
acquire any such interest or security from, or has sold any such interest or security to, any person in violation of the Securities Act. 
  

	 	5.1.11	Broker’s Fees 

 No Person acting on behalf of Owner is or will be entitled to any
broker’s fee, commission or finder’s fee in connection with the Transactions, other than the fees and expenses payable by Owner in connection with the sale of the Pass Through Certificates. 

 

	 	5.1.12	Section 1110 

 Mortgagee is entitled to the benefits of Section 1110 (as
currently in effect) with respect to the right to take possession of the Airframe and Engines and to enforce any of its other rights or remedies as provided in the Trust Indenture in the event of a case under Chapter 11 of the Bankruptcy Code in
which Owner is a debtor. 

  

	
	PAGE 12

	 	5.1.13	Cape Town 

 The Owner is a Transacting User Entity (as defined in the regulations of the
International Registry); is “situated”, for the purposes of the Cape Town Treaty, in the United States; and has the power to “dispose” (as such term is used in the Cape Town Treaty) of the Airframe and each Engine. The Bills of
Sale for the Airframe and Engines constitute a “contract of sale” (as defined in the Cape Town Treaty), and the Trust Indenture, as supplemented by the Trust Indenture Supplement in which such Airframe and Engines are listed, creates an
International Interest in such Airframe and Engines. The Airframe and each Engine are “aircraft objects” (as defined in the Cape Town Treaty); and the United States is a Contracting State under the Cape Town Treaty. 

 

	 	5.2	WTNA’s Representations and Warranties 

 WTNA represents and warrants (with respect
to Section 5.2.10, solely in its capacity as Subordination Agent) to Owner that: 
  

	 	5.2.1	Organization, Etc. 

 WTNA is a national banking association duly organized, validly
existing and in good standing under the Laws of the United States of America, holding a valid certificate to do business as a national banking association with corporate and banking authority to execute and deliver, and perform its obligations
under, the Applicable Pass Through Trustee Agreements and the Operative Agreements to which it is a party. 
  

	 	5.2.2	Corporate Authorization 

 WTNA has taken, or caused to be taken, all necessary corporate
action (including, without limitation, the obtaining of any consent or approval of stockholders required by Law or by its Certificate of Incorporation or By-Laws) to authorize the execution and delivery by
WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party and the performance of its obligations
thereunder. 
  

	 	5.2.3	No Violation 

 The execution and delivery by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or 

  

	
	PAGE 13

 
Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date of the transactions contemplated thereby, do not and will not (a) violate any provision of the
Certificate of Incorporation or By-Laws of WTNA, (b) violate any Law applicable to or binding on WTNA, in its individual capacity or (except in the case of any Law relating to any Plan) as Mortgagee, a
Pass Through Trustee or Subordination Agent, or (c) violate or constitute any default under (other than any violation or default that would not result in a Material Adverse Change to WTNA, in its individual capacity or Mortgagee, a Pass Through
Trustee or Subordination Agent), or result in the creation of any Lien (other than the Lien of the Trust Indenture) upon any property of WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, or any of
WTNA’s subsidiaries under, any indenture, mortgage, chattel mortgage, deed of trust, conditional sales contract, lease, loan or other agreement, instrument or document to which WTNA, in its individual capacity or as Mortgagee, a Pass Through
Trustee or Subordination Agent, is a party or by which WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, or any of their respective properties is bound. 

 

	 	5.2.4	Approvals 

 The execution and delivery by WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, of the Pass Through Trustee Agreements and the Operative Agreements to which it is a party, the performance by WTNA, in its individual capacity or as Mortgagee, a Pass
Through Trustee or Subordination Agent, as the case may be, of its obligations thereunder and the consummation on the Closing Date by WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may
be, of the transactions contemplated thereby do not and will not require the consent, approval or authorization of, or the giving of notice to, or the registration with, or the recording or filing of any documents with, or the taking of any other
action in respect of, (a) any trustee or other holder of any Debt of WTNA or (b) any Government Entity, other than the filing of the FAA Filed Documents and the Financing Statements. 

  

	
	PAGE 14

	 	5.2.5	Valid and Binding Agreements 

 The Pass Through Trustee Agreements and the Operative
Agreements to which it is a party have been duly authorized, executed and delivered by WTNA and, assuming the due authorization, execution and delivery by the other party or parties thereto, constitute the legal, valid and binding obligations of
WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, and are enforceable against WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the
case may be, in accordance with the respective terms thereof, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other similar Laws affecting the rights of creditors generally and
general principles of equity, whether considered in a proceeding at law or in equity. 
  

	 	5.2.6	Citizenship 

 WTNA is a Citizen of the United States. 

 

	 	5.2.7	No Liens 

 On the Closing Date, there are no Liens attributable to WTNA in respect of all
or any part of the Collateral. 
  

	 	5.2.8	Litigation 

 There are no pending or, to the Actual Knowledge of WTNA, threatened actions
or proceedings against WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, before any court, administrative agency or tribunal which, if determined adversely to WTNA, in its individual capacity or as
Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, would materially adversely affect the ability of WTNA, in its individual capacity or as Mortgagee, a Pass Through Trustee or Subordination Agent, as the case may be, to
perform its obligations under any of the Mortgagee Agreements, the Pass Through Trustee Agreements or the Subordination Agent Agreements. 
  

	 	5.2.9	Securities Laws 

 Neither WTNA nor any person authorized to act on its behalf has
directly or indirectly offered any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral or any of the Equipment Notes 

  

	
	PAGE 15

 
or any other interest in or security under the Collateral for sale to, or solicited any offer to acquire any such interest or security from, or has sold any such interest or security to, any
Person other than the Subordination Agent and the Pass Through Trustees, except for the offering and sale of the Pass Through Certificates. 
  

	 	5.2.10	Investment 

 The Equipment Notes to be acquired by the Subordination Agent are being
acquired by it for the account of the Applicable Pass Through Trustees, for investment and not with a view to any resale or distribution thereof, except that, subject to the restrictions on transfer set forth in Section 9, the disposition by it
of its Equipment Notes shall at all times be within its control. 
  

	 	5.2.11	Taxes 

 There are no Taxes payable by any Applicable Pass Through Trustee or WTNA, as the
case may be, imposed by the State of Delaware or any political subdivision or taxing authority thereof in connection with the execution, delivery and performance by such Pass Through Trustee or WTNA, as the case may be, of this Agreement or any of
the Pass Through Trustee Agreements (other than franchise or other taxes based on or measured by any fees or compensation received by any such Pass Through Trustee or WTNA, as the case may be, for services rendered in connection with the
transactions contemplated by any of the Pass Through Trust Agreements), and there are no Taxes payable by any Applicable Pass Through Trustee or WTNA, as the case may be, imposed by the State of Delaware or any political subdivision thereof in
connection with the acquisition, possession or ownership by any such Pass Through Trustee of any of the Equipment Notes (other than franchise or other taxes based on or measured by any fees or compensation received by any such Pass Through Trustee
or WTNA, as the case may be, for services rendered in connection with the transactions contemplated by any of the Pass Through Trust Agreements), and, assuming that the trusts created by the Pass Through Trust Agreements will not be taxable as
corporations, but, rather, each will be characterized as a grantor trust under subpart E, Part I of Subchapter J of the Code or as a partnership under Subchapter K of the Code, such trusts will not be subject to any Taxes imposed by the State of
Delaware or any political subdivision thereof. 

  

	
	PAGE 16

	 	5.2.12	Broker’s Fees 

 No Person acting on behalf of WTNA, in its individual capacity or as
Mortgagee, any Applicable Pass Through Trustee or Subordination Agent, is or will be entitled to any broker’s fee, commission or finder’s fee in connection with the Transactions. 

 

	SECTION 6.	COVENANTS, UNDERTAKINGS AND AGREEMENTS 

  

	 	6.1	Covenants of Owner 

 Owner covenants and agrees, at its own cost and expense, with Note
Holder and Mortgagee as follows: 
  

	 	6.1.1	Corporate Existence; U.S. Air Carrier 

 Owner shall at all times maintain its corporate
existence, except as permitted by Section 4.07 of the Trust Indenture, and shall at all times remain a U.S. Air Carrier. 
  

	 	6.1.2	Notice of Change of Location 

 Owner will give Mortgagee timely written notice (but in
any event within 30 days prior to the expiration of the period of time specified under applicable Law to prevent lapse of perfection) of any change in its location (as such term is used in Section 9-307
of the UCC) or legal name and will promptly take any action required by Section 6.1.3(c) as a result of such relocation. 
  

	 	6.1.3	Certain Assurances 

 (a)    Owner shall duly execute, acknowledge and
deliver, or shall cause to be executed, acknowledged and delivered, all such further agreements, instruments, certificates or documents, and shall do and cause to be done such further acts and things, in any case, as Mortgagee shall reasonably
request for accomplishing the purposes of this Agreement and the other Operative Agreements, provided that any instrument or other document so executed by Owner will not expand any obligations or limit any rights of Owner in respect of
the transactions contemplated by any Operative Agreement. 
 (b)    Owner shall promptly take such action with respect
to the recording, filing, re-recording and refiling of the Trust Indenture and any supplements thereto, including, without limitation, the initial Trust Indenture Supplement, as shall be necessary to continue
the perfection and priority of the Lien created by the Trust Indenture. 

  

	
	PAGE 17

 (c)    Owner, at its sole cost and expense, will cause the FAA Filed
Documents, the Financing Statements and all continuation statements (and any amendments necessitated by any combination, consolidation or merger of the Owner, or any relocation of its chief executive office) in respect of the Financing Statements to
be prepared and, subject only to the execution and delivery thereof by Mortgagee, duly and timely filed and recorded, or filed for recordation, to the extent permitted under the Act (with respect to the FAA Filed Documents) or the UCC or similar law
of any other applicable jurisdiction (with respect to such other documents). Mortgagee, and not Owner, shall be responsible for any amendments to the foregoing documents and filings, recordings and registrations thereof necessitated in any such case
by any combination, consolidation or merger of Mortgagee or change in the Mortgagee’s name, status, jurisdiction of organization or address. 

(d)    If the Aircraft has been registered in a country other than the United States pursuant to Section 4.02(e) of
the Trust Indenture, Owner will furnish to Mortgagee annually after such registration, commencing with the calendar year after such registration is effected, an opinion of special counsel reasonably satisfactory to Mortgagee stating that, in the
opinion of such counsel, either that (i) such action has been taken with respect to the recording, filing, rerecording and refiling of the Operative Agreements and any supplements and amendments thereto as is necessary to establish, perfect and
protect the Lien created by the Trust Indenture, reciting the details of such actions, or (ii) no such action is necessary to maintain the perfection of such Lien. 
  

	 	6.1.4	Securities Laws 

 Neither Owner nor any person authorized to act on its behalf will
directly or indirectly offer any beneficial interest or Security relating to the ownership of the Aircraft or any interest in any of the Equipment Notes or any other interest in or security under the Trust Indenture, for sale to, or solicit any
offer to acquire any such interest or security from, or sell any such interest or security to, any person in violation of the Securities Act or applicable state or foreign securities Laws. 

  

	
	PAGE 18

	 	6.2	Covenants of WTNA 

 WTNA in its individual capacity or as Mortgagee, each Applicable Pass
Through Trustee or Subordination Agent, as the case may be, covenants and agrees with Owner as follows: 
  

	 	6.2.1	Liens 

 WTNA (a) will not directly or indirectly create, incur, assume or suffer to
exist any Lien attributable to it on or with respect to all or any part of the Collateral or the Aircraft, (b) will, at its own cost and expense, promptly take such action as may be necessary to discharge any Lien attributable to WTNA on all or
any part of the Collateral or the Aircraft and (c) will personally hold harmless and indemnify Owner, each Note Holder, each of their respective Affiliates, successors and permitted assigns, and the Collateral from and against (i) any and
all Expenses, (ii) any reduction in the amount payable out of the Collateral, and (iii) any interference with the possession, operation or other use of all or any part of the Aircraft, imposed on, incurred by or asserted against any of the
foregoing as a consequence of any such Lien. 
  

	 	6.2.2	Securities Act 

 WTNA in its individual capacity or as Mortgagee, an Applicable Pass
Through Trustee or Subordination Agent, will not offer any beneficial interest or Security relating to the ownership of the Aircraft or any interest in the Collateral, or any of the Equipment Notes or any other interest in or security under the
Trust Indenture for sale to, or solicit any offer to acquire any such interest or security from, or sell any such interest or security to, any Person in violation of the Securities Act or applicable state or foreign securities Laws, provided that
the foregoing shall not be deemed to impose on WTNA any responsibility with respect to any such offer, sale or solicitation by any other party hereto. 
  

	 	6.2.3	Performance of Agreements 

 WTNA, in its individual capacity and as Mortgagee, an
Applicable Pass Through Trustee or Subordination Agent, as the case may be, shall perform its obligations under the Pass Through Trustee Agreements and the Operative Agreements in accordance with the terms thereof. 

  

	
	PAGE 19

	 	6.2.4	Withholding Taxes 

 WTNA shall indemnify (on an
after-tax basis) and hold harmless Owner against any United States withholding taxes (and related interest, penalties and additions to tax) as a result of the failure by WTNA to withhold on payments to any
Note Holder if such Note Holder failed to provide to Mortgagee necessary certificates or forms to substantiate the right to exemption from such withholding tax. 
  

	 	6.3	Covenants of Note Holders 

 Each Note Holder (including Subordination Agent) as to itself
only covenants and agrees with Owner and Mortgagee as follows: 
  

	 	6.3.1	Withholding Taxes 

 Such Note Holder (if it is a
Non-U.S. Person) agrees to indemnify (on an after-tax basis) and hold harmless Owner and Mortgagee against any United States withholding taxes (and related interest,
penalties and additions to tax) as a result of the inaccuracy or invalidity of any certificate or form provided by such Note Holder to Mortgagee in connection with such withholding taxes. Any amount payable hereunder shall be paid within 30 days
after receipt by a Note Holder of a written demand therefor. 
  

	 	6.3.2	Transfer; Compliance 

 (a)    Such Note Holder will (i) not
transfer any Equipment Note or interest therein in violation of the Securities Act or applicable state or foreign securities Law; provided, that the foregoing provisions of this section shall not be deemed to impose on such Note Holder any
responsibility with respect to any such offer, sale or solicitation by any other party hereto, and (ii) perform and comply with the obligations specified to be imposed on it (as a Note Holder) under each of the Trust Indenture and the form of
Equipment Note set forth in the Trust Indenture. 
 (b)    Except for the transfer of the interests of each Applicable
Pass Through Trustee in the Equipment Notes to the trustee of the Related Trust (as defined in each Applicable Pass Through Trust Agreement) in accordance with the related Applicable Pass Through Trust Agreement, each Note Holder will not sell,
assign, convey, exchange or otherwise transfer any Equipment Note or any interest in, or represented by, any 

  

	
	PAGE 20

 
Equipment Note (it being understood that this provision is not applicable to the Pass Through Certificates) unless the proposed transferee thereof first provides Owner with both of the following:

 (i)    a written representation and covenant that either (a) no portion of the funds it uses to purchase,
acquire and hold such Equipment Note or interest directly or indirectly constitutes, or may be deemed under the Code or ERISA or any rulings, regulations or court decisions thereunder to constitute, the assets of any Plan or (b) the transfer,
and subsequent holding, of such Equipment Note or interest shall not involve or give rise to a transaction that constitutes a prohibited transaction within the meaning of Section 406 of ERISA or Section 4975 (c) (1) of the Code involving
Owner, a Pass Through Trustee, the Subordination Agent or the proposed transferee (other than a transaction that is exempted from the prohibitions of such sections by applicable provisions of ERISA or the Code or administrative exemptions or
regulations issued thereunder); and 
 (ii)    a written covenant that it will not transfer any Equipment Note or any
interest in, or represented by, any Equipment Note unless the subsequent transferee also makes the representation described in clause (i) above and agrees to comply with this clause (ii). 

 

	 	6.4	Agreements 

  

	 	6.4.1	Quiet Enjoyment 

 Each Applicable Pass Through Trustee, Subordination Agent, each Note
Holder and Mortgagee each agrees as to itself with Owner that, so long as no Event of Default shall have occurred and be continuing, such Person shall not (and shall not permit any Affiliate or other Person claiming by, through or under it to)
interfere with Owner’s rights in accordance with the Indenture to the quiet enjoyment, possession and use of the Aircraft. 
  

	 	6.4.2	Consents 

 Each Pass Through Trustee, Subordination Agent and Mortgagee each covenants
and agrees, for the benefit of Owner, that it shall not unreasonably withhold its consent to any consent or approval requested of it under the terms of any of the Operative Agreements which by its terms is not to be unreasonably withheld. 

  

	
	PAGE 21

	 	6.4.3	Insurance 

 Each Pass Through Trustee, Subordination Agent, Mortgagee and each Note
Holder each agrees not to obtain or maintain insurance for its own account as permitted by Section 4.06 of the Trust Indenture if such insurance would limit or otherwise adversely affect the coverage of any insurance required to be obtained or
maintained by Owner pursuant to Section 4.06 of the Trust Indenture. 
  

	 	6.4.4	Extent of Interest of Note Holders 

 A Note Holder shall not, as such, have any further
interest in, or other right with respect to, the Collateral when and if the principal and Make-Whole Amount, if any, of and interest on the Equipment Note held by such Holder, and all other sums, then due and payable to such Holder hereunder and
under any other Operative Agreement, shall have been paid in full. The preceding sentence shall not limit the rights of the Related Note Holders with respect to Related Secured Obligations under the Trust Indenture, provided that a Related
Note Holder shall not, as such, have any further interest in, or other right with respect to, the Collateral when and if the Related Secured Obligations attributable to the Related Equipment Note held by such Holder shall have been paid in full.

  

	 	6.4.5	Foreign Registration 

 Each Note Holder and Mortgagee hereby agree, for the benefit of
Owner but subject to the provisions of Section 4.02 (b) of the Trust Indenture: 
 (a)    that Owner shall be
entitled to register the Aircraft or cause the Aircraft to be registered in a country other than the United States subject to compliance with the following: 

(i) each of the following requirements is satisfied: 
  

	 	(A)	no Special Default or Event of Default shall have occurred and be continuing at the time of such registration; 

  

	 	(B)	such proposed change of registration is made in connection with a Permitted Lease to a Permitted Air Carrier; and 

  

	
	PAGE 22

	 	(C)	such country is a country with which the United States then maintains normal diplomatic relations or, if such country is Taiwan, the United States then maintains diplomatic relations at least as good as those in effect
on the Closing Date; and 

 (ii)    the Mortgagee shall have received an opinion of counsel (subject to
customary exceptions) reasonably satisfactory to the Mortgagee addressed to Mortgagee to the effect that: 

(A)    such country would recognize the Owner’s ownership interest in the Aircraft; 

(B)    after giving effect to such change in registration, the Lien of the Trust Indenture on the
Owner’s right, title and interest in and to the Aircraft shall continue as a valid and duly perfected first priority security interest and International Interest and all filing, recording or other action necessary to protect the same shall have
been accomplished (or, if such opinion cannot be given at the time of such proposed change in registration because such change in registration is not yet effective, (1) the opinion shall detail what filing, recording or other action is
necessary and (2) the Mortgagee shall have received a certificate from Owner that all possible preparations to accomplish such filing, recording and other action shall have been done, and such filing, recording and other action shall be
accomplished and a supplemental opinion to that effect shall be delivered to the Mortgagee on or prior to the effective date of such change in registration); 

(C)    unless Owner or the Permitted Air Carrier shall have agreed to provide insurance covering the risk
of requisition of use of the Aircraft by the government of such country (so long as the Aircraft is registered under the laws of such country), the laws of such country require fair compensation by the government of such country payable in currency
freely convertible into Dollars and freely removable from such country (without license or permit, unless Owner prior to such proposed reregistration has obtained such license or permit) for the taking or requisition by such government of such use;
and 
 (D)    it is not necessary, solely as a consequence of such change in registration and without
giving effect to any other activity of the Mortgagee (or any 

  

	
	PAGE 23

 
Affiliate of the Mortgagee), for the Mortgagee to qualify to do business in such jurisdiction as a result of such reregistration in order to exercise any rights or remedies with respect to the
Aircraft. 
 (b)    In addition, as a condition precedent to any change in registration Owner shall have given to
Mortgagee assurances reasonably satisfactory to Mortgagee: 
  

	 	(i)	to the effect that the provisions of Section 4.06 of the Trust Indenture have been complied with after giving effect to such change of registration; 

 

	 	(ii)	of the payment by Owner of all reasonable out-of-pocket expenses of each Note Holder and Mortgagee in connection with such change of
registry, including, without limitation (1) the reasonable fees and disbursements of counsel to Mortgagee, (2) any filing or recording fees, Taxes or similar payments incurred in connection with the change of registration of the Aircraft
and the creation and perfection of the security interest therein in favor of Mortgagee for the benefit of Note Holders, and (3) all costs and expenses incurred in connection with any filings necessary to continue in the United States the
perfection of the security interest in the Aircraft in favor of Mortgagee for the benefit of Note Holders; and 

  

	 	(iii)	to the effect that the tax and other indemnities in favor of each person named as an indemnitee under any other Operative Agreement afford each such person substantially the same protection as provided prior to such
change of registration (or Owner shall have agreed upon additional indemnities that, together with such original indemnities, in the reasonable judgment of Mortgagee, afford such protection). 

 

	 	6.4.6	Interest in Certain Engines 

 Each Note Holder and Mortgagee agree, for the benefit of
each of the lessor, conditional seller, mortgagee or secured party of any airframe or engine leased to, or purchased by, Owner or any Permitted Lessee subject to a lease, conditional sale, trust indenture or other security agreement that it will not
acquire or claim, as against such lessor, conditional 

  

	
	PAGE 24

 
seller, mortgagee or secured party, any right, title or interest in any engine as the result of such engine being installed on the Airframe at any time while such engine is subject to such lease,
conditional sale, trust indenture or other security agreement and owned by such lessor or conditional seller or subject to a trust indenture or security interest in favor of such mortgagee or secured party. 

 

	SECTION 7.	CONFIDENTIALITY 

 Owner, Note Holders and Mortgagee shall keep the Participation
Agreement and Annex B to the Trust Indenture confidential and shall not disclose, or cause to be disclosed, the same to any Person, except (A) to prospective and permitted transferees of Owner’s, a Note Holder’s, the Liquidity
Provider’s, Mortgagee’s or other Indenture Indemnitee’s interest or their respective counsel or special counsel, independent insurance brokers, auditors, or other agents who agree to hold such information confidential, (B) to
Owner’s, a Note Holder’s, the Liquidity Provider’s, a Pass Through Trustee’s, Mortgagee’s or other Indenture Indemnitee’s counsel or special counsel, independent insurance brokers, auditors, or other agents, Affiliates
or investors who agree to hold such information confidential, (C) as may be required by any statute, court or administrative order or decree, legal process or governmental ruling or regulation, including those of any applicable insurance
regulatory bodies (including, without limitation, the National Association of Insurance Commissioners), federal or state banking examiners, Internal Revenue Service auditors or any stock exchange, (D) with respect to a Note Holder or any Pass
Through Trustee, to a nationally recognized rating agency for the purpose of obtaining a rating on the Equipment Notes or the Pass Through Certificates or to support an NAIC rating for the Equipment Notes or (E) such other Persons as are
reasonably deemed necessary by the disclosing party in order to protect the interests of such party or for the purposes of enforcing such documents by such party; provided, that any and all disclosures permitted by clauses (C), (D), or
(E) above shall be made only to the extent necessary to meet the specific requirements or needs of the Persons making such disclosures. 

  

	
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	SECTION 8.	INDEMNIFICATION AND EXPENSES 

  

	 	8.1	General Indemnity 

  

	 	8.1.1	Indemnity 

 Whether or not any of the transactions contemplated hereby are consummated,
Owner shall indemnify, protect, defend and hold harmless each Indemnitee from, against and in respect of, and shall pay on a net after-tax basis, any and all Expenses of any kind or nature whatsoever that may
be imposed on, incurred by or asserted against any Indemnitee, relating to, resulting from, or arising out of or in connection with, any one or more of the following: 

(a)    The Operative Agreements, the Pass Through Agreements, or the enforcement of any of the terms of any of the
Operative Agreements or the Pass Through Agreements; 
 (b)    The Aircraft, the Airframe, any Engine or any Part,
including, without limitation, with respect thereto, (i) the manufacture, design, purchase, acceptance, nonacceptance or rejection, ownership, registration, reregistration, deregistration, delivery, nondelivery, lease, sublease, assignment,
possession, use or non-use, operation, maintenance, testing, repair, overhaul, condition, alteration, modification, addition, improvement, storage, airworthiness, replacement, repair, sale, substitution,
return, abandonment, redelivery or other disposition of the Aircraft, any Engine or any Part, (ii) any claim or penalty arising out of violations of applicable Laws by Owner (or any Permitted Lessee), (iii) tort liability, whether or not
arising out of the negligence of any Indemnitee (whether active, passive or imputed), (iv) death or property damage of passengers, shippers or others, (v) environmental control, noise or pollution and (vi) any Liens in respect of the
Aircraft, any Engine or any Part; 
 (c)    The offer, sale, or delivery of any Equipment Notes, Pass Through
Certificates or any interest therein or represented thereby; and 
 (d)    Any breach of or failure to perform or
observe, or any other noncompliance with, any covenant or agreement or other obligation to be performed by Owner under any Operative Agreement to which it is party or any Pass Through Agreement or the falsity of any representation or warranty of
Owner in any Operative Agreement to which it is party or any Pass Through Agreement. 

  

	
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	 	8.1.2	Exceptions 

 Notwithstanding anything contained in Section 8.1.1, Owner shall not be
required to indemnify, protect, defend and hold harmless any Indemnitee pursuant to Section 8.1.1 in respect of any Expense of such Indemnitee: 

(a)    For any Taxes or a loss of Tax benefit, whether or not Owner is required to indemnify therefor pursuant to
Section 8.3; 
 (b)    Except to the extent attributable to acts or events occurring prior thereto, acts or events
(other than acts or events related to the performance by Owner of its obligations pursuant to the terms of the Operative Agreements) that occur after the Trust Indenture is required to be terminated in accordance with Section 11.01 of the Trust
Indenture; provided, that nothing in this clause (b) shall be deemed to exclude or limit any claim that any Indemnitee may have under applicable Law by reason of an Event of Default or for damages from Owner for breach of Owner’s
covenants contained in the Operative Agreements or to release Owner from any of its obligations under the Operative Agreements that expressly provide for performance after termination of the Trust Indenture; 

(c)    To the extent attributable to any Transfer (voluntary or involuntary) by or on behalf of such Indemnitee of any
Equipment Note or interest therein, except for out-of-pocket costs and expenses incurred as a result of any such Transfer pursuant to the exercise of remedies under any
Operative Agreement; 
 (d)    [Intentionally Omitted] 

(e)    To the extent attributable to the gross negligence or willful misconduct of such Indemnitee or any related
Indemnitee (as defined below) (other than gross negligence or willful misconduct imputed to such person by reason of its interest in the Aircraft or any Operative Agreement); 

(f)    [Intentionally Omitted] 

(g)    To the extent attributable to the incorrectness or breach of any representation or warranty of such Indemnitee or
any related Indemnitee contained in or made pursuant to any Operative Agreement or any Pass Through Agreement; 

  

	
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 (h)    To the extent attributable to the failure by such Indemnitee or any
related Indemnitee to perform or observe any agreement, covenant or condition on its part to be performed or observed in any Operative Agreement or any Pass Through Agreement; 

(i)    To the extent attributable to the offer or sale by such Indemnitee or any related Indemnitee of any interest in the
Aircraft, the Equipment Notes, the Pass Through Certificates, or any similar interest, in violation of the Securities Act or other applicable federal, state or foreign securities Laws (other than any thereof caused by acts or omissions of Owner);

 (j)    (i) With respect to any Indemnitee (other than Mortgagee), to the extent attributable to the failure of
the Mortgagee to distribute funds received and distributable by it in accordance with the Trust Indenture, (ii) with respect to any Indemnitee (other than the Subordination Agent), to the extent attributable to the failure of the Subordination
Agent to distribute funds received and distributable by it in accordance with the Intercreditor Agreement, (iii) with respect to any Indemnitee (other than the Pass Through Trustees), to the extent attributable to the failure of a Pass Through
Trustee to distribute funds received and distributable by it in accordance with the Pass Through Trust Agreements, (iv) with respect to any Indemnitee (other than the Escrow Agent), to the extent attributable to the failure of the Escrow Agent
to pay funds received and payable by it in accordance with any Escrow Agreement, (v) with respect to any Indemnitee (other than the Paying Agent), to the extent attributable to the failure of the Paying Agent to distribute funds received and
distributable by it in accordance with any Escrow Agreement, (vi) to the extent attributable to the failure of the Depositary to pay funds payable by it in accordance with any Deposit Agreement, (vii) with respect to Mortgagee, to the
extent attributable to the negligence or willful misconduct of Mortgagee in the distribution of funds received and distributable by it in accordance with the Trust Indenture, (viii) with respect to the Subordination Agent, to the extent
attributable to the negligence or willful misconduct of the Subordination Agent in the distribution of funds received and distributable by it in accordance with the Intercreditor Agreement, (ix) with respect to the Pass Through Trustees, to the
extent attributable to the negligence or willful misconduct of a Pass Through Trustee in the distribution of funds received and distributable by it in accordance with the Pass Through Trust Agreements, (x) with

  

	
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respect to the Escrow Agent, to the extent attributable to the negligence or willful misconduct of the Escrow Agent in the payment of funds received and payable by it in accordance with any
Escrow Agreement and (xi) with respect to the Paying Agent, to the extent attributable to the negligence or willful misconduct of the Paying Agent in the distribution of funds received and distributable by it in accordance with any Escrow
Agreement; 
 (k)    Other than during the continuation of an Event of Default, to the extent attributable to the
authorization or giving or withholding of any future amendments, supplements, waivers or consents with respect to any Operative Agreement or Pass Through Agreement other than such as have been requested by Owner or as are required by or made
pursuant to the terms of the Operative Agreements or Pass Through Agreements (unless such requirement results from the actions of an Indemnitee not required by or made pursuant to the Operative Agreements or the Pass Through Agreements); 

(l)    To the extent attributable to any amount which any Indemnitee expressly agrees to pay or such Indemnitee expressly
agrees shall not be paid by or be reimbursed by Owner; 
 (m)    To the extent that it is an ordinary and usual
operating or overhead expense; 
 (n)    [Intentionally Omitted] 

(o)    For any Lien attributable to such Indemnitee or any related Indemnitee; 

(p)    If another provision of an Operative Agreement or a Pass Through Agreement specifies the extent of Owner’s
responsibility or obligation with respect to such Expense, to the extent arising from other than failure of Owner to comply with such specified responsibility or obligation; or 

(q)    To the extent incurred by or asserted against an Indemnitee as a result of any “prohibited transaction”,
within the meaning of Section 406 of ERISA or Section 4975(c)(1) of the Code. 
 For purposes of this Section 8.1, a Person
shall be considered a “related” Indemnitee with respect to an Indemnitee if such Person is an Affiliate or employer of such Indemnitee, a director, officer, employee, agent, or servant of such Indemnitee or any such Affiliate or a
successor or permitted assignee of any of the foregoing. 

  

	
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	 	8.1.3	Separate Agreement 

 This Agreement constitutes a separate agreement with respect to each
Indemnitee and is enforceable directly by each such Indemnitee. 
  

	 	8.1.4	Notice 

 If a claim for any Expense that an Indemnitee shall be indemnified against under
this Section 8.1 is made, such Indemnitee shall give prompt written notice thereof to Owner. Notwithstanding the foregoing, the failure of any Indemnitee to notify Owner as provided in this Section 8.1.4, or in Section 8.1.5, shall
not release Owner from any of its obligations to indemnify such Indemnitee hereunder, except to the extent that such failure results in an additional Expense to Owner (in which event Owner shall not be responsible for such additional expense) or
materially impairs Owner’s ability to contest such claim. 
  

	 	8.1.5	Notice of Proceedings; Defense of Claims; Limitations 

 (a)    In
case any action, suit or proceeding shall be brought against any Indemnitee for which Owner is responsible under this Section 8.1, such Indemnitee shall notify Owner of the commencement thereof and Owner may, at its expense, participate in and
to the extent that it shall wish (subject to the provisions of the following paragraph), assume and control the defense thereof and, subject to Section 8.1.5(c), settle or compromise the same. 

(b)    Owner or its insurer(s) shall have the right, at its or their expense, to investigate or, if Owner or its
insurer(s) shall agree not to dispute liability to the Indemnitee giving notice of such action, suit or proceeding under this Section 8.1.5 for indemnification hereunder or under any insurance policies pursuant to which coverage is sought,
control the defense of, any action, suit or proceeding, relating to any Expense for which indemnification is sought pursuant to this Section 8.1, and each Indemnitee shall cooperate with Owner or its insurer(s) with respect thereto;
provided, that Owner shall not be entitled to control the defense of any such action, suit, proceeding or compromise any such Expense during the continuance of any Event of Default. In connection with any

  

	
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such action, suit or proceeding being controlled by Owner, such Indemnitee shall have the right to participate therein, at its sole cost and expense, with counsel reasonably satisfactory to
Owner; provided, that such Indemnitee’s participation does not, in the reasonable opinion of the independent counsel appointed by the Owner or its insurers to conduct such proceedings, interfere with the defense of such case. 

(c)    In no event shall any Indemnitee enter into a settlement or other compromise with respect to any Expense without
the prior written consent of Owner, which consent shall not be unreasonably withheld or delayed, unless such Indemnitee waives its right to be indemnified with respect to such Expense under this Section 8.1. 

(d)    In the case of any Expense indemnified by the Owner hereunder which is covered by a policy of insurance maintained
by Owner pursuant to Section 4.06 of the Indenture, at Owner’s expense, each Indemnitee agrees to cooperate with the insurers in the exercise of their rights to investigate, defend or compromise such Expense as may be required to retain
the benefits of such insurance with respect to such Expense. 
 (e)    If an Indemnitee is not a party to this
Agreement, Owner may require such Indemnitee to agree in writing to the terms of this Section 8 and Section 12.8 prior to making any payment to such Indemnitee under this Section 8. 

(f)    Nothing contained in this Section 8.1.5 shall be deemed to require an Indemnitee to contest any Expense or to
assume responsibility for or control of any judicial proceeding with respect thereto. 
  

	 	8.1.6	Information 

 Owner will provide the relevant Indemnitee with such information not within
the control of such Indemnitee, as is in Owner’s control or is reasonably available to Owner, which such Indemnitee may reasonably request and will otherwise cooperate with such Indemnitee so as to enable such Indemnitee to fulfill its
obligations under Section 8.1.5. The Indemnitee shall supply Owner with such information not within the control of Owner, as is in such Indemnitee’s control or is reasonably available to such Indemnitee, which Owner may reasonably request
to control or participate in any proceeding to the extent permitted by Section 8.1.5. 

  

	
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	 	8.1.7	Effect of Other Indemnities; Subrogation; Further Assurances 

 Upon the payment in full
by Owner of any indemnity provided for under this Agreement, Owner, without any further action and to the full extent permitted by Law, will be subrogated to all rights and remedies of the person indemnified (other than with respect to any of such
Indemnitee’s insurance policies or in connection with any indemnity claim such Indemnitee may have under Section 6.03 or 8.01 of the Trust Indenture) in respect of the matter as to which such indemnity was paid. Each Indemnitee will give
such further assurances or agreements and cooperate with Owner to permit Owner to pursue such claims, if any, to the extent reasonably requested by Owner and at Owner’s expense. 

 

	 	8.1.8	Refunds 

 If an Indemnitee receives any refund, in whole or in part, with respect to any
Expense paid by Owner hereunder, it will promptly pay the amount refunded (but not an amount in excess of the amount Owner or any of its insurers has paid in respect of such Expense) over to Owner unless an Event of Default shall have occurred and
be continuing, in which case such amounts shall be paid over to Mortgagee to hold as security for Owner’s obligations under the Operative Agreements or, if requested by Owner, applied to satisfy such obligations. 

 

	 	8.2	Expenses 

  

	 	8.2.1	Invoices and Payment 

 The Mortgagee, the Applicable Pass Through Trustees and the
Subordination Agent shall promptly submit to Owner for its prompt approval (which shall not be unreasonably withheld) copies of invoices in reasonable detail of the Transaction Expenses for which it is responsible for providing information as they
are received (but in no event later than the 90th day after the Closing Date). If so submitted and approved, the Owner agrees promptly, but in any event no later than the 105th day after the Closing Date, to pay Transaction Expenses. 

 

	 	8.2.2	Payment of Other Expenses 

 Owner shall pay (i) the ongoing fees and expenses of
Mortgagee, and (ii) all reasonable out-of-pocket costs and expenses (including the reasonable fees and disbursements of counsel) incurred by Mortgagee or any Note
Holder attributable to any waiver, amendment or modification of any Operative Agreement to the extent requested by Owner. 

  

	
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	 	8.3	General Tax Indemnity 

  

	 	8.3.1	General 

 Except as provided in Section 8.3.2, Owner agrees that each payment paid
by Owner under the Equipment Notes, and any other payment or indemnity paid by Owner to a Tax Indemnitee under any Operative Agreement, shall be free of all withholdings or deductions with respect to Taxes of any nature (other than U.S. federal,
state or local withholding taxes on, based on or measured by gross or net income, including, without limitation, any such taxes imposed under FATCA), and in the event that Owner shall be required by applicable law to make any such withholding or
deduction for any such payment (x) Owner shall make all such withholdings or deductions, (y) the amount payable by Owner shall be increased so that after making all required withholdings or deductions such Tax Indemnitee receives the same
amount that it would have received had no such withholdings or deductions been made, and (z) Owner shall pay the full amount withheld or deducted to the relevant Taxing Authority in accordance with applicable law. Except as provided in
Section 8.3.2 and whether or not any of the transactions contemplated hereby are consummated, Owner shall pay, indemnify, protect, defend and hold each Tax Indemnitee harmless from all Taxes imposed by any Taxing Authority that may from time to
time be imposed on or asserted against any Tax Indemnitee or the Aircraft, the Airframe, any Engine or any Part or any interest in any of the foregoing (whether or not indemnified against by any other Person), upon or with respect to the Operative
Agreements or the transactions or payments contemplated thereby, including but not limited to any Tax imposed upon or with respect to (x) the Aircraft, the Airframe, any Engine, any Part, any Operative Agreement (including without limitation
any Equipment Notes) or any data or any other thing delivered or to be delivered under an Operative Agreement, (y) the purchase, manufacture, acceptance, rejection, sale, transfer of title, return, ownership, mortgaging, delivery, transport,
charter, rental, lease, re-lease, sublease, assignment, possession, repossession, presence, use, condition, storage, preparation, maintenance, modification, alteration, improvement, operation, registration,
transfer or change of registration, reregistration, repair, replacement, overhaul, location, control, the imposition of any Lien, financing, refinancing requested by the Owner, abandonment or other disposition of the Aircraft, the Airframe, any
Engine, any Part, any data or any 

  

	
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other thing delivered or to be delivered under an Operative Agreement or (z) interest, fees or any other income, proceeds, receipts or earnings, whether actual or deemed, arising upon, in
connection with, or in respect of, any of the Operative Agreements (including the property or income or other proceeds with respect to property held as part of the Collateral) or the transactions contemplated thereby. 

 

	 	8.3.2	Certain Exceptions 

 The provisions of Section 8.3.1 shall not apply to, and Owner
shall have no liability hereunder for, Taxes: 
 (a)    imposed on a Tax Indemnitee by the federal government of the
United States or any Taxing Authority or governmental subdivision of the United States or therein (including any state or local Taxing Authority) (i) on, based on, or measured by, gross or net income or gross or net receipts, including capital
gains taxes, excess profits taxes, minimum taxes from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and estate taxes, and any withholding taxes on,
based on or measured by gross or net income or receipts, including, without limitation, any such taxes imposed under FATCA or (ii) on, or with respect to, or measured by, capital or net worth or in the nature of a franchise tax or a tax for the
privilege of doing business (other than, in the case of clause (i) or (ii), sales, use, license or property Taxes); 

(b)    imposed on a Tax Indemnitee by any Taxing Authority or governmental subdivision thereof or therein outside of the
United States (including any Taxing Authority in or of a territory, possession or commonwealth of the United States) (i) on, based on, or measured by, gross or net income or gross or net receipts, including capital gains taxes, excess profits
taxes, minimum taxes from tax preferences, alternative minimum taxes, branch profits taxes, accumulated earnings taxes, personal holding company taxes, succession taxes and estate taxes, and any withholding taxes on, based on or measured by gross or
net income or receipts or (ii) on, or with respect to, or measured by, capital or net worth or in the nature of a franchise tax or a tax for the privilege of doing business (other than, in the case of clause (i) or (ii), (A) sales, use,
license or property Taxes, or (B) any Taxes imposed by any Taxing Authority (other than a Taxing Authority within whose jurisdiction such Tax Indemnitee is incorporated or organized or maintains its principal place of business) if such Tax

  

	
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Indemnitee would not have been subject to Taxes of such type by such jurisdiction but for (I) the location, use or operation of the Aircraft, the Airframe, any Engine or any Part thereof by
an Owner Person within the jurisdiction of the Taxing Authority imposing such Tax, or (II) the activities of any Owner Person in such jurisdiction, including, but not limited to, use of any other aircraft by Owner in such jurisdiction,
(III) the status of any Owner Person as a foreign entity or as an entity owned in whole or in part by foreign persons, (IV) Owner having made (or having been deemed to have made) payments to such Tax Indemnitee from the relevant
jurisdiction or (V) in the case of the Pass Through Trustees, the Note Holders or any related Tax Indemnitee, the Owner being incorporated or organized or maintaining a place of business or conducting activities in such jurisdiction); 

(c)    on, or with respect to, or measured by, any trustee fees, commissions or compensation received by the Pass Through
Trustee, Subordination Agent or Mortgagee; 
 (d)    that are being contested as provided in Section 8.3.4 hereof;

 (e)    imposed on any Tax Indemnitee to the extent that such Taxes result from the gross negligence or willful
misconduct of such Tax Indemnitee or any Affiliate thereof; 
 (f)    imposed on or with respect to a Tax Indemnitee
(including the transferee in those cases in which the Tax on transfer is imposed on, or is collected from, the transferee) as a result of a transfer or other disposition (including a deemed transfer or disposition) by such Tax Indemnitee or a
related Tax Indemnitee of any interest in the Aircraft, the Airframe, any Engine or any Part, any interest arising under the Operative Agreements or any Equipment Note or as a result of a transfer or disposition (including a deemed transfer or
disposition) of any interest in a Tax Indemnitee (other than (A) a substitution or replacement of the Aircraft, the Airframe, any Engine or any Part by an Owner Person that is treated for Tax purposes as a transfer or disposition, or (B) a
transfer pursuant to an exercise of remedies upon an Event of Default that shall have occurred and have been continuing); 

(g)    Taxes in excess of those that would have been imposed had there not been a transfer or other disposition by or to
such Tax Indemnitee or a related Tax Indemnitee described in paragraph (f) above; 

  

	
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 (h)    consisting of any interest, penalties or additions to tax imposed on a
Tax Indemnitee as a result of (in whole or in part) failure of such Tax Indemnitee or a related Tax Indemnitee to file any return properly and timely, unless such failure shall be caused by the failure of Owner to fulfill its obligations, if any,
under Section 8.3.6 with respect to such return; 
 (i)    resulting from, or that would not have been imposed but
for, any Liens arising as a result of claims against, or acts or omissions of, or otherwise attributable to such Tax Indemnitee or a related Tax Indemnitee that the Owner is not obligated to discharge under the Operative Agreements; 

(j)    imposed on any Tax Indemnitee as a result of the breach by such Tax Indemnitee or a related Tax Indemnitee of any
covenant of such Tax Indemnitee or any Affiliate thereof contained in any Operative Agreement or the inaccuracy of any representation or warranty by such Tax Indemnitee or any Affiliate thereof in any Operative Agreement; 

(k)    in the nature of an intangible or similar Tax (i) upon or with respect to the value or principal amount of the
interest of any Note Holder in any Equipment Note or the loan evidenced thereby but only if such Taxes are in the nature of franchise Taxes or result from the Tax Indemnitee doing business in the taxing jurisdiction and are imposed because of the
place of incorporation or the activities unrelated to the transactions contemplated by the Operative Agreements in the taxing jurisdiction of such Tax Indemnitee; 

(l)    imposed on a Tax Indemnitee by a Taxing Authority of a jurisdiction outside the United States to the extent that
such Taxes would not have been imposed but for a connection between the Tax Indemnitee or a related Tax Indemnitee and such jurisdiction imposing such Tax unrelated to the transactions contemplated by the Operative Agreements; or 

(m)    Taxes relating to ERISA or Section 4975 of the Code. 

For purposes hereof, a Tax Indemnitee and any other Tax Indemnitees that are successors, assigns, agents, servants or Affiliates of such Tax
Indemnitee shall be related Tax Indemnitees. 

  

	
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	 	8.3.3	Payment 

 (a)    Owner’s indemnity obligation to a Tax
Indemnitee under this Section 8.3 shall equal the amount which, after taking into account any Tax imposed upon the receipt or accrual of the amounts payable under this Section 8.3 and any tax benefits actually recognized by such Tax
Indemnitee as a result of the indemnifiable Tax (including, without limitation, any benefits recognized as a result of an indemnifiable Tax being utilized by such Tax Indemnitee as a credit against Taxes not indemnifiable under this
Section 8.3), shall equal the amount of the Tax indemnifiable under this Section 8.3. 
 (b)    At
Owner’s request, the computation of the amount of any indemnity payment owed by Owner or any amount owed by a Tax Indemnitee to Owner pursuant to this Section 8.3 shall be verified and certified by an independent public accounting firm
selected by such Tax Indemnitee and reasonably satisfactory to Owner. Such verification shall be binding. The costs of such verification (including the fee of such public accounting firm) shall be borne by Owner unless such verification shall result
in an adjustment in Owner’s favor of 5% or more of the net present value of the payment as computed by such Tax Indemnitee, in which case the costs shall be paid by such Tax Indemnitee. 

(c)    Each Tax Indemnitee shall provide Owner with such certifications, information and documentation as shall be in such
Tax Indemnitee’s possession and as shall be reasonably requested by Owner to minimize any indemnity payment pursuant to this Section 8.3; provided, that notwithstanding anything to the contrary contained herein, no Tax Indemnitee shall be
required to provide Owner with any Tax returns. 
 (d)    Each Tax Indemnitee shall promptly forward to Owner any
written notice, bill or advice received by it from any Taxing Authority concerning any Tax for which it seeks indemnification under this Section 8.3. Owner shall pay any amount for which it is liable pursuant to this Section 8.3 directly
to the appropriate Taxing Authority if legally permissible or upon demand of a Tax Indemnitee, to such Tax Indemnitee within 30 days of such demand (or, if a contest occurs in accordance with Section 8.3.4, within 30 days after a Final
Determination (as defined below)), but in no event more than one Business Day prior to the date the Tax to which such amount payable hereunder relates is due. If requested by a Tax Indemnitee in writing, Owner shall furnish to the appropriate Tax
Indemnitee the original or a certified copy of a receipt for Owner’s payment of any Tax paid by Owner or such other evidence 

  

	
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of payment of such Tax as is acceptable to such Tax Indemnitee. Owner shall also furnish promptly upon written request such data as any Tax Indemnitee may reasonably require to enable such Tax
Indemnitee to comply with the requirements of any taxing jurisdiction unless such data is not reasonably available to Owner or, unless such data is specifically requested by a Taxing Authority, is not customarily furnished by domestic air carriers
under similar circumstances. For purposes of this Section 8.3, a “Final Determination” shall mean (i) a decision, judgment, decree or other order by any court of competent jurisdiction that occurs pursuant to the provisions of
Section 8.3.4, which decision, judgment, decree or other order has become final and unappealable, (ii) a closing agreement or settlement agreement entered into in accordance with Section 8.3.4 that has become binding and is not
subject to further review or appeal (absent fraud, misrepresentation, etc.), or (iii) the termination of administrative proceedings and the expiration of the time for instituting a claim in a court proceeding. 

(e)    If any Tax Indemnitee shall actually realize a tax savings by reason of any Tax paid or indemnified by Owner
pursuant to this Section 8.3 (whether such tax savings shall be by means of a foreign tax credit, depreciation or cost recovery deduction or otherwise) and such savings is not otherwise taken into account in computing such payment or indemnity
such Tax Indemnitee shall pay to Owner an amount equal to the lesser of (i) the amount of such tax savings, plus any additional tax savings recognized as the result of any payment made pursuant to this sentence, when, as, if, and to the extent,
realized or (ii) the amount of all payments pursuant to this Section 8.3 by Owner to such Tax Indemnitee (less any payments previously made by such Tax Indemnitee to Owner pursuant to this Section 8.3.3(e)) (and the excess, if any, of
the amount described in clause (i) over the amount described in clause (ii) shall be carried forward and applied to reduce pro tanto any subsequent obligations of Owner to make payments to such Tax Indemnitee pursuant to this
Section 8.3); provided, that such Tax Indemnitee shall not be required to make any payment pursuant to this sentence so long as a Lease Event of Default of a monetary nature has occurred and is continuing. If a tax benefit is later disallowed
or denied, the disallowance or denial shall be treated as a Tax indemnifiable under Section 8.3.1 without regard to the provisions of Section 8.3.2 (other than Section 8.3.2(f)). Each such Tax Indemnitee shall in good faith use
reasonable efforts in filing its tax returns and in dealing with Taxing Authorities to seek and claim any such tax benefit. 

  

	
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	 	8.3.4	Contest 

 (a)    If a written claim is made against a Tax Indemnitee
for Taxes with respect to which Owner could be liable for payment or indemnity hereunder, or if a Tax Indemnitee makes a determination that a Tax is due for which Owner could have an indemnity obligation hereunder, such Tax Indemnitee shall promptly
give Owner notice in writing of such claim (provided, that failure to so notify Owner shall not relieve Owner of its indemnity obligations hereunder unless such failure to notify effectively forecloses Owner’s rights to require a contest of
such claim) and shall take no action with respect to such claim without the prior written consent of Owner for 30 days following the receipt of such notice by Owner; provided, that, in the case of a claim made against a Tax Indemnitee, if such Tax
Indemnitee shall be required by law to take action prior to the end of such 30-day period, such Tax Indemnitee shall, in such notice to Owner, so inform Owner, and such Tax Indemnitee shall take no action for
as long as it is legally able to do so (it being understood that a Tax Indemnitee shall be entitled to pay the Tax claimed and sue for a refund prior to the end of such 30-day period if (i)(A) the failure
to so pay the Tax would result in substantial penalties (unless immediately reimbursed by Owner) and the act of paying the Tax would not materially prejudice the right to contest or (B) the failure to so pay would result in criminal penalties
and (ii) such Tax Indemnitee shall take any action so required in connection with so paying the Tax in a manner that is the least prejudicial to the pursuit of the contest). In addition, such Tax Indemnitee shall (provided, that Owner shall
have agreed to keep such information confidential other than to the extent necessary in order to contest the claim) furnish Owner with copies of any requests for information from any Taxing Authority relating to such Taxes with respect to which
Owner may be required to indemnify hereunder. If requested by Owner in writing within 30 days after its receipt of such notice, such Tax Indemnitee shall, at the expense of Owner (including, without limitation, all reasonable costs, expenses and
reasonable attorneys’ and accountants’ fees and disbursements), in good faith contest (or, if permitted by applicable law, allow Owner to contest) through appropriate administrative and judicial proceedings the validity, applicability or
amount of such Taxes by (I) resisting payment thereof, (II) not paying the same except under protest if protest is necessary and proper or (III) if the payment is made, using reasonable efforts to obtain a refund thereof in an
appropriate administrative and/or judicial proceeding. If requested to do so by Owner, the Tax Indemnitee shall appeal any 

  

	
	PAGE 39

 
adverse administrative or judicial decision, except that the Tax Indemnitee shall not be required to pursue any appeals to the United States Supreme Court. If and to the extent the Tax Indemnitee
is able to separate the contested issue or issues from other issues arising in the same administrative or judicial proceeding that are unrelated to the transactions contemplated by the Operative Agreements without, in the good faith judgment of such
Tax Indemnitee, adversely affecting such Tax Indemnitee, such Tax Indemnitee shall permit Owner to control the conduct of any such proceeding and shall provide to Owner (at Owner’s cost and expense) with such information or data that is in such
Tax Indemnitee’s control or possession that is reasonably necessary to conduct such contest. In the case of a contest controlled by a Tax Indemnitee, such Tax Indemnitee shall consult with Owner in good faith regarding the manner of contesting
such claim and shall keep Owner reasonably informed regarding the progress of such contest. A Tax Indemnitee shall not fail to take any action expressly required by this Section 8.3.4 (including, without limitation, any action regarding any
appeal of an adverse determination with respect to any claim) or settle or compromise any claim without the prior written consent of the Owner (except as contemplated by Section 8.3.4(b) or (c)). 

(b)    Notwithstanding the foregoing, in no event shall a Tax Indemnitee be required to pursue any contest (or to permit
Owner to pursue any contest) unless (i) Owner shall have agreed to pay such Tax Indemnitee on demand all reasonable costs and expenses incurred by such Tax Indemnitee in connection with contesting such Taxes, including, without limitation, all
reasonable out of pocket costs and expenses and reasonable attorneys’ and accountants’ fees and disbursements, (ii) if such contest shall involve the payment of the claim, Owner shall advance the amount thereof (to the extent
indemnified hereunder) plus interest, penalties and additions to tax with respect thereto that are required to be paid prior to the commencement of such contest on an interest-free after-Tax basis to such Tax
Indemnitee (and such Tax Indemnitee shall promptly pay to the Owner any net realized tax benefits resulting from such advance including any tax benefits resulting from making such payment), (iii) such Tax Indemnitee shall have reasonably determined
that the action to be taken will not result in any material risk of forfeiture, sale or loss of the Aircraft (unless Owner shall have made provisions to protect the interests of any such Tax Indemnitee in a manner reasonably satisfactory to such Tax
Indemnitee) (provided, that such Tax Indemnitee agrees to notify Owner in writing promptly after it becomes aware of any such risk), (iv) no Lease Event of Default shall have occurred and be 

  

	
	PAGE 40

 
continuing unless Owner has provided security for its obligations hereunder by advancing to such Tax Indemnitee before proceeding or continuing with such contest, the amount of the Tax being
contested, plus any interest and penalties and an amount estimated in good faith by such Tax Indemnitee for expenses, and (v) prior to commencing any judicial action controlled by Owner, Owner shall have acknowledged its liability for such
claim hereunder, provided that Owner shall not be bound by its acknowledgment if the Final Determination articulates conclusions of law and fact that demonstrate that Owner has no liability for the contested amounts hereunder. Notwithstanding the
foregoing, if any Tax Indemnitee shall release, waive, compromise or settle any claim which may be indemnifiable by Owner pursuant to this Section 8.3 without the written permission of Owner, Owner’s obligation to indemnify such Tax
Indemnitee with respect to such claim (and all directly related claims and claims based on the outcome of such claim) shall terminate, subject to Section 8.3.4(c), and subject to Section 8.3.4(c), such Tax Indemnitee shall repay to Owner
any amount previously paid or advanced to such Tax Indemnitee with respect to such claim, plus interest at the rate that would have been payable by the relevant Taxing Authority with respect to a refund of such Tax. 

(c)    Notwithstanding anything contained in this Section 8.3, a Tax Indemnitee will not be required to contest the
imposition of any Tax and shall be permitted to settle or compromise any claim without Owner’s consent if such Tax Indemnitee (i) shall waive its right to indemnity under this Section 8.3 with respect to such Tax (and any directly
related claim and any claim the outcome of which is determined based upon the outcome of such claim), (ii) shall pay to Owner any amount previously paid or advanced by Owner pursuant to this Section 8.3 with respect to such Tax, plus interest
at the rate that would have been payable by the relevant Taxing Authority with respect to a refund of such Tax, and (iii) shall agree to discuss with Owner the views or positions of any relevant Taxing Authority with respect to the imposition
of such Tax. 
  

	 	8.3.5	Refund 

 If any Tax Indemnitee shall receive a refund of, or be entitled to a credit
against other liability for, all or any part of any Taxes paid, reimbursed or advanced by Owner, such Tax Indemnitee shall pay to Owner within 30 days of such receipt an amount equal to the lesser of (a) the amount of such refund or credit plus
any net tax benefit (taking into account any Taxes incurred by such Tax Indemnitee by reason of the receipt 

  

	
	PAGE 41

 
of such refund or realization of such credit) actually realized by such Tax Indemnitee as a result of any payment by such Tax Indemnitee made pursuant to this sentence (including this clause (a))
and (b) such tax payment, reimbursement or advance by Owner to such Tax Indemnitee theretofore made pursuant to this Section 8.3 (and the excess, if any, of the amount described in clause (a) over the amount described in clause
(b) shall be carried forward and applied to reduce pro tanto any subsequent obligation of Owner to make payments to such Tax Indemnitee pursuant to this Section 8.3). If, in addition to such refund or credit, such Tax Indemnitee shall
receive (or be credited with) an amount representing interest on the amount of such refund or credit, such Tax Indemnitee shall pay to Owner within 30 days of such receipt or realization of such credit that proportion of such interest that shall be
fairly attributable to Taxes paid, reimbursed or advanced by Owner prior to the receipt of such refund or realization of such credit. 
  

	 	8.3.6	Tax Filing 

 If any report, return or statement is required to be filed with respect to
any Tax which is subject to indemnification under this Section 8.3, Owner shall timely file the same (except for any such report, return or statement which a Tax Indemnitee has timely notified the Owner in writing that such Tax Indemnitee
intends to file, or for which such Tax Indemnitee is required by law to file, in its own name); provided, that the relevant Tax Indemnitee shall furnish Owner with any information in such Tax Indemnitee’s possession or control that is
reasonably necessary to file any such return, report or statement and is reasonably requested in writing by Owner (it being understood that the Tax Indemnitee shall not be required to furnish copies of its actual tax returns, although it may be
required to furnish relevant information contained therein). Owner shall either file such report, return or statement and send a copy of such report, return or statement to such Tax Indemnitee, or, where Owner is not permitted to file such report,
return or statement, it shall notify such Tax Indemnitee of such requirement and prepare and deliver such report, return or statement to such Tax Indemnitee in a manner satisfactory to such Tax Indemnitee within a reasonable time prior to the time
such report, return or statement is to be filed. 
  

	 	8.3.7	Forms 

 Each Tax Indemnitee agrees to furnish from time to time to Owner or Mortgagee or
to such other person as Owner or 

  

	
	PAGE 42

 
Mortgagee may designate, at Owner’s or Mortgagee’s request, such duly executed and properly completed forms as may be necessary or appropriate in order to claim any reduction of or
exemption from any withholding or other Tax imposed by any Taxing Authority, if (x) such reduction or exemption is available to such Tax Indemnitee and (y) Owner has provided such Tax Indemnitee with any information necessary to complete
such form not otherwise reasonably available to such Tax Indemnitee. 
  

	 	8.3.8	Non-Parties 

 If a Tax Indemnitee is not a party
to this Agreement, Owner may require the Tax Indemnitee to agree in writing, in a form reasonably acceptable to Owner, to the terms of this Section 8.3 and Section 15.8 prior to making any payment to such Tax Indemnitee under this
Section 8.3. 
  

	 	8.3.9	Subrogation 

 Upon payment of any Tax by Owner pursuant to this Section 8.3 to or on
behalf of a Tax Indemnitee, Owner, without any further action, shall be subrogated to any claims that such Tax Indemnitee may have relating thereto. Such Tax Indemnitee shall cooperate with Owner (to the extent such cooperation does not result in
any unreimbursed cost, expense or liability to such Tax Indemnitee) to permit Owner to pursue such claims. 
  

	 	8.4	Payments 

 Any payments made pursuant to Section 8.1 or 8.3 shall be due on the 60th
day after demand therefor and shall be made directly to the relevant Indemnitee or Tax Indemnitee or to Owner, in immediately available funds at such bank or to such account as specified by such Indemnitee or Tax Indemnitee or Owner, as the case may
be, in written directives to the payor, or, if no such direction shall have been given, by check of the payor payable to the order of, and mailed to, such Indemnitee or Tax Indemnitee or Owner, as the case may be, by certified mail, postage prepaid,
at its address as set forth in this Agreement. 
  

	 	8.5	Interest 

 If any amount, payable by Owner, any Indemnitee or any Tax Indemnitee under
Section 8.1 or 8.3 is not paid when due, the person obligated to make such payment shall pay on demand, to the extent permitted by Law, to the person entitled thereto, interest on any such amount for the period from and including the due date
for such amount to but excluding the date the same 

  

	
	PAGE 43

 
is paid, at the Payment Due Rate. Such interest shall be paid in the same manner as the unpaid amount in respect of which such interest is due. 

 

	 	8.6	Benefit of Indemnities 

 The obligations of Owner in respect of all indemnities,
obligations, adjustments and payments in Section 8.1 or 8.3 are expressly made for the benefit of, and shall be enforceable by, the Indemnitee or Tax Indemnitee entitled thereto, notwithstanding any provision of the Trust Indenture. 

 

	SECTION 9.	ASSIGNMENT OR TRANSFER OF INTEREST 

  

	 	9.1	Note Holders 

 Subject to Section 6.3.2 hereof and Section 2.07 of the Trust
Indenture, any Note Holder may, at any time and from time to time, Transfer or grant participations in all or any portion of the Equipment Notes and/or all or any portion of its beneficial interest in its Equipment Notes to any person (it being
understood that the sale or issuance of Pass Through Certificates by a Pass Through Trustee shall not be considered a Transfer or participation); provided, that any participant in any such participations shall not have any direct rights under
the Operative Agreements or any Lien on all or any part of the Aircraft or the Collateral and Owner shall not have any increased liability or obligations as a result of any such participation. In the case of any such Transfer, the Transferee, by
acceptance of Equipment Notes in connection with such Transfer, shall be deemed to be bound by (i) all of the covenants of Note Holders contained in the Operative Agreements and (ii) certain terms of the Intercreditor Agreement as
specified in such Equipment Notes and/or Section 2.07 of the Trust Indenture. 
  

	 	9.2	Effect of Transfer 

 Upon any Transfer in accordance with Section 9.1 (other than
any Transfer by any Note Holder, to the extent it only grants participations in Equipment Notes or in its beneficial interest therein), Transferee shall be deemed a “Note Holder,” for all purposes of this Agreement and the other Operative
Agreements, and the transferring Note Holder shall be released from all of its liabilities and obligations under this Agreement and any other Operative Agreements to the extent such liabilities and obligations arise after such Transfer and, in

  

	
	PAGE 44

 
each case, to the extent such liabilities and obligations are assumed by the Transferee; provided, that such transferring Note Holder (and its respective Affiliates, successors, assigns,
agents, servants, representatives, directors and officers) will continue to have the benefit of any rights or indemnities under any Operative Agreement vested or relating to circumstances, conditions, acts or events prior to such Transfer. 

 

	SECTION 10.	SECTION 1110 

 It is the intention of each of the Owner, the Note Holders (such intention
being evidenced by each of their acceptance of an Equipment Note), and Mortgagee that Mortgagee shall be entitled to the benefits of Section 1110 in the event of a case under Chapter 11 of the Bankruptcy Code in which Owner is a debtor. 

 

	SECTION 11.	CHANGE OF CITIZENSHIP 

  

	 	11.1	Generally 

 Without prejudice to the representations, warranties or covenants regarding
the status of any party hereto as a Citizen of the United States, each of Owner, WTNA and Mortgagee agrees that it will, immediately upon obtaining knowledge of any facts that would cast doubt upon its continuing status as a Citizen of the United
States and promptly upon public disclosure of negotiations in respect of any transaction which would or might adversely affect such status, notify in writing all parties hereto of all relevant matters in connection therewith. 

 

	 	11.2	Mortgagee 

 Upon WTNA giving any notice in accordance with Section 11.1, Mortgagee
shall (if and so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee’s citizenship could have any adverse effect on Owner, or any Note Holder), subject to
Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen. 
  

	SECTION 12.	MISCELLANEOUS 

  

	 	12.1	Amendments 

 No provision of this Agreement may be amended, supplemented, waived,
modified, discharged, terminated or otherwise varied orally, but only by an instrument in writing 

  

	
	PAGE 45

 
that specifically identifies the provision of this Agreement that it purports to amend, supplement, waive, modify, discharge, terminate or otherwise vary and is signed by the party against which
the enforcement of the amendment, supplement, waiver, modification, discharge, termination or variance is sought. Each such amendment, supplement, waiver, modification, discharge, termination or variance shall be effective only in the specific
instance and for the specific purpose for which it is given. No provision of this Agreement shall be varied or contradicted by oral communication, course of dealing or performance or other manner not set forth in an agreement, document or instrument
in writing and signed by the party against which enforcement of the same is sought. 
  

	 	12.2	Severability 

 If any provision hereof shall be held invalid, illegal or unenforceable in
any respect in any jurisdiction, then, to the extent permitted by Law, (a) all other provisions hereof shall remain in full force and effect in such jurisdiction and (b) such invalidity, illegality or unenforceability shall not affect the
validity, legality or enforceability of such provision in any other jurisdiction. If, however, any Law pursuant to which such provisions are held invalid, illegal or unenforceable may be waived, such Law is hereby waived by the parties hereto to the
full extent permitted, to the end that this Agreement shall be deemed to be a valid and binding agreement in all respects, enforceable in accordance with its terms. 
  

	 	12.3	Survival 

 The indemnities set forth herein shall survive the delivery or return of the
Aircraft, the Transfer of any interest by any Note Holder of its Equipment Note and the expiration or other termination of this Agreement or any other Operative Agreement. 
  

	 	12.4	Reproduction of Documents 

 This Agreement, all schedules and exhibits hereto and all
agreements, instruments and documents relating hereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed and (b) financial statements, certificates and other information previously or
hereafter furnished to any party hereto, may be reproduced by such party by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process, and such 

  

	
	PAGE 46

 
party may destroy any original documents so reproduced. Any such reproduction shall be as admissible in evidence as the original itself in any judicial or administrative proceeding (whether or
not the original is in existence and whether or not such reproduction was made by such party in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction likewise is admissible in evidence. 

 

	 	12.5	Counterparts 

 This Agreement and any amendments, waivers, consents or supplements hereto
may be executed in any number of counterparts (or upon separate signature pages bound together into one or more counterparts), each of which when so executed shall be deemed to be an original, and all of which counterparts, taken together, shall
constitute one and the same instrument. 
  

	 	12.6	No Waiver 

 No failure on the part of any party hereto to exercise, and no delay by any
party hereto in exercising, any of its respective rights, powers, remedies or privileges under this Agreement or provided at Law, in equity or otherwise shall impair, prejudice or constitute a waiver of any such right, power, remedy or privilege or
be construed as a waiver of any breach hereof or default hereunder or as an acquiescence therein nor shall any single or partial exercise of any such right, power, remedy or privilege preclude any other or further exercise thereof by it or the
exercise of any other right, power, remedy or privilege by it. No notice to or demand on any party hereto in any case shall, unless otherwise required under this Agreement, entitle such party to any other or further notice or demand in similar or
other circumstances or constitute a waiver of the rights of any party hereto to any other or further action in any circumstances without notice or demand. 
  

	 	12.7	Notices 

 Unless otherwise expressly permitted by the terms hereof, all notices,
requests, demands, authorizations, directions, consents, waivers and other communications required or permitted to be made, given, furnished or filed hereunder shall be in writing (it being understood that the specification of a writing in certain
instances and not in others does not imply an intention that a writing is not required as to the latter), shall refer specifically to this Agreement or other 

  

	
	PAGE 47

 
applicable Operative Agreement, and shall be personally delivered, sent by facsimile or telecommunication transmission (which in either case provides written confirmation to the sender of its
delivery), sent by registered mail or certified mail, return receipt requested, postage prepaid, or sent by overnight courier service, in each case to the respective address, or facsimile number set forth for such party in Schedule 1, or to such
other address, facsimile or other number as each party hereto may hereafter specify by notice to the other parties hereto. Each such notice, request, demand, authorization, direction, consent, waiver or other communication shall be effective when
received or, if made, given, furnished or filed (a) by facsimile or telecommunication transmission, when confirmed, or (b) by registered or certified mail, three Business Days after being deposited, properly addressed, with the U.S. Postal
Service. 
  

	 	12.8	GOVERNING LAW; SUBMISSION TO JURISDICTION; VENUE 

 (a)    THIS
AGREEMENT SHALL IN ALL RESPECTS BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS AGREEMENT IS BEING DELIVERED IN THE STATE OF NEW YORK. 

(b)    EACH PARTY HERETO HEREBY IRREVOCABLY AGREES, ACCEPTS AND SUBMITS ITSELF TO THE
NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN THE CITY AND COUNTY OF NEW YORK AND OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN CONNECTION WITH ANY LEGAL ACTION, SUIT OR
PROCEEDING WITH RESPECT TO ANY MATTER RELATING TO OR ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT. 

(c)    EACH PARTY HERETO HEREBY IRREVOCABLY CONSENTS AND AGREES TO THE SERVICE OF ANY AND ALL LEGAL PROCESS, SUMMONS,
NOTICES AND DOCUMENTS OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH SUIT, ACTION OR PROCEEDING MAY BE MADE BY MAILING COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, AT THE ADDRESS SET FORTH PURSUANT TO SECTION 12.7. EACH
PARTY HERETO HEREBY AGREES THAT SERVICE UPON IT, OR ANY OF ITS AGENTS, IN EACH CASE IN ACCORDANCE WITH THIS SECTION 12.8(c), SHALL CONSTITUTE VALID AND EFFECTIVE PERSONAL SERVICE UPON SUCH PARTY, AND EACH PARTY HERETO HEREBY AGREES THAT THE FAILURE
OF ANY OF ITS AGENTS TO GIVE ANY NOTICE OF SUCH SERVICE TO ANY SUCH PARTY SHALL NOT IMPAIR OR AFFECT IN ANY WAY THE VALIDITY OF SUCH SERVICE ON SUCH PARTY OR ANY JUDGMENT RENDERED IN ANY ACTION OR PROCEEDING BASED THEREON. 

  

	
	PAGE 48

 (d)    EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE EXTENT
PERMITTED BY APPLICABLE LAW, AND AGREES NOT TO ASSERT, BY WAY OF MOTION, AS A DEFENSE, OR OTHERWISE, IN ANY LEGAL ACTION OR PROCEEDING BROUGHT HEREUNDER IN ANY OF THE ABOVE-NAMED COURTS, THAT SUCH ACTION OR PROCEEDING IS BROUGHT IN AN INCONVENIENT
FORUM, THAT VENUE FOR THE ACTION OR PROCEEDING IS IMPROPER OR THAT THIS AGREEMENT OR ANY OTHER OPERATIVE AGREEMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS. 

(e)    EACH PARTY HERETO HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION IN ANY
COURT IN ANY JURISDICTION BASED UPON OR ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
  

	 	12.9	Third-Party Beneficiary 

 This Agreement is not
intended to, and shall not, provide any person not a party hereto (other than the Indenture Indemnitees (including the Related Note Holders), each of which is an intended third party beneficiary with respect to the provisions of Section 8.1
(and, in the case of the Tax Indemnitees, Section 8.3) and the persons referred to in Section 6.4.6, which are intended third party beneficiaries with respect to such Section) with any rights of any nature whatsoever against any of the
parties hereto and no person not a party hereto (other than the Indenture Indemnitees (including the Related Note Holders), with respect to the provisions of Section 8.1 (and, in the case of the Tax Indemnitees, Section 8.3), and the
persons referred to in Section 6.4.6 with respect to the provisions of such Section) shall have any right, power or privilege in respect of any party hereto, or have any benefit or interest, arising out of this Agreement. 

 

	 	12.10	Entire Agreement 

 This Agreement, together with the other Operative Agreements, on and
as of the date hereof, constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and all prior or contemporaneous understandings or agreements, whether written or oral, among any of the parties hereto with
respect to such subject matter are hereby superseded in their entireties. 
  

	 	12.11	Further Assurances 

 Each party hereto shall execute, acknowledge and deliver or shall
cause to be executed, acknowledged and delivered, all such further agreements, instruments, 

  

	
	PAGE 49

 
certificates or documents, and shall do and cause to be done such further acts and things, in any case, as any other party hereto shall reasonably request in connection with the administration
of, or to carry out more effectually the purposes of, or to better assure and confirm into such other party the rights and benefits to be provided under this Agreement and the other Operative Agreements. 

[This space intentionally left blank] 

  

	
	PAGE 50

 IN WITNESS WHEREOF, each of the parties has caused this Participation Agreement to be duly
executed and delivered as of the day and year first above written. 
  

					
	UNITED AIRLINES, INC.,
	    	 	Owner	 	
			
		 	By	 	                                      
                                         
   
		 	Name:	 	
		 	Title:	 	
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity, except as expressly provided herein, but solely as Mortgagee

			
		 	By	 	  

		 	Name:	 	
		 	Title:	 	
	
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under the Pass Through Trust
Agreement for the United Airlines Pass Through Trust, 2018-1AA-O

			
		 	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 SIGNATURE PAGE 

									
		 		 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 		 		 	    	 	not in its individual capacity, except as expressly provided herein, but solely as Pass Through Trustee under the Pass Through Trust Agreement for the United Airlines Pass Through Trust, 2018-1A-O
					
	By	 	  
	 		 		 	
		 		 		 		 	Name:
		 		 		 		 	Title:
				
		 		 		 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
		 		 		 		 	not in its individual capacity, except as expressly provided herein, but solely as Subordination Agent
					
	By	 	  
	 		 		 	
		 		 		 		 	Name:
		 		 		 		 	Title:

  
 SIGNATURE PAGE 

			
		 	
SCHEDULE 1 - ACCOUNTS;

ADDRESSES

  PARTICIPATION AGREEMENT [    ]  

 ACCOUNTS; ADDRESSES 
  

					
	 	  	 Account for Payments
	  	 Address for Notices

	United Airlines, Inc.	  	 JPMorgan Chase
 New York, NY 10005

Account No.: 51-67795

ABA#: 021000021
 Attention: Joe Miller

Voice: (313) 256-0323

Facsimile: (313) 263-3814

Reference: United [                    ]
	  	 United Airlines, Inc.
 233 S. Wacker Drive

Chicago, Illinois 60606
 Attention: Treasurer

Facsimile: (872) 825-0316

			
	Wilmington Trust, National Association, Mortgagee	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.:
[                    ]
 ABA#: 031-100092
 Attention: Corporate Trust

Administration
 Reference: United
[                    ]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust
 Administration

Facsimile: (302) 636-4140

			
	Wilmington Trust, National Association, as Subordination Agent	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.:
[                    ]
 ABA#: 031-100092
 Attention: Corporate Trust

Administration
 Reference: United
[                    ]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust
 Administration

Facsimile: (302) 636-4140

			
	Wilmington Trust, National Association, as Pass Through Trustee for the 2018-1AA Pass Through Trust	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.:
[                    ]
 ABA#: 031-100092
 Attention: Corporate Trust

Administration
 Reference: United
[                    ]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust
 Administration

Facsimile: (302) 636-4140

  

	
	PAGE 1

			
		 	
SCHEDULE 1 - ACCOUNTS;

ADDRESSES

  PARTICIPATION AGREEMENT [    ]  

  

					
	 	  	 Account for Payments
	  	 Address for Notices

	Wilmington Trust, National Association, as Pass Through Trustee for the 2018-1A Pass Through Trust	  	 Wilmington Trust, National Association

Wilmington, Delaware 19890-1605
 Account No.:
[                    ]
 ABA#: 031-100092
 Attention: Corporate Trust

Administration
 Reference: United
[                    ]
	  	 Wilmington Trust, National Association
 1100
North Market Street
 Wilmington, Delaware 19890-1605

Attention: Corporate Trust
 Administration

Facsimile: (302) 636-4140

  

	
	PAGE 2

			
		 	
SCHEDULE 2 - COMMITMENTS

  PARTICIPATION AGREEMENT [    ]  

 COMMITMENTS 
  

					
	 Pass Through

Trustee
	  	 Series of

Equipment Notes
	  	 Dollar Amount

of Loan

	 2018-1AA
	  	 Series AA
	  	[            ]
	 2018-1A
	  	 Series A
	  	[            ]

  

	
	PAGE 1

			
		 	
SCHEDULE 3 - CERTAIN TERMS

  PARTICIPATION AGREEMENT [    ]  

 CERTAIN TERMS 
  

					
	 Defined Term
	  	Definition	 
	 Minimum Liability Insurance Amount
	  	$	[            	]3 
	 Threshold Amount
	  	$	[            	]4 

  
  

	3. 	Insert $350,000,000 for 737-800 and 737 MAX 9, $550,000,000 for 787-9 and 777-300ER.

	4. 	Insert $8,000,000 for 737-800 and 737 MAX 9, $18,000,000 for 787-9 and 777-300ER.

  
 PAGE 1 

			
		 	
  SCHEDULE 4 - PERMITTED COUNTRIES  

PARTICIPATION AGREEMENT [    ]  

 PERMITTED COUNTRIES 
  

			
	Argentina	  	Luxembourg
	Australia	  	Malaysia
	Austria	  	Malta
	Bahamas	  	Mexico
	Belgium	  	Morocco
		
	Bolivia	  	Netherlands
	Brazil	  	Netherlands Antilles
	Canada	  	New Zealand
	Chile	  	Norway
	  
 Colombia
	  	 Panama
  

	Czech Republic	  	People’s Republic of China
	 Denmark
  
	  	  
 Peru

	Egypt	  	Philippines
	Ecuador	  	Poland
	Finland	  	Portugal
	France	  	Republic of China (Taiwan)
	 Germany
  
	  	  
 Russia

	Greece	  	Singapore
	Guatemala	  	South Africa
	Hungary	  	South Korea
	Iceland	  	Spain
	India	  	Sweden
	Indonesia	  	Switzerland
	Ireland	  	Thailand
	Italy	  	Trinidad and Tobago
	 Jamaica
  
	  	  
 Turkey

	Japan	  	United Kingdom
	Jordan	  	Uruguay
	Kuwait	  	Venezuela

  

	
	PAGE 1

 EXHIBIT A 

TO 
 PARTICIPATION AGREEMENT 

[Form of Opinion of Owner’s Special Counsel] 

                        
        [DATE] 
 To the Persons Listed on Schedule I 

Attached Hereto 
  

	 	Re:	Mortgage of Boeing Model [MOD] Aircraft with 

	 	 	Manufacturer’s Serial Number [MSN] and U.S. Registration 

	 	 	Number
N[REG]                                        
                               

Ladies and Gentlemen: 
 We have been requested by
United Airlines, Inc., a Delaware corporation (the “Company”), to act as special counsel with respect to, and to render this opinion letter in connection with, the transactions contemplated by the Participation Agreement [TN], dated
as of [DD] (the “Participation Agreement”), among the Company, as Owner, and Wilmington Trust, National Association, a national banking association (“WTNA”), in its capacity as Mortgagee (the “Mortgagee”), as
Subordination Agent under the Intercreditor Agreement and as Pass Through Trustee under the Applicable Pass Through Trust Agreements. Capitalized terms used herein and not otherwise defined herein have the respective meanings given to those terms
pursuant to the Participation Agreement. 
 In connection with this opinion letter we have examined, among other things, originals or copies
certified or otherwise identified to our satisfaction of the following documents: 
  

	 	(i)	Participation Agreement; 

	 	(ii)	Trust Indenture; 

	 	(iii)	Trust Indenture Supplement No. 1; 

	 	(iv)	Forms of the Equipment Notes; 

	 	(v)	Consent and Agreement; 

	 	(vi)	Engine Consent and Agreement; and 

	 	(vii)	Bills of Sale. 

 We have also examined and relied upon such other documents and such other corporate records,
certificates and other statements of governmental officials and corporate officers and other representatives of the Company as we have deemed necessary or appropriate for the purposes of this opinion. As to certain facts material to the opinions
expressed herein, we have relied upon representations and warranties contained in the Operative Agreements. The opinions expressed herein are subject to the following exceptions, assumptions, qualifications and limitations: 

A. The opinions set forth below are limited to the laws of the State of New York, the federal laws of the United States of America and the
General Corporation Law of the State of Delaware, except that we express no opinion with respect to (i) the laws, regulations or ordinances of any county, town or municipality or governmental subdivision or agency thereof, (ii) state
securities or blue sky laws or federal securities laws, including the Securities Act and the Investment Company Act of 1940, as amended, (iii) any federal or state tax, antitrust or fraudulent transfer or conveyance laws, (iv) the Employee
Retirement Income Security Act of 1974, as amended, or (v) the Act (except as expressly provided in paragraph 5 below), the Cape Town Treaty or any other laws, rules or regulations governing, regulating or relating to the acquisition,
ownership, registration, use or sale of an aircraft, airframe or aircraft engine or to the particular nature of the equipment to be acquired by the Company. In addition, our opinions are based upon a review of those laws, statutes, rules and
regulations which, in our experience, are normally applicable to transactions of the type contemplated by the Participation Agreement. 
 B.
The opinions set forth in paragraph 3 below are subject to (i) limitations on enforceability arising from applicable bankruptcy, insolvency, reorganization, moratorium, receivership, fraudulent conveyance, fraudulent transfer, preferential
transfer and similar laws relating to or affecting the rights and remedies of creditors generally and the effect of general principles of equity, including, without limitation, laches and estoppel as equitable defenses and concepts of materiality,
reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered or applied in a proceeding in equity or at law) and considerations of impracticability or impossibility of performance, and defenses based upon
unconscionability of otherwise enforceable obligations in the context of the factual circumstances under which enforcement thereof is sought and (ii) the qualification that the remedy of specific performance and injunctive and other forms of
equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought. In addition, certain remedial and procedural provisions of the Company Documents (as defined in paragraph 2
below) are or may be unenforceable in whole or in part, but the inclusion of such provisions does not affect the validity of those agreements and does not, in our opinion, make the remedies provided in those agreements, or otherwise available under
applicable law, inadequate for the practical realization of the substantive benefits purported to be provided thereby, except for the economic consequences resulting from any delay imposed by, or any procedure required by, applicable laws, rules,
regulations and by constitutional requirements. We express no opinion as to (i) any provision contained in any Operative Agreement (a) providing for indemnification or exculpation of any Person for such Person’s gross negligence,
willful misconduct, recklessness or unlawful conduct or in respect of liabilities under the Securities Act, (b) providing for a premium, late payment charges or an increase in interest rate upon delinquency in payment or the

  
 2 

 
occurrence of a default or other specified event but only to the extent such provision is deemed to constitute a penalty or liquidated damages provision, (c) as such provision relates to the
subject matter jurisdiction of federal courts or the waiver of inconvenient forum with respect to proceedings in federal courts, (d) that purports to establish (or may be construed to establish) evidentiary standards, (e) providing for the
waiver of any statutory right or any broadly or vaguely stated rights or unknown future rights, or any waiver which is against public policy considerations or (f) providing for severability of the provisions of an Operative Agreement or
(ii) Section 12.8(e) of the Participation Agreement or any comparable provision of any other Operative Agreement. Under certain circumstances the requirement that the provisions of an Operative Agreement may be modified or waived only in
writing or only in a specific instance and provisions to the effect that failure or delay in exercising any right, remedy, power and/or privilege will not impair or waive such right, remedy, power and/or privilege may be unenforceable to the extent
that an oral agreement has been effected or a course of dealing has occurred modifying such provisions. A court may modify or limit contractual agreements regarding attorneys’ fees. 

C. To the extent that our opinions expressed herein involve conclusions as to the matters set forth in the opinions dated the date hereof of
the United Airlines, Inc. Legal Department, Morris James LLP or Lytle, Soulé & Curlee being delivered to you on the date hereof, we have assumed, without independent investigation, the correctness of the matters set forth in such
opinions. 
 D. We have assumed the due authorization, execution and delivery of the Operative Agreements by each of the parties thereto,
that each of such parties (other than the Company) has the power and authority to execute, deliver and perform each such Operative Agreement and has obtained or made all necessary consents, approvals, filings and registrations in connection
therewith (except any required under New York law by the Company), that such execution, delivery and performance does not violate its charter, by-laws or similar instrument, that value has been given by each
Applicable Pass Through Trustee to the Company under the Trust Indenture, that the Company has rights in the Collateral and that WTNA is duly organized, validly existing and in good standing in its jurisdiction of organization and qualified to
transact business in each other jurisdiction where such qualification is required. 
 E. We have assumed the due authentication of the
Equipment Notes by the Mortgagee and the delivery thereof against payment therefor, all in accordance with the Participation Agreement and the Trust Indenture, and that the Equipment Notes conform to the forms thereof examined by us. We have assumed
that the Company holds an air carrier operating certificate issued pursuant to Chapter 447 of Title 49 of the United States Code for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of cargo. 

F. We have assumed that all signatures on documents examined by us are genuine, that all persons signing such documents have legal capacity,
that all documents submitted to us as originals are authentic and that all documents submitted to us as copies or specimens conform with the originals, which facts we have not independently verified. 

  
 3 

 G. We express no opinion as to any provision in any Operative Agreement that is contrary to
Sections 9-401, 9-406, 9-407 or 9-408 or Part VI of Article 9, of the UCC. 

H. We have not made any examination of, and express no opinion with respect to (and to the extent relevant have assumed the accuracy and
sufficiency of), (i) descriptions of, the legal or beneficial ownership of, or the title or condition of title to, the Collateral or any other property covered by any of the Operative Agreements, (ii) except as expressly set forth in
paragraphs 5 and 7 below, the existence, creation, validity or attachment of any Lien thereon, (iii) except as expressly set forth in paragraph 5 below, the perfection of any Lien thereon and (iv) the priority or enforcement of any
Lien thereon. 
 I. In giving an opinion regarding the valid existence and good standing of the Company, we have relied solely upon
certificates of public officials. 
 J. The opinions expressed herein are given as of the date hereof. We assume no obligation to advise you
of any facts or circumstance that may come to our attention, or any changes in law that may occur after the date hereof, which may affect the opinion expressed herein. 

Based on and subject to the foregoing, we are of the opinion that: 

1. The Company is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware. 

2. The Company has all necessary corporate power to execute, deliver and perform its obligations under the Participation Agreement, the Trust
Indenture, the Trust Indenture Supplement No. 1 and the Equipment Notes (collectively, the “Company Documents”). Neither the execution nor delivery of the Company Documents by the Company nor the consummation of the transactions
contemplated thereby will result in any violation of (a) its Amended and Restated Certificate of Incorporation or Amended and Restated By-laws or (b) any law, governmental rule or regulation known to
us to be applicable to, or binding on, the Company, or requires the approval of the stockholders of the Company. 
 3. Each Company Document
constitutes the valid and binding obligation of the Company and is enforceable against the Company in accordance with its terms. 
 4. Except
for the matters referred to in clauses (i) through (iv) of paragraph 5 below, no approval, authorization or other action by or filing with any governmental authority is required for the execution and delivery by the Company of the Company
Documents or the consummation of the transactions contemplated thereby to occur at the Closing. 
 5. Except for (i) the filing and
recordation in accordance with the Act of the Trust Indenture, Trust Indenture Supplement No. 1 and the FAA Bill of Sale, and assuming that at the time of such filing no other unrecorded document relating to the Aircraft has been filed pursuant
to the Act, (ii) the filing with the FAA pursuant to the FAA Regulations of the Forms 8050-135 referred to in Section 5.1.6 of the Participation Agreement, (iii) the filing of Financing

  
 4 

 
Statements referred to in Section 4.1.11 of the Participation Agreement (and the filing of periodic continuation statements with respect thereto) and (iv) the filing of an FAA
Application for Registration (on AC Form 8050-1 or other form as may be approved by the FAA) relating to the Aircraft in the name of the Company and the registration of the Aircraft in the name of the Company
with the FAA pursuant to the Act (and the periodic renewal of such registration with the FAA prior to its expiration), (a) no further filing or recording of any document is necessary (x) to establish the Company’s title to the
Airframe and Engines, and (y) to create a valid security interest in the Company’s interest as owner of the Airframe and Engines or in the Purchase Agreement (to the extent a security interest therein is created by the Trust Indenture) in
favor of the Mortgagee pursuant to the Trust Indenture and (b) no further filing or recording of any document in the State of New York or under the Act is required to perfect a security interest in the Company’s interest as owner of the
Airframe and Engines or in the Purchase Agreement (to the extent a security interest therein is created by the Trust Indenture) in favor of the Mortgagee pursuant to the Trust Indenture. 

6. The Mortgagee will be entitled to the benefits of Section 1110 of Title 11 of the United States Code with respect to the Airframe
and Engines delivered on the date hereof in connection with any case commenced by or against the Company under Chapter 11 of Title 11 of the United States Code. 

7. Upon issuance, execution, authentication and delivery of the Equipment Notes at the Closing, the Trust Indenture creates the security
interest in favor of the Mortgagee, as trustee for the benefit of the holders of the Equipment Notes, in the Collateral it purports to create to the extent that the UCC applies to a security interest in such property. 

This opinion is being delivered pursuant to Section 4.1.2(x)(A) of the Participation Agreement. This opinion may be relied upon by you
(and any permitted Transferee under Section 9.1 of the Participation Agreement) in connection with the matters set forth herein and, without our prior written consent, may not be relied upon for any other purpose and may not be relied upon by
any other Person for any purpose. 
 Very truly
yours,                                     

  
 5 

 SCHEDULE I 

Wilmington Trust, National Association, individually, as Mortgagee, as Subordination Agent and as each Applicable Pass Through Trustee 

National Australia Bank Limited, acting through its New York Branch, as Class AA Liquidity Provider and Class A Liquidity Provider 

Moody’s Investors Service, Inc. 
 Fitch Ratings, Inc. 

 EXHIBIT B 

TO 
 PARTICIPATION AGREEMENT 

[Form of Opinion of Owner’s Legal Department] 

[Date] 
 To the Persons Listed on Schedule I 

Attached Hereto 
  

			
	Re:	  	Mortgage of Boeing Model [MOD] Aircraft with Manufacturer’s Serial
		  	Number [MSN] and U.S. Registration Number N[REG]                          

 Ladies and Gentlemen: 

This opinion letter is being delivered by United Airlines, Inc., a Delaware corporation (“United”), through its Legal Department in
connection with the transactions contemplated by the Participation Agreement [TN] dated as of [DD], among Wilmington Trust, National Association, a national banking association, as Mortgagee, Subordination Agent under the Intercreditor Agreement and
as Pass Through Trustee under the Applicable Pass Through Trust Agreements, and United, as Owner (the “Participation Agreement”). All capitalized terms used herein and not otherwise defined herein shall have the respective meanings given
those terms pursuant to the Participation Agreement. This opinion letter is being furnished to you pursuant to Section 4.1.2(x)(B) of the Participation Agreement. 

In giving the following opinions, members of United’s Legal Department or lawyers retained by United’s Legal Department have
reviewed the Participation Agreement and the other Operative Agreements to which United is a party and have relied upon originals, or copies certified or otherwise identified to our satisfaction, of such records, documents, certificates and other
instruments as in our judgment are necessary or appropriate to enable us to render the opinions expressed below. In addition, United’s Legal Department has assumed and has not verified the accuracy as to factual matters of each document
reviewed. As used herein, the phrase “to our knowledge” or words of similar import shall mean to the actual knowledge of members of United’s Legal Department after reasonable investigation, but shall not be interpreted to impute to
any member of United’s Legal Department knowledge of others. 

 Based on the foregoing, and subject to the assumptions and limitations contained herein,
United’s Legal Department is of the opinion that: 
 (a) United is an “air carrier” within the meaning of Section 40102
of the Act, holds an air carrier operating certificate issued pursuant to Chapter 447 of Title 49 of the United States Code for aircraft capable of carrying 10 or more individuals or 6,000 pounds or more of cargo, is a “citizen of the
United States” as such term is defined in Section 40102 of such Act and holds all authority, necessary licenses and certificates under such Act and the rules and regulations promulgated thereunder necessary for the conduct of its business
and to perform its obligations under the Participation Agreement, the Trust Indenture, the Trust Indenture Supplement No. 1 and the Equipment Notes (collectively, the “Agreements”). 

(b) The execution, delivery and performance by United of each of the Agreements do not, to our knowledge, constitute a breach or result in a
default under any indenture, mortgage, deed of trust, credit agreement, conditional sale contract or other loan agreement to which United is a party or by which United or its property may be bound. 

(c) The execution, delivery and performance of each of the Agreements has been duly authorized by all necessary corporate action on the part of
United, and each of the Agreements has been duly executed and delivered by United. 
 (d) There are no pending or, to our knowledge,
threatened actions, suits or proceedings before any court or administrative agency or arbitrator that question the validity of any of the Agreements or that would have been required to be disclosed in United’s Annual Report on Form 10-K filed for the year ended December 31, [___], or any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K
(or amendment to any of the foregoing), except such as are therein disclosed. 
 The foregoing opinions are limited to the federal law of
the United States of America (other than (i) the Act (except as expressly provided in paragraph (a) above), the Cape Town Treaty or any other laws, rules or regulations governing, regulating or relating to the acquisition, ownership,
registration, use or sale of an aircraft, airframe or aircraft engine or to the particular nature of the equipment to be acquired by United, (ii) federal securities laws, (iii) federal tax, antitrust or fraudulent transfer or conveyance
laws, as to which we express no opinion), the General Corporation Law of the State of Delaware and the law of the State of Illinois (other than state securities or blue sky laws, or state tax, antitrust or fraudulent transfer or conveyance laws, as
to which we express no opinion). 
 This opinion letter can be relied upon only by you for the purpose indicated above, and may not be
relied upon by any other Person (except any permitted Transferee under Section 9.1 of the Participation Agreement) or for any other purpose without our written consent. 

  
 2 

 
	
	 Very truly yours,

	
	   

	 United Airlines, Inc.

	 Legal Department

  
 3 

 SCHEDULE I 

Wilmington Trust, National Association, individually and as Mortgagee, as Subordination Agent and as each Applicable Pass Through Trustee 

National Australia Bank Limited, acting through its New York Branch, as Class AA Liquidity Provider and Class A Liquidity Provider 

Moody’s Investors Service, Inc. 
 Fitch Ratings, Inc. 

 FORM OF OPINION 

[Letterhead of Morris James LLP] 

[                    
        ,             ] 
 To Each of the
Parties Listed 
 on Schedule A Hereto 
  

	 	Re:	United Airlines, Inc. - Financing of One Boeing Model [        -        ] Aircraft 

Bearing Manufacturer’s Serial Number [            ] 

Ladies and Gentlemen: 
 We have acted as counsel
to Wilmington Trust, National Association (“WTNA”), in connection with the Trust Indenture and Mortgage [            ], dated as of
[                    ,         ] (the “Trust Indenture”), between WTNA, as mortgagee
(the “Mortgagee”), and United Airlines, Inc. (the “Owner”). Pursuant to Participation Agreement [        ], dated as of
[                         ,         ] (the “Participation
Agreement”), among the Owner and WTNA, as Mortgagee, Paying Agent, Subordination Agent under the Intercreditor Agreement (as defined in the Participation Agreement) and as Pass Through Trustee (as defined in the Participation Agreement),
financing is being provided for one Boeing Model [        -        ] aircraft bearing manufacturer’s serial number
[        ]. This opinion is furnished pursuant to Section 4.1.2 (x)(C) of the Participation Agreement. Capitalized terms used herein and not otherwise defined are used as defined in the Trust
Indenture, except that reference herein to any document shall mean such document as in effect on the date hereof. 
 We have examined
originals or copies of the following documents: 
 (a) The Trust Indenture and the initial Trust Indenture Supplement; 

(b) The Participation Agreement (the documents referred to in paragraphs (a) and (b) above being collectively referred to as the
“Transaction Documents”); and 
 (c) The Equipment Notes being issued today and authenticated by the Mortgagee (the “Equipment
Notes”). 
 We have also examined originals or copies of such other documents and such corporate records, certificates and other
statements of governmental officials and corporate officers and other representatives of the corporations or entities referred to herein as we have deemed necessary or appropriate for the purposes of this opinion. Moreover, as to certain facts
material to the opinions expressed herein, we have relied upon representations and warranties contained in the documents referred to in this paragraph. 
  

 To Each of the Parties Listed 

on Schedule A Hereto 

[                     ,
        ] 
 Page 2 
  

 Based upon the foregoing and upon an examination of such questions of law as we have
considered necessary or appropriate, and subject to the assumptions, exceptions and qualifications set forth below, we advise you that, in our opinion: 

1. WTNA has been duly incorporated and is validly existing in good standing as a national banking association under the laws of the United
States of America, is a “citizen of the United States” within the meaning of Section 40102(a)(15) of Title 49 of the United States Code, as amended, and has full power, authority and legal right to execute, deliver and perform its
obligations under the Transaction Documents and to authenticate the Equipment Notes. 
 2. The Mortgagee, the Subordination Agent, the Paying
Agent, the Pass Through Trustee or WTNA, as the case may be, has duly authorized, executed and delivered each Transaction Document to which it is party, and each Equipment Note, and each such document constitutes a legal, valid and binding
obligation of the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case may be, enforceable against the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case
may be, in accordance with its terms. 
 3. The execution, delivery and performance by the Mortgagee, the Subordination Agent, the Paying
Agent, the Pass Through Trustee or WTNA, as the case may be, of the Transaction Documents to which it is a party, the authentication by the Mortgagee of the Equipment Notes and the consummation by the Mortgagee, the Subordination Agent, the Paying
Agent, the Pass Through Trustee or WTNA, as the case may be, of any of the transactions contemplated thereby are not in violation of the charter or by-laws of WTNA or of any law, governmental rule or
regulation of the State of Delaware or the United States governing the trust powers of WTNA or, to our knowledge, any indenture, mortgage, bank credit agreement, note or bond purchase agreement, long-term lease, license or other agreement or
instrument to which WTNA is a party or by which it is bound or, to our knowledge, any judgment or order applicable to WTNA. 
 4. None of the
execution and delivery by the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case may be, of the Transaction Documents to which it is a party, the authentication of the Equipment Notes or the
consummation of any of the transactions by the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case may be, contemplated thereby, requires the consent or approval of, the giving of notice to, the
registration with, or the taking of any other action in respect of, any governmental authority or agency of the State of Delaware or the United States governing the trust powers of WTNA or under any Delaware law. 

 To Each of the Parties Listed 

on Schedule A Hereto 

[                     ,
        ] 
 Page 3 
  

 5. No taxes, fees or other charges (other than taxes payable by WTNA on or measured by any
compensation received by WTNA for its services as Mortgagee, Subordination Agent or Pass Through Trustee) are required to be paid by the Subordination Agent, the Paying Agent, the Pass Through Trustee or the Mortgagee or the trust created by the
Trust Indenture under the laws of the State of Delaware, or any political subdivision thereof, in connection with the execution, delivery or performance of the Transaction Documents to which the Mortgagee, the Subordination Agent or the Pass Through
Trustee is party and the Equipment Notes, which taxes, fees or other charges would not be required to be paid if WTNA were not a national banking association and did not perform its obligations as Mortgagee under the Trust Indenture in the State of
Delaware. 
 6. The Equipment Notes have been duly and validly authenticated by the Mortgagee in accordance with the Trust Indenture. 

7. To our knowledge, there are no proceedings pending or threatened against or affecting the Mortgagee, the Subordination Agent, the Paying
Agent, the Pass Through Trustee or WTNA in any court or before any governmental authority, agency, arbitration board or tribunal which, if adversely determined, individually or in the aggregate, would materially and adversely affect the Mortgaged
Property or the right, power and authority of the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case may be, to enter into or perform its obligations under the Transaction Documents to which it is
party. 
 The foregoing opinions are subject to the following assumptions, exceptions and qualifications: 

A. We are admitted to practice law in the State of Delaware and we do not hold ourselves out as being experts on the law of any other
jurisdiction. The foregoing opinions are limited to the laws of the State of Delaware (and its political subdivisions to the extent set forth in paragraph 5 above), the federal laws of the United States of America governing the banking and trust
powers of WTNA, except that we express no opinion with respect to (i) federal securities laws, including the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the Investment Company Act of 1940, as amended,
and the Trust Indenture Act of 1939, as amended, (ii) Part A of Subtitle VII of Title 49 of the United States Code, as amended (except with respect to the opinion set forth in paragraph 1 above concerning the citizenship of WTNA), (iii) the
Federal Communications Act of 1934, as amended, (iv) state securities or blue sky laws, or (v) laws, rules and regulations applicable to the particular nature of the equipment acquired by the Company. Insofar as the foregoing opinions
relate to the validity and enforceability of the Transaction Documents expressed to be governed by the laws of the State of New York, we have assumed that each such document is legal, valid, binding and enforceable in accordance with its terms under
such laws (as to which we express no opinion). 
 B. The foregoing opinions regarding enforceability are subject to (i) applicable
bankruptcy, insolvency, moratorium, reorganization, receivership, fraudulent conveyance and similar laws relating to or affecting the enforcement of the rights and remedies of creditors generally, and (ii) principles of equity (regardless of
whether considered and applied in a proceeding in equity or at law). 

 To Each of the Parties Listed 

on Schedule A Hereto 

[                
        ,         ] 
 Page 4 

 

 C. We have assumed that each of the parties to the Transaction Documents and the Equipment
Notes (except the Mortgagee, the Subordination Agent, the Paying Agent, the Pass Through Trustee or WTNA, as the case may be) has full power, authority and legal right to execute, deliver and perform each such document and that each such document
has been duly authorized, executed and delivered by each such party. 
 D. We have assumed that all signatures (other than signatures of
officers of WTNA) on documents examined by us are genuine, that all documents submitted to us as originals are authentic and that all documents submitted to us as copies conform with the originals, which facts we have not independently verified.

 E. We have assumed that the Participation Agreement and the transactions contemplated thereby are not within the prohibitions of
Section 406 of the Employee Retirement Income Security Act of 1974, as amended. 
 F. No opinion is expressed as to the creation,
attachment, perfection or priority of any mortgage or security interests or as to the nature or validity of title to any part of the Mortgaged Property. 

G. The opinion set forth in paragraph (1) above concerning the citizenship of WTNA is based upon an affidavit of WTNA, made by one of its
Vice Presidents, the facts set forth in which we have not independently verified. 
 H. In basing the opinions set forth herein on “our
knowledge,” the words “our knowledge” signify that no information has come to the attention of the attorneys in the firm who are directly involved in the representation of WTNA in this transaction that would give us actual knowledge
that any such opinions are not accurate. Except as otherwise stated herein, we have undertaken no independent investigation or verification of such matters. 

This opinion may be relied upon by you in connection with the matters set forth herein. This opinion may also be relied upon by any transferee
of a Note Holder subject to the understanding that the opinions expressed herein are rendered as of the date hereof and only with respect to the laws, rules and regulations in effect as of such date. Otherwise, without our prior written consent,
this opinion may not be relied upon by any other person or entity for any purpose. 
 Very truly yours, 

LCL/pab 

 SCHEDULE A 

Mortgagee, Subordination Agent, Paying Agent and 
 Pass
Through Trustee 
 Wilmington Trust, National Association 

Owner 
 United Airlines, Inc. 

Liquidity Provider 
 National Australia Bank Limited, New
York Branch 
 Rating Agencies 
 Moody’s Investors
Service, Inc. 
 Fitch Ratings, Inc. 

 FORM OF OPINION 

[Letterhead of Lytle Soule & Curlee] 

                    ,
201     
 Re: Boeing model             
(described as model              on the International 
 Registry)
aircraft with manufacturer’s serial number              and United 

States nationality and registration marks N             (the
“Aircraft”) 
 To the Addressees Listed on 
 the
Attached Exhibit A 
 Ladies and Gentlemen: 

Acting as special legal counsel in connection with the transactions contemplated by the instruments described below, this opinion is furnished
to you with respect to: (i) registering interests with the International Registry (the “International Registry”) created pursuant to and in accordance with the provisions of the Convention on International Interests in Mobile
Equipment, the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft equipment, both signed in Cape Town, South Africa on November 16, 2001, together with the Regulations for the International
Registry, the International Registry Procedures, and all other rules, amendments, supplements, revisions thereto (collectively the “Cape Town Treaty”), all as in effect on this date in the United States of America, as a Contracting State,
as defined in the Cape Town Treaty (a “Contracting State”), and the requirements of Title 49 of the United States Code (the “Transportation Code”); and (ii) pertaining to the recordation of instruments and the registration
of aircraft pursuant to the Transportation Code and the continued validity of interests under the Cape Town Treaty and the Transportation Code. 

[1This letter confirms that we filed the following described instruments with the Federal
Aviation Administration (the “FAA”) today at the respective times noted below: (a) AC Form 8050-2 Aircraft Bill of Sale dated this date (the “FAA Bill of Sale”) by The Boeing Company
(“Boeing”) to United Airlines, Inc. (the “Owner”) covering the Aircraft was filed at     :     _.M., C._.T.; 

 

	1 	For use when the Aircraft is purchased by United at the same time as the Mortgage is entered into and filed at the same time with the FAA. 

 (b) AC Form 8050-1 Aircraft Registration Application by
the Owner covering the Aircraft was filed at     :     _.M., C._.T.; and 
 (c)] 

[2This letter confirms that we filed with the Federal Aviation Administration (the
“FAA”) today at __:__ _.M., C.S.T.,] Trust Indenture and Mortgage ___ dated as of this date (the “Trust Indenture”) by [1the Owner] [2United Airlines, Inc. (the “Owner”)] in favor of Wilmington Trust, National Association, as Mortgagee (the “Mortgagee”), to which was attached Trust Indenture and Mortgage
Supplement No. 1 dated this date (the “Indenture Supplement”) covering the Aircraft and the two                      model
                     (described as model              on the International
Registry) aircraft engines with manufacturer’s serial numbers              and              (the
“Engines”) [1was filed at     :     _.M., C._.T.] 

Based upon our examination of the above-described instruments and of such records of the FAA and the Priority Search Certificates (the
“Priority Search Certificates”) issued by the International Registry as we deemed necessary to render this opinion and as were made available to us by the FAA and the International Registry, it is our opinion that: 

 

	 	(a)	based on the type certificate data sheets issued by the FAA, the Aircraft and the Engines constitute “aircraft objects” as defined by the Cape Town Treaty; 

 

	 	(b)	[1the FAA Bill of Sale and ]the Trust Indenture with the Indenture Supplement attached [1are] [2is] in due form for recording and [1have] [2has] been duly filed for recordation with the FAA
pursuant to and in accordance with the provisions of the Transportation Code; 

  

	 	(c)	[1the Owner is owner of legal title to the Aircraft and all instruments necessary to cause the FAA in due course to issue to the Owner a Certificate of Aircraft
Registration covering the Aircraft have been duly filed with the FAA pursuant to and in accordance with the provisions of the Transportation Code] [2the Owner is owner of legal title to the
Aircraft, with a Certificate of Aircraft Registration duly issued to the Owner with an expiration date of             , 202_, pursuant to and in accordance with the provisions of the
Transportation Code]; 

  

	 	(d)	the Aircraft and the Engines are free and clear of all Liens (as such term is defined in the Trust Indenture) of record with the FAA except the security interest created by the Trust Indenture, as supplemented by the
Indenture Supplement; 

  

	2 	For use when the Aircraft was previously delivered and the Mortgage is the only document entered into and filed with the FAA. 

  
 Page 2 

	 	(e)	the interest by the Owner to the Mortgagee created pursuant to and recognized by the Cape Town Treaty in the Trust Indenture, as supplemented by the Indenture Supplement (the “Indenture International
Interest”), constitutes an International Interest as defined in the Cape Town Treaty with respect to the Aircraft and the Engines; 

  

	 	(f)	based on the Priority Search Certificate No.              dated this date issued by the International Registry attached hereto as Exhibit B, the
Aircraft is subject to: [1(i) the Indenture International Interest assigned International Registry File No.             ; and
(ii) Sale dated this date by Boeing as seller to the Owner as buyer (the “Sale”) assigned International Registry File No.             ] [2(i) the Sale dated             , 201_, by The Boeing Company as seller to the Owner as buyer (the “Sale”) assigned
International Registry File No.             ; and (ii) International Interest dated this date by the Owner as debtor to the Mortgagee as creditor (the “Indenture
International Interest”) assigned International Registry File No.                     ]; 

 

	 	(g)	based on the Priority Search Certificate No.              dated this date issued by the International Registry, attached hereto as Exhibit C, Engine
             is subject to: [1(i) the Indenture International Interest assigned International Registry File No.
            ; and (ii) the Sale assigned International Registry File No.             ] [2(i) the Sale assigned International Registry File No.             ; and (ii) the Indenture International Interest assigned
International Registry File No.             ]; 

  

	 	(h)	based on the Priority Search Certificate No.              dated this date issued by the International Registry, attached hereto as Exhibit C, Engine
             is subject to: [1(i) the Indenture International Interest assigned International Registry File No.
            ; and (ii) the Sale assigned International Registry File No.             ] [2(i) the Sale assigned International Registry File No.             ; and (ii) the Indenture International Interest assigned
International Registry File No.             ]; 

  

	 	(i)	the Indenture International Interest is a duly registered first priority International Interest as defined in the Cape Town Treaty in favor of the Mortgagee in the Aircraft and the Engines, subject to the terms of the
Cape Town Treaty; 

  

	 	(j)	the Sale is effective to transfer the interest of Boeing in the Aircraft and the Engines to the Owner and is effective against third parties in any Contracting State pursuant to and in accordance with the terms of the
Cape Town Treaty; 

  

	 	(k)	the Trust Indenture, as supplemented by the Indenture Supplement, constitutes a valid, duly perfected mortgage and security interest in favor of the Mortgagee in the Aircraft and the Engines pursuant to and in
accordance with the Transportation Code, subject to the terms of the Cape Town Treaty; 

  
 Page 3 

	 	(l)	no further registration with the International Registry of the Indenture International Interest or the Sale is required under the Cape Town Treaty and no filings or recordings of the Trust Indenture or the Indenture
Supplement (other than the filings and recordings with the FAA which have been effected) are necessary to perfect and maintain the effectiveness and priority of the interests created thereunder; and 

 

	 	(m)	no authorization, approval, consent, license or order of, or registration with, or giving of notice to, the FAA Aircraft Registry or the International Registry is required for the valid authorization, delivery or
performance of the Trust Indenture or the Indenture Supplement, or to maintain the effectiveness and priority thereof, except for such authorizations, approvals, consents, licenses, orders, registrations and notices as have been effected.

 No opinion is herein expressed as to: (i) laws other than the federal laws of the United States; (ii) the
validity or enforceability under local law of the Trust Indenture, as supplemented by the Indenture Supplement; and (iii) the recognition of the perfection of the security interest created by the Trust Indenture, as supplemented by the
Indenture Supplement, as against third parties in any legal proceedings outside the United States. Since our examination was limited to records maintained by the FAA Aircraft Registry and the International Registry, our opinion does not cover liens
which are perfected without the filing of notice thereof with the FAA and without the registration of notice thereof with the International Registry, such as federal tax liens, liens arising under Section 1368(a) of Title 29 of the United
States Code and possessory artisans’ liens, and is subject to: (i) the accuracy of FAA personnel in the filing, indexing, posting, recording and additions to the Registry Modernization System of instruments filed with the FAA and in the
search for encumbrance cross-reference index records for the Engines; (ii) the accuracy of the information contained in the Priority Search Certificates; and (iii) the inclusion of all registered interests associated with the Aircraft and
the Engines in the Priority Search Certificates. We have assumed that the instruments in the records maintained by the FAA for the Aircraft and the Engines and the instruments supporting the registrations on the International Registry are sufficient
under the relevant local law to create or terminate the interests they purport to create or terminate. 
 Very truly yours,

 Jason Hasty 

  
 Page 4 

 EXHIBIT A 

MORTGAGEE AND SUBORDINATION AGENT 

Wilmington Trust, National Association 

OWNER 
 United Airlines,
Inc. 
 PASS THROUGH TRUSTEE 

Wilmington Trust, National Association 

LIQUIDITY PROVIDER 

National Australia Bank Limited, New York Branch 

RATING AGENCIES 

Moody’s Investors Service, Inc. 

Fitch Ratings, Inc 

 EXHIBIT C TO NOTE PURCHASE AGREEMENT 

 
  

TRUST INDENTURE AND MORTGAGE
[                    ] 
 Dated as of
[                    ] 
 between 

UNITED AIRLINES, INC., 
 Owner,

 and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 not in its individual capacity, 

except as expressly stated herein, 

but solely as Mortgagee, 

Mortgagee 
  

 
 EQUIPMENT NOTES COVERING 

ONE BOEING [                    ] AIRCRAFT

 BEARING U.S. REGISTRATION MARK
N[                    ] 
 AND
MANUFACTURER’S SERIAL NO. [    ] 
  
  

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
	 GRANTING CLAUSE
	  	 	1	 
	 ARTICLE I DEFINITIONS
	  	 	4	 
	 ARTICLE II THE EQUIPMENT NOTES
	  	 	4	 
	 SECTION 2.01.
	 	 Form of Equipment Notes
	  	 	4	 
	 SECTION 2.02.
	 	 Issuance and Terms of Equipment Notes
	  	 	10	 
	 SECTION 2.03.
	 	 [Intentionally Omitted]
	  	 	12	 
	 SECTION 2.04.
	 	 Method of Payment
	  	 	12	 
	 SECTION 2.05.
	 	 Application of Payments
	  	 	14	 
	 SECTION 2.06.
	 	 Termination of Interest in Collateral
	  	 	15	 
	 SECTION 2.07.
	 	 Registration Transfer and Exchange of Equipment Notes
	  	 	15	 
	 SECTION 2.08.
	 	 Mutilated, Destroyed, Lost or Stolen Equipment Notes
	  	 	16	 
	 SECTION 2.09.
	 	 Payment of Expenses on Transfer; Cancellation
	  	 	17	 
	 SECTION 2.10.
	 	 Mandatory Redemptions of Equipment Notes
	  	 	17	 
	 SECTION 2.11.
	 	 Voluntary Redemptions of Equipment Notes
	  	 	17	 
	 SECTION 2.12.
	 	 Redemptions; Notice of Redemption
	  	 	18	 
	 SECTION 2.13.
	 	 Subordination
	  	 	19	 
	 ARTICLE III RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS
	  	 	20	 
	 SECTION 3.01.
	 	 Basic Distributions
	  	 	20	 
	 SECTION 3.02.
	 	 Event of Loss; Replacement; Optional Redemption
	  	 	20	 
	 SECTION 3.03.
	 	 Payments After Event of Default
	  	 	22	 
	 SECTION 3.04.
	 	 Certain Payments
	  	 	24	 
	 SECTION 3.05.
	 	 Other Payments
	  	 	25	 
	 SECTION 3.06.
	 	 Cooperation
	  	 	25	 
	 SECTION 3.07.
	 	 Securities Account
	  	 	25	 
	 ARTICLE IV COVENANTS OF THE OWNER
	  	 	26	 
	 SECTION 4.01.
	 	 Liens
	  	 	26	 
	 SECTION 4.02.
	 	 Possession, Operation and Use, Maintenance, Registration and Markings
	  	 	26	 
	 SECTION 4.03.
	 	 Inspection
	  	 	31	 
	 SECTION 4.04.
	 	 Replacement and Pooling of Parts, Alterations, Modifications and Additions; Substitution
Rights
	  	 	31	 
	 SECTION 4.05.
	 	 Loss, Destruction or Requisition
	  	 	35	 
	 SECTION 4.06.
	 	 Insurance
	  	 	39	 
	 SECTION 4.07.
	 	 Merger of Owner
	  	 	40	 
	 ARTICLE V EVENTS OF DEFAULT; REMEDIES OF MORTGAGEE
	  	 	41	 
	 SECTION 5.01.
	 	 Event of Default
	  	 	41	 
	 SECTION 5.02.
	 	 Remedies
	  	 	42	 
	 SECTION 5.03.
	 	 Return of Aircraft, Etc.
	  	 	44	 
	 SECTION 5.04.
	 	 Remedies Cumulative
	  	 	45	 
	 SECTION 5.05.
	 	 Discontinuance of Proceedings
	  	 	45	 
	 SECTION 5.06.
	 	 Waiver of Past Defaults
	  	 	45	 
	 SECTION 5.07.
	 	 Appointment of Receiver
	  	 	45	 
	 SECTION 5.08.
	 	 Mortgagee Authorized to Execute Bills of Sale, Etc.
	  	 	46	 
	 SECTION 5.09.
	 	 Rights of Note Holders to Receive Payment
	  	 	46	 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	Page	 
	 ARTICLE VI DUTIES OF THE MORTGAGEE
	  	 	46	 
	 SECTION 6.01.
	 	 Notice of Event of Default
	  	 	46	 
	 SECTION 6.02.
	 	 Action Upon Instructions; Certain Rights and Limitations
	  	 	47	 
	 SECTION 6.03.
	 	 Indemnification
	  	 	47	 
	 SECTION 6.04.
	 	 No Duties Except as Specified in Trust Indenture or Instructions
	  	 	47	 
	 SECTION 6.05.
	 	 No Action Except Under Trust Indenture or Instructions
	  	 	48	 
	 SECTION 6.06.
	 	 Investment of Amounts Held by Mortgagee
	  	 	48	 
	 ARTICLE VII THE MORTGAGEE
	  	 	48	 
	 SECTION 7.01.
	 	 Acceptance of Trusts and Duties
	  	 	48	 
	 SECTION 7.02.
	 	 Absence of Duties
	  	 	49	 
	 SECTION 7.03.
	 	 No Representations or Warranties as to Aircraft or Documents
	  	 	49	 
	 SECTION 7.04.
	 	 No Segregation of Monies; No Interest
	  	 	49	 
	 SECTION 7.05.
	 	 Reliance; Agreements; Advice of Counsel
	  	 	50	 
	 SECTION 7.06.
	 	 Compensation
	  	 	50	 
	 SECTION 7.07.
	 	 Instructions from Note Holders
	  	 	50	 
	 ARTICLE VIII INDEMNIFICATION
	  	 	51	 
	 SECTION 8.01.
	 	 Scope of Indemnification
	  	 	51	 
	 ARTICLE IX SUCCESSOR AND SEPARATE TRUSTEES
	  	 	51	 
	 SECTION 9.01.
	 	 Resignation of Mortgagee; Appointment of Successor
	  	 	51	 
	 SECTION 9.02.
	 	 Appointment of Additional and Separate Trustees
	  	 	52	 
	 ARTICLE X SUPPLEMENTS AND AMENDMENTS TO THIS TRUST INDENTURE AND OTHER
DOCUMENTS
	  	 	54	 
	 SECTION 10.01.
	 	 Instructions of Majority; Limitations
	  	 	54	 
	 SECTION 10.02.
	 	 Mortgagee Protected
	  	 	55	 
	 SECTION 10.03.
	 	 Documents Mailed to Note Holders
	  	 	55	 
	 SECTION 10.04.
	 	 No Request Necessary for Trust Indenture Supplement
	  	 	55	 
	 ARTICLE XI MISCELLANEOUS
	  	 	56	 
	 SECTION 11.01.
	 	 Termination of Trust Indenture
	  	 	56	 
	 SECTION 11.02.
	 	 No Legal Title to Collateral in Note Holders
	  	 	56	 
	 SECTION 11.03.
	 	 Sale of Aircraft by Mortgagee Is Binding
	  	 	56	 
	 SECTION 11.04.
	 	 Trust Indenture for Benefit of Owner, Mortgagee, Note Holders and the other Indenture
Indemnitees
	  	 	56	 
	 SECTION 11.05.
	 	 Notices
	  	 	57	 
	 SECTION 11.06.
	 	 Severability
	  	 	57	 
	 SECTION 11.07.
	 	 No Oral Modification or Continuing Waivers
	  	 	57	 
	 SECTION 11.08.
	 	 Successors and Assigns
	  	 	57	 
	 SECTION 11.09.
	 	 Headings
	  	 	57	 
	 SECTION 11.10.
	 	 Normal Commercial Relations
	  	 	58	 
	 SECTION 11.11.
	 	 Governing Law; Counterpart Form
	  	 	58	 
	 SECTION 11.12.
	 	 Voting By Note Holders
	  	 	58	 
	 SECTION 11.13.
	 	 Bankruptcy
	  	 	58	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ANNEX A	 	 Definitions
	  	 	1	 
	ANNEX B	 	 Insurance
	  	 	1	 
	EXHIBIT A	 	 Form of Trust Indenture and Mortgage Supplement
	  	 	1	 
	SCHEDULE I	 	 Equipment Notes Amortization and Interest Rates
	  	 	3	 

  
 iii 

 TRUST INDENTURE AND MORTGAGE
[                    ] 
 TRUST
INDENTURE AND MORTGAGE [                    ], dated as of
[                    ] (this “Trust Indenture”), between UNITED AIRLINES, INC., a Delaware corporation (“Owner”), and WILMINGTON
TRUST, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity, except as expressly stated herein, but solely as Mortgagee hereunder (together with its successors hereunder, the “Mortgagee”). 

W I T N E S S E T H 

WHEREAS, all capitalized terms used herein shall have the respective meanings set forth or referred to in Article I hereof; 

WHEREAS, the parties hereto desire by this Trust Indenture, among other things, (i) to provide for the issuance by the Owner of the
Series of Equipment Notes specified on Schedule I hereto, and the possible issuance of Additional Series, and (ii) to provide for the assignment, mortgage and pledge by the Owner to the Mortgagee, as part of the Collateral hereunder, among
other things, of all of the Owner’s right, title and interest in and to the Aircraft and, except as hereinafter expressly provided, all payments and other amounts received hereunder in accordance with the terms hereof, as security for, among
other things, the Owner’s obligations to the Note Holders and the Indenture Indemnitees; 
 WHEREAS, all things have been done to make
the Equipment Notes of the Series listed on Schedule I hereto, when executed by the Owner and authenticated and delivered by the Mortgagee hereunder, the valid, binding and enforceable obligations of the Owner; and 

WHEREAS, all things necessary to make this Trust Indenture the valid, binding and legal obligation of the Owner for the uses and purposes
herein set forth, in accordance with its terms, have been done and performed and have happened; 
 GRANTING CLAUSE 

NOW, THEREFORE, THIS TRUST INDENTURE AND MORTGAGE WITNESSETH, that, to secure the prompt payment of the Original Amount of, interest on,
Make-Whole Amount, if any, and all other amounts due with respect to, all Equipment Notes from time to time outstanding hereunder according to their tenor and effect and to secure the performance and observance by the Owner of all the agreements,
covenants and provisions contained herein and in the Participation Agreement and in the Equipment Notes and to secure the Related Secured Obligations and the performance and observance by the Owner of all agreements, covenants and provisions
contained in the Related Equipment Notes, for the benefit of the Note Holders and each of the Indenture Indemnitees, and in consideration of the premises and of the covenants herein contained, and of the acceptance of the Equipment Notes and the
Related Equipment Notes by the holders thereof, and for other good and valuable consideration the receipt and adequacy whereof are hereby acknowledged, the Owner has granted, bargained, sold, assigned, transferred, conveyed, mortgaged, pledged and
confirmed, and does hereby grant, bargain, sell, assign, transfer, convey, mortgage, pledge and confirm, unto the Mortgagee, its successors in trust and assigns, for the security and benefit of, the Note Holders and each of the Indenture
Indemnitees, a first priority security interest and, in the case of the Airframe and Engines, an International Interest in and mortgage lien on all right, title and interest of the Owner 

 
in, to and under the following described property, rights and privileges, whether now or hereafter acquired (which, collectively, together with all property hereafter specifically subject to the
Lien of this Trust Indenture by the terms hereof or any supplement hereto, are included within, and are referred to as, the “Collateral”), to wit: 

(1)    The Airframe which is one Boeing
[                    ] aircraft with the FAA Registration number of
N[                    ] and the manufacturer’s serial number of
[                    ] and two Engines, each of which Engines is a
[                                ] jet propulsion aircraft engine with at least 1750 lb.
of thrust, with the manufacturer’s serial numbers of [                    ] and
[                    ] (such Airframe and Engines more particularly described in the Trust Indenture Supplement executed and delivered as provided
herein) as the same is now and will hereafter be constituted, whether now owned by the Owner or hereafter acquired, and in the case of such Engines, whether or not any such Engine shall be installed in or attached to the Airframe or any other
airframe, together with (a) all Parts of whatever nature, which are from time to time included within the definitions of “Airframe” or “Engines”, whether now owned or hereafter acquired, including all substitutions, renewals
and replacements of and additions, improvements, accessions and accumulations to the Airframe and Engines (other than additions, improvements, accessions and accumulations which constitute appliances, parts, instruments, appurtenances, accessories,
furnishings or other equipment excluded from the definition of Parts) and (b) all Aircraft Documents; 
 (2)    The
Purchase Agreement and the Bills of Sale to the extent the same relate to continuing rights of the Owner in respect of any warranty, indemnity or agreement, express or implied, as to title, materials, workmanship, design or patent infringement or
related matters with respect to the Airframe or the Engines (reserving to the Owner, however, all of the Owner’s other rights and interest in and to the Purchase Agreement) together with all rights, powers, privileges, options and other
benefits of the Owner thereunder (subject to such reservation) with respect to the Airframe or the Engines, including, without limitation, the right to make all waivers and agreements, to give and receive all notices and other instruments or
communications, to take such action upon the occurrence of a default thereunder, including the commencement, conduct and consummation of legal, administrative or other proceedings, as shall be permitted thereby or by law, and to do any and all other
things which the Owner is or may be entitled to do thereunder (subject to such reservation), subject, with respect to the Purchase Agreement, to the terms and conditions of the Consent and Agreement and the Engine Consent and Agreement; 

(3)    All proceeds with respect to the requisition of title to or use of the Aircraft or any Engine by any Government
Entity or from the sale or other disposition of the Aircraft, the Airframe, any Engine or other property described in any of these Granting Clauses by the Mortgagee pursuant to the terms of this Trust Indenture, and all insurance proceeds with
respect to the Aircraft, the Airframe, any Engine or any part thereof, but excluding any insurance maintained by the Owner and not required under Section 4.06; 

(4)    All rents, revenues and other proceeds collected by the Mortgagee pursuant to paragraph (iv) of clause
“Third” of Section 3.03 and Section 5.03(b) and all monies and securities from time to time deposited or required to be deposited with the Mortgagee by or 

  
 2 

 
for the account of the Owner pursuant to any terms of this Trust Indenture held or required to be held by the Mortgagee hereunder, including the Securities Account and all monies and securities
deposited into the Securities Account; and 
 (5)    All proceeds of the foregoing. 

PROVIDED, HOWEVER, that notwithstanding any of the foregoing provisions, so long as no Event of Default shall have occurred and be continuing,
(a) the Mortgagee shall not take or cause to be taken any action contrary to the Owner’s right hereunder to quiet enjoyment of the Airframe and Engines, and to possess, use, retain and control the Airframe and Engines and all revenues,
income and profits derived therefrom, and (b) the Owner shall have the right, to the exclusion of the Mortgagee, with respect to the Indenture Agreements, to exercise in the Owner’s name all rights and powers of the Owner under the
Indenture Agreements (other than to amend, modify or waive any of the warranties or indemnities contained therein, except in the exercise of the Owner’s reasonable business judgment) and to retain any recovery or benefit resulting from the
enforcement of any warranty or indemnity under the Indenture Agreements; and provided further that, notwithstanding the occurrence or continuation of an Event of Default, the Mortgagee shall not enter into any amendment of any Indenture
Agreement which would increase the obligations of the Owner thereunder. 
 TO HAVE AND TO HOLD all and singular the aforesaid property unto
the Mortgagee, and its successors and assigns, in trust for the equal and proportionate benefit and security of the Note Holders and the Indenture Indemnitees, except as provided in Section 2.13 and Article III hereof, without any preference,
distinction or priority of any one Equipment Note over any other, or any Related Equipment Note over any other, by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever, and for the
uses and purposes and in all cases and as to all property specified in clauses (1) through (5) inclusive above, subject to the terms and provisions set forth in this Trust Indenture. 

It is expressly agreed that anything herein contained to the contrary notwithstanding, the Owner shall remain liable under the Indenture
Agreements to perform all of the obligations assumed by it thereunder, except to the extent prohibited or excluded from doing so pursuant to the terms and provisions thereof, and the Mortgagee, the Note Holders and the Indenture Indemnitees shall
have no obligation or liability under the Indenture Agreements by reason of or arising out of the assignment hereunder, nor shall the Mortgagee, the Note Holders or the Indenture Indemnitees be required or obligated in any manner to perform or
fulfill any obligations of the Owner under or pursuant to the Indenture Agreements, or, except as herein expressly provided, to make any payment, or to make any inquiry as to the nature or sufficiency of any payment received by it, or present or
file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 

The Owner does hereby constitute the Mortgagee the true and lawful attorney of the Owner, irrevocably, granted for good and valuable
consideration and coupled with an interest and with full power of substitution, and with full power (in the name of the Owner or otherwise) to ask for, require, demand, receive, compound and give acquittance for any and all monies and claims for
monies (in each case including insurance and requisition proceeds) due and to become 

  
 3 

 
due under or arising out of the Indenture Agreements, and all other property which now or hereafter constitutes part of the Collateral, to endorse any checks or other instruments or orders in
connection therewith and to file any claims or to take any action or to institute any proceedings which the Mortgagee may deem to be necessary or advisable in the premises; provided that the Mortgagee shall not exercise any such rights except
upon the occurrence and during the continuance of an Event of Default hereunder. 
 The Owner agrees that at any time and from time to time,
upon the written request of the Mortgagee, the Owner will promptly and duly execute and deliver or cause to be duly executed and delivered any and all such further instruments and documents (including without limitation UCC continuation statements)
as the Mortgagee may reasonably deem necessary to perfect, preserve or protect the mortgage, security interests, International Interests and assignments created or intended to be created hereby or to obtain for the Mortgagee the full benefits of the
assignment hereunder and of the rights and powers herein granted. 
 IT IS HEREBY COVENANTED AND AGREED by and between the parties hereto as
follows: 
 ARTICLE I 

DEFINITIONS 
 Capitalized
terms used but not defined herein shall have the respective meanings set forth or incorporated by reference, and shall be construed in the manner described, in Annex A hereto. 

ARTICLE II 
 THE
EQUIPMENT NOTES 
 SECTION 2.01. Form of Equipment Notes 

The Equipment Notes shall be substantially in the form set forth below: 

THIS EQUIPMENT NOTE HAS NOT BEEN REGISTERED PURSUANT TO THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR PURSUANT TO THE
SECURITIES LAWS OF ANY STATE. ACCORDINGLY, THIS EQUIPMENT NOTE MAY NOT BE SOLD UNLESS EITHER REGISTERED UNDER THE ACT AND SUCH APPLICABLE STATE LAWS OR AN EXEMPTION FROM SUCH REGISTRATIONS IS AVAILABLE. 

UNITED AIRLINES, INC. 
 SERIES
[    ] EQUIPMENT NOTE DUE [                    ] ISSUED IN CONNECTION WITH THE BOEING MODEL
[                    ] AIRCRAFT BEARING UNITED STATES REGISTRATION NUMBER
N[                    ] 

  
 4 

			
	 No.         
  

                          
              
	  	Date: [            ,         ]
		
	INTEREST RATE	  	                        MATURITY DATE
		
	[                    ]	  	                        [             
       ]

 UNITED AIRLINES, INC., a Delaware corporation (“Owner”), hereby promises to pay to
                    , or the registered assignee thereof, the principal sum of $         (the “Original
Amount”), together with interest on the amount of the Original Amount remaining unpaid from time to time (calculated on the basis of a year of 360 days comprised of twelve 30-day months) from the date
hereof until paid in full at a rate per annum equal to the Debt Rate. The Original Amount of this Equipment Note shall be due and payable in installments on the dates set forth in Schedule I hereto equal to the corresponding percentage of the
Original Amount of this Equipment Note set forth in Schedule I hereto. Accrued but unpaid interest shall be due and payable in semi-annual installments commencing on
[                    ]5 and thereafter on [March 1 and September 1]6 of each year, to and including [                    ]. Notwithstanding the foregoing, the final
payment made on this Equipment Note shall be in an amount sufficient to discharge in full the unpaid Original Amount and all accrued and unpaid interest on, and any other amounts due under, this Equipment Note. Notwithstanding anything to the
contrary contained herein, if any date on which a payment under this Equipment Note becomes due and payable is not a Business Day, then such payment shall not be made on such scheduled date but shall be made on the next succeeding Business Day and
if such payment is made on such next succeeding Business Day, no interest shall accrue on the amount of such payment during such extension. 

For purposes hereof, the term “Trust Indenture” means the Trust Indenture and Mortgage
[                    ] dated as of
[                    ], between the Owner and Wilmington Trust, National Association (the “Mortgagee”), as the same may be amended or
supplemented from time to time. All other capitalized terms used in this Equipment Note and not defined herein shall have the respective meanings assigned in the Trust Indenture. 

This Equipment Note shall bear interest, payable on demand, at the Payment Due Rate (calculated on the basis of a year of 360 days comprised
of twelve 30-day months) on any overdue Original Amount, any overdue Make-Whole Amount, if any, and (to the extent permitted by applicable Law) any overdue interest and any other amounts payable hereunder
which are overdue, in each case for the period the same is overdue. Amounts shall be overdue if not paid when due (whether at stated maturity, by acceleration or otherwise). 

There shall be maintained an Equipment Note Register for the purpose of registering transfers and exchanges of Equipment Notes at the
Corporate Trust Office of the Mortgagee or at the office of any successor in the manner provided in Section 2.07 of the Trust Indenture. 
  

 

	5. 	Insert first March 1 or September 1 after the Closing Date, excluding March 1, 2018. 

	6. 	Correct order, if necessary. 

  
 5 

 The Original Amount and interest and other amounts due hereunder shall be payable in Dollars in
immediately available funds at the Corporate Trust Office of the Mortgagee, or as otherwise provided in the Trust Indenture. Each such payment shall be made on the date such payment is due and without any presentment or surrender of this Equipment
Note, except that in the case of any final payment with respect to this Equipment Note, the Equipment Note shall be surrendered promptly thereafter to the Mortgagee for cancellation. 

The holder hereof, by its acceptance of this Equipment Note, agrees that, except as provided in the Trust Indenture, each payment of the
Original Amount, Make-Whole Amount, if any, and interest received by it hereunder shall be applied, first, to the payment of Make-Whole Amount, if any, and any other amount (other than as covered by any of the following clauses) due hereunder
or under the Trust Indenture, second, to the payment of accrued interest on this Equipment Note (as well as any interest on any overdue Original Amount, any overdue Make-Whole Amount, if any, or, to the extent permitted by Law, any overdue
interest and other amounts hereunder) to the date of such payment, third, to the payment of the Original Amount of this Equipment Note then due, and fourth, the balance, if any, remaining thereafter, to the payment of installments of
the Original Amount of this Equipment Note remaining unpaid in the inverse order of their maturity. 
 This Equipment Note is one of the
Equipment Notes referred to in the Trust Indenture which have been or are to be issued by the Owner pursuant to the terms of the Trust Indenture. The Collateral is held by the Mortgagee as security, in part, for the Equipment Notes. The provisions
of this Equipment Note are subject to the Trust Indenture and the Related Indentures. Reference is hereby made to the Trust Indenture and the Related Indentures for a complete statement of the rights and obligations of the holder of, and the nature
and extent of the security for, this Equipment Note (including as a “Related Equipment Note” under each of the Related Indentures) and the rights and obligations of the holders of, and the nature and extent of the security for, any other
Equipment Notes executed and delivered under the Trust Indenture, as well as for a statement of the terms and conditions of the Trust created by the Trust Indenture, to all of which terms and conditions in the Trust Indenture each holder hereof
agrees by its acceptance of this Equipment Note. 
 As provided in the Trust Indenture and subject to certain limitations therein set forth,
this Equipment Note is exchangeable for a like aggregate Original Amount of Equipment Notes of different authorized denominations, as requested by the holder surrendering the same. 

Prior to due presentment for registration of transfer of this Equipment Note, the Owner and the Mortgagee shall treat the person in whose name
this Equipment Note is registered as the owner hereof for all purposes, whether or not this Equipment Note be overdue, and neither the Owner nor the Mortgagee shall be affected by notice to the contrary. 

This Equipment Note is subject to redemption as provided in Sections 2.10, 2.11 and 2.12 of the Trust Indenture but not otherwise. In
addition, this Equipment Note may be accelerated as provided in Section 5.02 of the Trust Indenture. 

  
 6 

 This Equipment Note is subject to certain restrictions set forth in Sections 4.1(a)(i) and
4.1(a)(iii) of the Intercreditor Agreement, as further specified in Section 2.07 of the Trust Indenture, to all of which terms and conditions in the Intercreditor Agreement each holder hereof agrees by its acceptance of this Equipment Note.

 [The indebtedness evidenced by this Equipment Note is, to the extent and in the manner provided in the Trust Indenture, subordinate and
subject in right of payment to the prior payment in full of the Secured Obligations (as defined in the Trust Indenture) in respect of [Series AA Equipment Notes and Related Series AA Equipment
Notes]7 [Series AA Equipment Notes, Series A Equipment Notes, Related Series AA Equipment Notes and Related Series A Equipment Notes]8, and
certain other Secured Obligations, and this Equipment Note is issued subject to such provisions. The Note Holder of this Equipment Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs
the Mortgagee on his behalf to take such action as may be necessary or appropriate to effectuate the subordination as provided in the Trust Indenture and (c) appoints the Mortgagee his attorney-in-fact for such purpose.]9 
 Unless
the certificate of authentication hereon has been executed by or on behalf of the Mortgagee by manual signature, this Equipment Note shall not be entitled to any benefit under the Trust Indenture or be valid or obligatory for any purpose. 

THIS EQUIPMENT NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

*    *    * 
  

 

	7. 	To be inserted in the case of a Series A Equipment Note. 

	8. 	To be inserted in the case of an Additional Series Equipment Note. 

	9. 	To be inserted for each Equipment Note other than any Series AA Equipment Note. 

  
 7 

 IN WITNESS WHEREOF, the Owner has caused this Equipment Note to be executed in its corporate name
by its officer thereunto duly authorized on the date hereof. 
  

			
	UNITED AIRLINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 8 

 MORTGAGEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Equipment Notes referred to in the within-mentioned Trust Indenture. 

 

			
	 WILMINGTON TRUST, NATIONAL
    ASSOCIATION, as Mortgagee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 SCHEDULE I 

EQUIPMENT NOTE AMORTIZATION 
 Payment
Date                                        
Percentage of Original Amount to Be Paid 
 [SEE SCHEDULE I TO TRUST INDENTURE 

WHICH IS INSERTED UPON ISSUANCE] 

*    *    * 

  
 9 

 SECTION 2.02. Issuance and Terms of Equipment Notes 

The Equipment Notes (other than the Additional Series Equipment Notes) shall be dated the Closing Date, shall be issued in two separate series
consisting of Series AA and Series A and in the maturities and principal amounts and shall bear interest as specified in Schedule I hereto. On the Closing Date, each Series specified in Schedule I shall be issued to the Subordination Agent on behalf
of the Applicable Pass Through Trustee under the Applicable Pass Through Trust Agreement. In addition to the foregoing, Owner shall have the option to issue one or more separate series of Additional Series Equipment Notes at any time and from
time to time at or after the Issuance Date, subject to the terms of Section 4(a)(vi) of the Note Purchase Agreement and Section 9.1(d) of the Intercreditor Agreement. If more than one series of Additional Series Equipment Notes are so
issued, each such series shall have a different designation such as, for example, “Series B” and “Series C”, shall be dated the date of original issuance thereof and shall have such maturities, principal amounts and interest
rates as specified in an amendment to this Trust Indenture. The Equipment Notes shall be issued in registered form only. The Equipment Notes shall be issued in denominations of $1,000 and integral multiples thereof, except that one Equipment Note of
each Series may be in an amount that is not an integral multiple of $1,000. Without limitation of the foregoing, new Series A Equipment Notes may be issued pursuant to the provisions of Section 2.11(b). 

Each Equipment Note shall bear interest at the applicable Debt Rate (calculated on the basis of a year of 360 days comprised of twelve 30-day months) on the unpaid Original Amount thereof from time to time outstanding. Accrued interest shall be payable in arrears on [            ],
20[    ]10, and on each [March 1 and September 1]11 thereafter until maturity. The Original Amount of each Equipment Note
shall be payable on the dates and in the installments equal to the corresponding percentage of the Original Amount as set forth in Schedule I hereto for the applicable Series (as amended, in the case of any Additional Series, at the time of original
issuance of such Additional Series) which shall be attached as Schedule I to such Equipment Notes. Notwithstanding the foregoing, the final payment made under each Equipment Note shall be in an amount sufficient to discharge in full the unpaid
Original Amount and all accrued and unpaid interest on, and any other amounts due under, such Equipment Note. Each Equipment Note shall bear interest, payable on demand, at the Payment Due Rate (calculated on the basis of a year of 360 days
comprised of twelve 30-day months) on any part of the Original Amount, Make-Whole Amount, if any, and, to the extent permitted by applicable Law, interest and any other amounts payable thereunder not paid when
due for any period during which the same shall be overdue, in each case for the period the same is overdue. Amounts under any Equipment Note shall be overdue if not paid when due (whether at stated maturity, by acceleration or otherwise).
Notwithstanding anything to the contrary contained herein, if any date on which a payment under any Equipment Note becomes due and payable is not a Business Day then such payment shall not be made on such scheduled date but shall be made on the next
succeeding Business Day and if such payment is made on such next succeeding Business Day, no interest shall accrue on the amount of such payment during such extension. 
  

 

	10. 	Insert first March 1 or September 1 after the Closing Date, excluding March 1, 2018. 

	11. 	Correct order, if necessary. 

  
 10 

 The Owner agrees to pay to the Mortgagee for distribution in accordance with Section 3.04
hereof: (a)(i) to the extent not payable (whether or not in fact paid) under Section 6(a) of the Note Purchase Agreement, an amount equal to the fees payable to the Liquidity Provider under Section 2.03 of each Liquidity Facility and the
related Fee Letter (as defined in the Intercreditor Agreement) multiplied by a fraction the numerator of which shall be the then outstanding aggregate principal amount of the Series AA Equipment Notes and Series A Equipment Notes and the denominator
of which shall be the then outstanding aggregate principal amount of all “Series AA Equipment Notes” and “Series A Equipment Notes” (each as defined in the Note Purchase Agreement); (ii) (x) the amount equal to interest on
any Downgrade Advance (other than any Applied Downgrade Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings from such Downgrade Advance multiplied by (y) the fraction specified in the foregoing clause
(i); (iii) (x) the amount equal to interest on any Non-Extension Advance (other than any Applied Non-Extension Advance) payable under Section 3.07 of each
Liquidity Facility minus Investment Earnings from such Non-Extension Advance multiplied by (y) the fraction specified in the foregoing clause (i); (iv) (x) the amount equal to interest on any Special
Termination Advance (other than any Applied Special Termination Advance) payable under Section 3.07 of each Liquidity Facility minus Investment Earnings from such Special Termination Advance multiplied by (y) the fraction specified in the
foregoing clause (i); (v) if any payment default shall have occurred and be continuing with respect to interest on any “Series AA Equipment Notes” or “Series A Equipment Notes” (each as defined in the Note Purchase Agreement),
(x) the excess, if any, of (1) an amount equal to interest on any Unpaid Advance, Applied Downgrade Advance, Applied Non-Extension Advance or Applied Special Termination Advance payable under
Section 3.07 of each Liquidity Facility over (2) the sum of Investment Earnings from any Final Advance plus any amount of interest at the Payment Due Rate actually payable (whether or not in fact paid) by Owner on the overdue scheduled
interest on the “Equipment Notes” (as defined in the Note Purchase Agreement) in respect of which such Unpaid Advance, Applied Downgrade Advance, Applied Non-Extension Advance or Applied Special
Termination Advance was made by the Liquidity Provider multiplied by (y) a fraction the numerator of which shall be the then aggregate overdue amounts of interest on the Series AA Equipment Notes and Series A Equipment Notes (other than
interest becoming due and payable solely as a result of acceleration of any such Equipment Notes) and the denominator of which shall be the then aggregate overdue amounts of interest on all “Series AA Equipment Notes” and “Series A
Equipment Notes” (each as defined in the Note Purchase Agreement) (other than interest becoming due and payable solely as a result of acceleration of any such “Equipment Notes”); and (vi) any other amounts owed to the Liquidity
Provider by the Subordination Agent as borrower under each Liquidity Facility other than amounts due as repayment of advances thereunder or as interest on such advances, except to the extent payable pursuant to clause (ii), (iii), (iv) or
(v) above, multiplied by the fraction specified in the foregoing clause (i), (b) Owner’s pro rata share of all compensation and reimbursement of expenses, disbursements and advances payable by Owner under the Pass Through Trust Agreements,
(c) Owner’s pro rata share of all compensation and reimbursement of expenses and disbursements payable to the Subordination Agent under the Intercreditor Agreement except with respect to any income or franchise taxes incurred by the
Subordination Agent in connection 

  
 11 

 
with the transactions contemplated by the Intercreditor Agreement and (d) in the event Owner requests any amendment to any Operative Agreement or Pass Through Agreement, Owner’s pro
rata share of all reasonable fees and expenses (including, without limitation, fees and disbursements of counsel) of the Escrow Agents and the Paying Agents in connection therewith payable by the Pass Through Trustees under the Escrow Agreements. As
used herein, “Owner’s pro rata share” means as of any time a fraction, the numerator of which is the principal balance then outstanding of Equipment Notes and the denominator of which is the aggregate principal balance then
outstanding of all “Equipment Notes” (as each such term is defined in each of the Operative Indentures). For purposes of this paragraph, the terms “Applied Downgrade Advance”, “Applied
Non-Extension Advance”, “Applied Special Termination Advance”, “Cash Collateral Account”, “Downgrade Advance”, “Final Advance”, “Investment Earnings”, “Non-Extension Advance”, “Special Termination Advance” and “Unpaid Advance” shall have the meanings specified in each Liquidity Facility. 

The Equipment Notes shall be executed on behalf of the Owner by one of its authorized officers. Equipment Notes bearing the signatures of
individuals who were at any time the proper officers of the Owner shall bind the Owner, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Equipment Notes or did not
hold such offices at the respective dates of such Equipment Notes. The Owner may from time to time execute and deliver Equipment Notes with respect to the Aircraft to the Mortgagee for authentication upon original issue and such Equipment Notes
shall thereupon be authenticated and delivered by the Mortgagee upon the written request of the Owner signed by an authorized officer of the Owner. No Equipment Note shall be secured by or entitled to any benefit under this Trust Indenture or be
valid or obligatory for any purposes, unless there appears on such Equipment Note a certificate of authentication in the form provided for herein executed by the Mortgagee by the manual signature of one of its authorized officers and such
certificate upon any Equipment Notes be conclusive evidence, and the only evidence, that such Equipment Note has been duly authenticated and delivered hereunder. 

The aggregate Original Amount of any Series of Equipment Notes issued hereunder shall not exceed the amount set forth as the maximum therefor
on Schedule I hereto (as amended, in the case of any Additional Series, at the time of original issuance of such Additional Series). 

SECTION 2.03. [Intentionally Omitted] 

SECTION 2.04. Method of Payment 

(a)    The Original Amount of, interest on, Make-Whole Amount, if any, and other amounts due under each Equipment Note or
hereunder will be payable in Dollars by wire transfer of immediately available funds not later than 12:30 PM, New York time, on the due date of payment to the Mortgagee at the Corporate Trust Office for distribution among the Note Holders in the
manner provided herein, and payment of such amount by the Owner to the Mortgagee shall be deemed to satisfy the Owner’s obligation to make such payment. The Owner shall not have any responsibility for the distribution of such payment to any
Note Holder. Notwithstanding the foregoing or any provision in any Equipment Note to the contrary, the Mortgagee will use reasonable efforts to pay or cause to be paid, if so directed in writing by any

  
 12 

 
Note Holder (with a copy to the Owner), all amounts paid by the Owner hereunder and under such holder’s Equipment Note or Equipment Notes to such holder or a nominee therefor (including all
amounts distributed pursuant to Article III of this Trust Indenture) by transferring, or causing to be transferred, by wire transfer of immediately available funds in Dollars, prior to 2:00 p.m., New York City time, on the due date of payment, to an
account maintained by such holder with a bank located in the continental United States the amount to be distributed to such holder, for credit to the account of such holder maintained at such bank. If the Mortgagee shall fail to make any such
payment as provided in the immediately foregoing sentence after its receipt of funds at the place and prior to the time specified above, the Mortgagee, in its individual capacity and not as trustee, agrees to compensate such holders for loss of use
of funds at Debt Rate until such payment is made and the Mortgagee shall be entitled to any interest earned on such funds until such payment is made. Any payment made hereunder shall be made without any presentment or surrender of any Equipment
Note, except that, in the case of the final payment in respect of any Equipment Note, such Equipment Note shall be surrendered to the Mortgagee for cancellation promptly after such payment. Notwithstanding any other provision of this Trust Indenture
to the contrary, the Mortgagee shall not be required to make, or cause to be made, wire transfers as aforesaid prior to the first Business Day on which it is practicable for the Mortgagee to do so in view of the time of day when the funds to be so
transferred were received by it if such funds were received after 12:30 PM, New York time, at the place of payment. Prior to the due presentment for registration of transfer of any Equipment Note, the Owner and the Mortgagee shall deem and
treat the Person in whose name any Equipment Note is registered on the Equipment Note Register as the absolute owner and holder of such Equipment Note for the purpose of receiving payment of all amounts payable with respect to such Equipment Note
and for all other purposes, and none of the Owner or the Mortgagee shall be affected by any notice to the contrary. So long as any signatory to the Participation Agreement or nominee thereof shall be a registered Note Holder, all payments to it
shall be made to the account of such Note Holder specified in Schedule 1 thereto and otherwise in the manner provided in or pursuant to the Participation Agreement unless it shall have specified some other account or manner of payment by notice to
the Mortgagee consistent with this Section 2.04. 
 (b)    The Mortgagee, as agent for the Owner, shall exclude
and withhold at the appropriate rate from each payment of Original Amount of, interest on, Make-Whole Amount, if any, and other amounts due hereunder or under each Equipment Note (and such exclusion and withholding shall constitute payment in
respect of such Equipment Note) any and all United States withholding taxes, including, without limitation, any such withholding taxes imposed under FATCA applicable thereto as required by Law. The Mortgagee agrees to act as such withholding agent
and, in connection therewith, whenever any present or future United States taxes or similar charges are required to be withheld with respect to any amounts payable hereunder or in respect of the Equipment Notes, to withhold such amounts and timely
pay the same to the appropriate authority in the name of and on behalf of the Note Holders, that it will file any necessary United States withholding tax returns or statements when due, and that as promptly as possible after the payment thereof it
will deliver to each Note Holder (with a copy to the Owner) appropriate receipts showing the payment thereof, together with such additional documentary evidence as any such Note Holder may reasonably request from time to time. 

If a Note Holder which is a Non-U.S. Person has furnished to the Mortgagee a properly completed,
accurate and currently effective U.S. Internal Revenue Service Form W-8BEN 

  
 13 

 
or W-8ECI (or such successor form or forms as may be required by the United States Treasury Department) during the calendar year in which the payment
hereunder or under the Equipment Note(s) held by such holder is made (but prior to the making of such payment), or in either of the two preceding calendar years, and has not notified the Mortgagee of the withdrawal or inaccuracy of such form prior
to the date of such payment (and the Mortgagee has no reason to believe that any information set forth in such form is inaccurate), the Mortgagee shall withhold only the amount, if any, required by Law (after taking into account any applicable
exemptions properly claimed by the Note Holder) to be withheld from payments hereunder or under the Equipment Notes held by such holder in respect of United States federal income tax, including any amounts required to be withheld under FATCA. If a
Note Holder (x) which is a Non-U.S. Person has furnished to the Mortgagee a properly completed, accurate and currently effective U.S. Internal Revenue Service Form
W-8ECI in duplicate (or such successor certificate, form or forms as may be required by the United States Treasury Department as necessary in order to properly avoid withholding of United States federal income
tax), for each calendar year in which a payment is made (but prior to the making of any payment for such year), and has not notified the Mortgagee of the withdrawal or inaccuracy of such certificate or form prior to the date of such payment (and the
Mortgagee has no reason to believe that any information set forth in such form is inaccurate) or (y) which is a U.S. Person has furnished to the Mortgagee a properly completed, accurate and currently effective U.S. Internal Revenue Service Form
W-9, if applicable, prior to a payment hereunder or under the Equipment Notes held by such holder, no amount shall be withheld from payments in respect of United States federal income tax. If any Note Holder
has notified the Mortgagee that any of the foregoing forms or certificates is withdrawn or inaccurate, or if such holder has not filed a form claiming an exemption from United States withholding tax or if the Code or the regulations thereunder or
the administrative interpretation thereof is at any time after the date hereof amended to require such withholding of United States federal income taxes from payments under the Equipment Notes held by such holder, the Mortgagee agrees to withhold
from each payment due to the relevant Note Holder withholding taxes at the appropriate rate under Law and will, on a timely basis as more fully provided above, deposit such amounts with an authorized depository and make such returns, statements,
receipts and other documentary evidence in connection therewith as required by Law. 
 Owner shall not have any liability for the failure of
the Mortgagee to withhold taxes in the manner provided for herein or for any false, inaccurate or untrue evidence provided by any Note Holder hereunder. 

SECTION 2.05. Application of Payments 

In the case of each Equipment Note, each payment of Original Amount, Make-Whole Amount, if any, and interest due thereon shall be applied: 

First: to the payment of Make-Whole Amount, if any, with respect to such Equipment Note and any other amount (other than as
covered by any of the following clauses) due hereunder or under such Equipment Note; 
 Second: to the payment of accrued
interest on such Equipment Note (as well as any interest on any overdue Original Amount, any overdue Make-Whole Amount, if any, and to the extent permitted by Law, any overdue interest and any other overdue amounts thereunder) to the date of such
payment; 

  
 14 

 Third: to the payment of the Original Amount of such Equipment Note (or a portion
thereof) then due thereunder; and 
 Fourth: the balance, if any, remaining thereafter, to the payment of the Original Amount
of such Equipment Note remaining unpaid (provided that such Equipment Note shall not be subject to redemption except as provided in Sections 2.10, 2.11 and 2.12 hereof). 

The amounts paid pursuant to clause “Fourth” above shall be applied to the installments of Original Amount of such Equipment Note in the inverse
order of their scheduled maturity. 
 SECTION 2.06. Termination of Interest in Collateral 

No Note Holder nor any other Indenture Indemnitee shall, as such, have any further interest in, or other right with respect to, the Collateral
when and if the Original Amount of, Make-Whole Amount, if any, and interest on and other amounts due under all Equipment Notes held by such Note Holder and all other sums then due and payable to such Note Holder, such Indenture Indemnitee or the
Mortgagee hereunder (including, without limitation, under the third paragraph of Section 2.02 hereof) and under the other Operative Agreements by the Owner and all Related Secured Obligations (collectively, the “Secured Obligations”)
shall have been paid in full. 
 SECTION 2.07. Registration Transfer and Exchange of Equipment Notes 

The Mortgagee shall keep a register (the “Equipment Note Register”) in which the Mortgagee shall provide for the registration of
Equipment Notes and the registration of transfers of Equipment Notes. No such transfer shall be given effect unless and until registration hereunder shall have occurred. The Equipment Note Register shall be kept at the Corporate Trust Office of the
Mortgagee. The Mortgagee is hereby appointed “Equipment Note Registrar” for the purpose of registering Equipment Notes and transfers of Equipment Notes as herein provided. A holder of any Equipment Note intending to exchange such Equipment
Note shall surrender such Equipment Note to the Mortgagee at the Corporate Trust Office, together with a written request from the registered holder thereof for the issuance of a new Equipment Note, specifying, in the case of a surrender for
transfer, the name and address of the new holder or holders. Upon surrender for registration of transfer of any Equipment Note, the Owner shall execute, and the Mortgagee shall authenticate and deliver, in the name of the designated transferee or
transferees, one or more new Equipment Notes of a like aggregate Original Amount and of the same Series. At the option of the Note Holder, Equipment Notes may be exchanged for other Equipment Notes of any authorized denominations of a like aggregate
Original Amount, upon surrender of the Equipment Notes to be exchanged to the Mortgagee at the Corporate Trust Office. Whenever any Equipment Notes are so surrendered for exchange, the Owner shall execute, and the Mortgagee shall authenticate and
deliver, the Equipment Notes which the Note Holder making the exchange is entitled to receive. All Equipment Notes issued upon any registration of transfer or exchange of Equipment Notes (whether under this Section 2.07 or under
Section 2.08 hereof or otherwise under this Trust Indenture) shall be the valid obligations of the Owner evidencing the same respective obligations, and entitled to the 

  
 15 

 
same security and benefits under this Trust Indenture, as the Equipment Notes surrendered upon such registration of transfer or exchange. Every Equipment Note presented or surrendered for
registration of transfer, shall (if so required by the Mortgagee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Mortgagee duly executed by the Note Holder or such holder’s attorney duly
authorized in writing, and the Mortgagee shall require evidence satisfactory to it as to the compliance of any such transfer with the Securities Act, and the securities Laws of any applicable state. The Mortgagee shall make a notation on each new
Equipment Note of the amount of all payments of Original Amount previously made on the old Equipment Note or Equipment Notes with respect to which such new Equipment Note is issued and the date to which interest on such old Equipment Note or
Equipment Notes has been paid. Interest shall be deemed to have been paid on such new Equipment Note to the date on which interest shall have been paid on such old Equipment Note, and all payments of the Original Amount marked on such new Equipment
Note, as provided above, shall be deemed to have been made thereon. The Owner shall not be required to exchange any surrendered Equipment Notes as provided above during the ten-day period preceding the due
date of any payment on such Equipment Note. The Owner shall in all cases deem the Person in whose name any Equipment Note shall have been issued and registered as the absolute owner and holder of such Equipment Note for the purpose of receiving
payment of all amounts payable by the Owner with respect to such Equipment Note and for all purposes until a notice stating otherwise is received from the Mortgagee and such change is reflected on the Equipment Note Register. The Mortgagee will
promptly notify the Owner of each registration of a transfer of an Equipment Note. Any such transferee of an Equipment Note, by its acceptance of an Equipment Note, (i) agrees to the provisions of this Trust Indenture and the Participation
Agreement applicable to Note Holders, including Sections 6.3, 6.4 and 9.1 thereof, and shall be deemed to have covenanted to the parties to the Participation Agreement as to the matters covenanted by the original Note Holder in the Participation
Agreement and (ii) agrees to the restrictions set forth in Sections 4.1(a)(i) and 4.1(a)(iii) of the Intercreditor Agreement, and shall be deemed to have covenanted to the parties to the Intercreditor Agreement not to give any direction, or
otherwise authorize, the Mortgagee to take any action that would violate Sections 4.1(a)(i) or 4.1(a)(iii) of the Intercreditor Agreement. Subject to compliance by the Note Holder and its transferee (if any) of the requirements set forth in this
Section 2.07, Mortgagee and Owner shall use all reasonable efforts to issue new Equipment Notes upon transfer or exchange within 10 Business Days of the date an Equipment Note is surrendered for transfer or exchange. 

SECTION 2.08. Mutilated, Destroyed, Lost or Stolen Equipment Notes 

If any Equipment Note shall become mutilated, destroyed, lost or stolen, the Owner shall, upon the written request of the holder of such
Equipment Note, execute and the Mortgagee shall authenticate and deliver in replacement thereof a new Equipment Note, payable in the same Original Amount dated the same date and captioned as issued in connection with the Aircraft. If the Equipment
Note being replaced has become mutilated, such Equipment Note shall be surrendered to the Mortgagee and a photocopy thereof shall be furnished to the Owner. If the Equipment Note being replaced has been destroyed, lost or stolen, the holder of such
Equipment Note shall furnish to the Owner and the Mortgagee such security or indemnity as may be required by them to save the Owner and the Mortgagee harmless and evidence satisfactory to the Owner and the Mortgagee of the destruction, loss or theft
of such Equipment Note and of the ownership thereof. If a “qualified institutional buyer” of the type referred to in paragraph 

  
 16 

 
(a)(1)(i)(A), (B), (D) or (E) of Rule 144A under the Securities Act (a “QIB”) is the holder of any such destroyed, lost or stolen Equipment Note, then the written indemnity of such
QIB, signed by an authorized officer thereof, in favor of, delivered to and in form reasonably satisfactory Owner shall be accepted as satisfactory indemnity and security and no further indemnity or security shall be required as a condition to the
execution and delivery of such new Equipment Note. Subject to compliance by the Note Holder with the requirements set forth in this Section 2.08, Mortgagee and Owner shall use all reasonable efforts to issue new Equipment Notes within 10
Business Days of the date of the written request therefor from the Note Holder. 
 SECTION 2.09. Payment of Expenses on Transfer;
Cancellation 
 (a)    No service charge shall be made to a Note Holder for any registration of transfer or exchange
of Equipment Notes, but the Mortgagee, as Equipment Note Registrar, may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Equipment
Notes. 
 (b)    The Mortgagee shall cancel all Equipment Notes surrendered for replacement, redemption, transfer,
exchange, payment or cancellation and shall destroy the canceled Equipment Notes. 
 SECTION 2.10. Mandatory Redemptions of
Equipment Notes 
 On the date on which the Owner is required pursuant to Section 4.05 hereof to make payment for an Event of Loss
with respect to the Airframe, all of the Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together with all accrued interest thereon to the date of redemption and all other Secured
Obligations (other than Related Secured Obligations) owed or then due and payable to the Note Holders but without Make-Whole Amount. 

SECTION 2.11. Voluntary Redemptions of Equipment Notes 

(a)    All (but not less than all) of the Equipment Notes may be redeemed by the Owner upon at least 30 days’
revocable prior written notice to the Mortgagee and the Note Holders, and such Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together with accrued interest thereon to the date
of redemption and all other Secured Obligations (other than Related Secured Obligations) owed or then due and payable to the Note Holders plus Make-Whole Amount, if any, provided that no redemption shall be permitted under this
Section 2.11(a) unless simultaneously with such redemption all Related Series AA Equipment Notes and Related Series A Equipment Notes shall also be redeemed. 

(b)    All (but not less than all) of the Series A Equipment Notes may be redeemed by the Owner upon at least 30
days’ revocable prior written notice to the Mortgagee and the Note Holders of such Series, and such Equipment Notes shall be redeemed in whole at a redemption price equal to 100% of the unpaid Original Amount thereof, together with accrued
interest thereon to the date of redemption and all other Secured Obligations (other than Related 

  
 17 

 
Secured Obligations) owed or then due and payable to the Note Holders of such Series plus Make-Whole Amount, if any; provided that no redemption shall be permitted under this
Section 2.11(b) unless the following conditions have been satisfied: (1) simultaneously with such redemption, the Related Series A Equipment Notes shall also be redeemed; and (2) simultaneously with such redemption, new Series A
Equipment Notes shall be reissued in accordance with Section 4(a)(vi) of the Note Purchase Agreement and Section 9.1(c) of the Intercreditor Agreement. 

SECTION 2.12. Redemptions; Notice of Redemption 

(a)    No redemption of any Equipment Note may be made except to the extent and in the manner expressly permitted by this
Trust Indenture. No purchase of any Equipment Note may be made by the Mortgagee. 
 (b)    Notice of redemption with
respect to the Equipment Notes shall be given by the Mortgagee by first-class mail, postage prepaid, mailed not less than 20 nor more than 60 days prior to the applicable redemption date, to each Note Holder of such Equipment Notes to be redeemed,
at such Note Holder’s address appearing in the Equipment Note Register; provided that such notice shall be revocable by written notice from the Owner to Mortgagee given not later than three days prior to the redemption date. All notices of
redemption shall state: (1) the redemption date, (2) the applicable basis for determining the redemption price, (3) that on the redemption date, the redemption price will become due and payable upon each such Equipment Note, and that,
if any such Equipment Notes are then outstanding, interest on such Equipment Notes shall cease to accrue on and after such redemption date, and (4) the place or places where such Equipment Notes are to be surrendered for payment of the
redemption price. 
 (c)    On or before the redemption date, the Owner (or any person on behalf of the Owner) shall,
to the extent an amount equal to the redemption price for the Equipment Notes to be redeemed on the redemption date shall not then be held by the Mortgagee, deposit or cause to be deposited with the Mortgagee by 12:30 PM New York time on the
redemption date in immediately available funds the redemption price of the Equipment Notes to be redeemed. 

(d)    Notice of redemption having been given as aforesaid, the Equipment Notes to be redeemed shall, on the redemption
date, become due and payable at the Corporate Trust Office of the Mortgagee or at any office or agency maintained for such purposes pursuant to Section 2.07, and from and after such redemption date (unless there shall be a default in the
payment of the redemption price) any such Equipment Notes then outstanding shall cease to bear interest. Upon surrender of any such Equipment Note for redemption in accordance with said notice, such Equipment Note shall be redeemed at the redemption
price. If any Equipment Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal amount thereof shall, until paid, continue to bear interest from the applicable redemption date at the interest rate in
effect for such Equipment Note as of such redemption date. 

  
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 SECTION 2.13. Subordination 

(a)    The Owner, each Note Holder (by acceptance of its Equipment Notes of any Series) and each Related Note Holder (by
acceptance of its Related Equipment Note), hereby agree that no payment or distribution shall be made on or in respect of the Secured Obligations owed to such Note Holder of such Series or owed to such Related Note Holder, including any payment or
distribution of cash, property or securities after the commencement of a proceeding of the type referred to in Section 5.01(v), (vi) or (vii) hereof, except as expressly provided in Article III hereof. 

(b)    By the acceptance of its Equipment Notes of any Series (other than Series AA), each Note Holder of such Series
agrees that in the event that such Note Holder, in its capacity as a Note Holder, shall receive any payment or distribution on any Secured Obligations in respect of such Series which it is not entitled to receive under this Section 2.13 or
Article III hereof, it will hold any amount so received in trust for the Senior Holder (as defined in Section 2.13(c) hereof) and will forthwith turn over such payment to the Mortgagee in the form received to be applied as provided in Article
III hereof. By the acceptance of its Related Equipment Notes (other than Related Series AA Equipment Notes), each Related Note Holder agrees that in the event that such Related Note Holder, in its capacity as a Related Note Holder, shall receive any
payment or distribution pursuant to this Trust Indenture on any Related Secured Obligations which it is not entitled to receive under this Section 2.13 or Article III hereof, it will hold any amount so received in trust for the Senior Holder
(as defined in Section 2.13(c) hereof) and will forthwith turn over such payment to the Mortgagee in the form received to be applied as provided in Article III hereof. 

(c)    As used in this Section 2.13, the term “Senior Holder” shall mean (i) the Note Holders of
Series AA Equipment Notes and Related Note Holders of the Related Series AA Equipment Notes until the Secured Obligations in respect of Series AA Equipment Notes and Related Series AA Equipment Notes have been paid in full, (ii) after the
Secured Obligations in respect of Series AA Equipment Notes and Related Series AA Equipment Notes have been paid in full, the Note Holders of Series A Equipment Notes and Related Note Holders of the Related Series A Equipment Notes until the Secured
Obligations in respect of Series A Equipment Notes and Related Series A Equipment Notes have been paid in full and (iii) after the Secured Obligations in respect of Series A Equipment Notes and Related Series A Equipment Notes have been paid in
full, (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), the Note Holders of the Additional Series Equipment Notes, if issued, and Related Note Holders of the Related Additional
Series Equipment Notes, if issued, until the Secured Obligations in respect of the Additional Series Equipment Notes and Related Additional Series Equipment Notes have been paid in full. 

  
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 ARTICLE III 

RECEIPT, DISTRIBUTION AND APPLICATION OF PAYMENTS 

SECTION 3.01. Basic Distributions 

Except as otherwise provided in Sections 3.02 and 3.03 hereof, each periodic payment of principal or interest on the Equipment Notes received
by the Mortgagee shall be promptly distributed in the following order of priority: 
  

	 	(i)	so much of such payment as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent
permitted by Law, on any overdue interest) then due under all Series AA Equipment Notes shall be distributed to the Note Holders of Series AA ratably, without priority of one over the other, in the proportion that the amount of such payment or
payments then due under each Series AA Equipment Note bears to the aggregate amount of the payments then due under all Series AA Equipment Notes; 

  

	 	(ii)	after giving effect to paragraph (i) above, so much of such payment remaining as shall be required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any
interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all Series A Equipment Notes shall be distributed to the Note Holders of Series A ratably, without priority of one over the other,
in the proportion that the amount of such payment or payments then due under each Series A Equipment Note bears to the aggregate amount of the payments then due under all Series A Equipment Notes; and 

 

	 	(iii)	after giving effect to paragraph (ii) above (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), so much of such payment remaining as shall be
required to pay in full the aggregate amount of the payment or payments of Original Amount and interest (as well as any interest on any overdue Original Amount and, to the extent permitted by Law, on any overdue interest) then due under all
Additional Series Equipment Notes shall be distributed to the Note Holders of Additional Series ratably, without priority of one over the other, in the proportion that the amount of such payment or payments then due under each Additional Series
Equipment Note bears to the aggregate amount of the payments then due under all Additional Series Equipment Notes. 

SECTION 3.02. Event of Loss; Replacement; Optional Redemption 

Except as otherwise provided in Section 3.03 hereof, any payments received by the Mortgagee (i) with respect to the Airframe or the
Airframe and one or more Engines as the result of an Event of Loss pursuant to Section 2.10 or (ii) pursuant to an optional redemption of the Equipment Notes pursuant to Section 2.11 hereof shall be applied to redemption of the

  
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Equipment Notes and to all other Secured Obligations then due by applying such funds in the following order of priority: 
  

					
	First,	  		 	(a) to reimburse the Mortgagee and the Note Holders for any reasonable costs or expenses incurred in connection with such redemption for which they are entitled to reimbursement, or indemnity by Owner, under the Operative
Agreements and then (b) to pay any other Secured Obligations then due (except as provided in clauses “Second” and “Third” below) to the Mortgagee, the Note Holders and the other Indenture Indemnitees under this Trust Indenture,
the Participation Agreement or the Equipment Notes (other than amounts specified in clauses “Second” and “Third” below);
			
	Second,	  	(i)	 	to pay the amounts specified in paragraph (i) of clause “Third” of Section 3.03 hereof plus Make-Whole Amount, if any, then due and payable in respect of the Series AA Equipment Notes, but excluding
distributions of amounts of Related Secured Obligations to Related Note Holders;
			
		  	(ii)	 	after giving effect to paragraph (i) above, to pay the amounts specified in paragraph (ii) of clause “Third” of Section 3.03 hereof plus Make-Whole Amount, if any, then due and payable in respect of the Series A
Equipment Notes, but excluding distributions of amounts of Related Secured Obligations to Related Note Holders;
			
		  	(iii)	 	after giving effect to paragraph (ii) above, to pay the amounts specified in paragraph (iii) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Additional Series Equipment Notes, but
excluding distributions of amounts of Related Secured Obligations to Related Note Holders;
			
	Third,	  	(i)	 	to pay the amounts specified in paragraph (i) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Related Series AA Equipment Notes;
			
		  	(ii)	 	after giving effect to paragraph (i) above, to pay the amounts specified in paragraph (ii) of clause “Third” of Section 3.03 hereof then due and payable in respect of the Related Series A Equipment Notes;
			
		  	(iii)	 	after giving effect to paragraph (ii) above, to pay the amounts specified in paragraph (iii) of clause “Third” of Section 3.03 then due and payable in respect of the Related Additional Series Equipment Notes;
and

 Fourth,
                     as provided in clause “Fourth” of Section 3.03 hereof; provided, however, that if a Replacement Airframe
or Replacement Engine shall be substituted for the Airframe or Engine subject to such Event of Loss as provided in Section 4.05 hereof, any insurance, condemnation or similar proceeds which result from such Event of Loss and are paid over to
the Mortgagee shall be held by the Mortgagee as permitted by Section 7.04 hereof (provided that such moneys shall be invested as provided in Section 6.06 hereof) as additional security for the obligations of Owner under Operative
Agreements and such proceeds (and such investment earnings), to the extent not theretofore applied as provided herein, shall be released to the Owner at the Owner’s written request upon the release of such Airframe or Engine and the replacement
thereof as provided herein; provided, further, however, in the case of a redemption 

  
 21 

 
of Equipment Notes pursuant to Section 2.11(b), if a particular Series is not being redeemed pursuant thereto, no application of funds shall be made pursuant to the paragraph in clause
“Second” above that refers to such Series in connection with such redemption. No Make-Whole Amount shall be due and payable on the Equipment Notes as a consequence of the redemption of the Equipment Notes as a result of an Event of Loss
with respect to the Airframe or the Airframe and one or more Engines. 
 SECTION 3.03. Payments After Event of Default 

Except as otherwise provided in Section 3.04 hereof, all payments received and amounts held or realized by the Mortgagee (including any
amounts realized by the Mortgagee from the exercise of any remedies pursuant to Article V hereof) after an Event of Default shall have occurred and be continuing, as well as all payments or amounts then held by the Mortgagee as part of the
Collateral, shall be promptly distributed by the Mortgagee in the following order of priority: 
  

			
	First,	 	so much of such payments or amounts as shall be required to (i) reimburse the Mortgagee or WTNA for any tax (except to the extent resulting from a failure of the Mortgagee to withhold taxes pursuant to Section 2.04(b) hereof),
expense or other loss (including, without limitation, all amounts to be expended at the expense of, or charged upon the rents, revenues, issues, products and profits of, the property included in the Collateral (all such property being herein called
the “Mortgaged Property”) pursuant to Section 5.03(b) hereof) incurred by the Mortgagee or WTNA (to the extent not previously reimbursed), the expenses of any sale, or other proceeding, reasonable attorneys’ fees and expenses, court
costs, and any other expenditures incurred or expenditures or advances made by the Mortgagee, WTNA or the Note Holders in the protection, exercise or enforcement of any right, power or remedy or any damages sustained by the Mortgagee, WTNA or any
Note Holder, liquidated or otherwise, upon such Event of Default shall be applied by the Mortgagee as between itself, WTNA and the Note Holders in reimbursement of such expenses and any other expenses for which the Mortgagee, WTNA or the Note
Holders are entitled to reimbursement under any Operative Agreement and (ii) pay all Secured Obligations payable to the other Indenture Indemnitees hereunder and under the Participation Agreement (other than amounts specified in clauses Second and
Third below); and in the case the aggregate amount to be so distributed is insufficient to pay as aforesaid in clauses (i) and (ii), then ratably, without priority of one over the other, in proportion to the amounts owed each hereunder;
		
	Second,	 	so much of such payments or amounts remaining as shall be required to reimburse the then existing or prior Note Holders for payments made pursuant to Section 6.03 hereof (to the extent not previously reimbursed) shall be
distributed to such then existing or prior Note Holders ratably, without priority of one over the other, in accordance with the amount of the payment or payments made by each such then existing or prior Note Holder pursuant to said Section 6.03
hereof;

  
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	Third,	  	(i)	 	so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series AA Equipment Notes, and the accrued but unpaid interest and other amounts due thereon and all
other Secured Obligations in respect of the Series AA Equipment Notes to the date of distribution and all other Related Secured Obligations in respect of Related Series AA Equipment Notes then due, shall be distributed to the Note Holders of
Series AA and Related Note Holders of the Related Series AA Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of one over the other, to each Note
Holder and Related Note Holder in the proportion that the aggregate unpaid Original Amount of all Series AA Equipment Notes held by such holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder to the date of
distribution and all other Related Secured Obligations then due in respect of the Related Series AA Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Series AA Equipment Notes plus the accrued but unpaid
interest and other amounts due thereon to the date of distribution and all other Related Secured Obligations in respect of the Related Series AA Equipment Notes then due;
			
		  	(ii)	 	after giving effect to paragraph (i) above, so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series A Equipment Notes, and the accrued but unpaid
interest and other amounts due thereon and all other Secured Obligations in respect of the Series A Equipment Notes to the date of distribution and all other Related Secured Obligations in respect of Related Series A Equipment Notes then due, shall
be distributed to the Note Holders of Series A and Related Note Holders of the Related Series A Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority
of one over the other, to each Note Holder and Related Note Holder in the proportion that the aggregate unpaid Original Amount of all Series A Equipment Notes held by such holder plus the accrued but unpaid interest and other amounts due hereunder
or thereunder to the date of distribution and all other Related Secured Obligations then due in respect of the Related Series A Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Series A Equipment Notes plus
the accrued but unpaid interest and other amounts due thereon to the date of distribution and all other Related Secured Obligations in respect of the Related Series A Equipment Notes then due;
			
		  	(iii)	 	after giving effect to paragraph (ii) above (and except as otherwise provided in an amendment to this Trust Indenture pursuant to Section 10.01(b) hereof), so much of such payments or amounts remaining as shall be
required to pay in full the aggregate unpaid Original Amount of all Additional Series Equipment Notes, and the accrued but unpaid interest and other amounts due thereon and all other Secured Obligations in respect of the Additional Series Equipment
Notes to the date of distribution and all other Related Secured Obligations in respect of the Related Additional Series Equipment Notes then due, shall be distributed to the

  
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		 		 	Note Holders of Additional Series and Related Note Holders of the Related Additional Series Equipment Notes, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably,
without priority of one over the other, in the proportion that the aggregate unpaid Original Amount of all Additional Series Equipment Notes held by each holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder to
the date of distribution and all other Related Secured Obligations then due in respect of Related Additional Series Equipment Notes held by such holder, bears to the aggregate unpaid Original Amount of all Additional Series Equipment Notes held by
all such holders plus the accrued but unpaid interest and other amounts due thereon to the date of distribution and all other Related Secured Obligations in respect of Related Additional Series Equipment Notes then due; and
			
		 	(iv)	 	after giving effect to paragraph (iii) above, if any Related Equipment Note is outstanding, any of such payments or amounts remaining and any invested Cash Equivalents shall be held by the Mortgagee in an Eligible Account in
accordance with the provisions of Section 3.07 (and invested as provided in Section 6.06 hereof) as additional security for the Related Secured Obligations, and such amounts (and any investment earnings thereon) shall be distributed from
time to time in accordance with the foregoing provisions of this clause “Third” as and to the extent any Related Secured Obligation shall at any time and from time to time become due and remain unpaid after the giving of any required
notice and the expiration of any applicable grace period; and, upon the payment in full of all Related Secured Obligations the balance, if any, of any such remaining amounts and investment earnings thereon shall be applied as provided in clause
Fourth of this Section 3.03; and
			
	Fourth,	 		 	the balance, if any, of such payments or amounts remaining thereafter shall be distributed to the Owner.
			
		 		 	No Make-Whole Amount shall be due and payable on the Equipment Notes as a consequence of the acceleration of the Equipment Notes as a result of an Event of Default.

 SECTION 3.04. Certain Payments 

(a)    Any payments received by the Mortgagee for which no provision as to the application thereof is made in this Trust
Indenture and for which such provision is made in any other Operative Agreement shall be applied forthwith to the purpose for which such payment was made in accordance with the terms of such other Operative Agreement, as the case may be. 

(b)    Notwithstanding anything to the contrary contained in this Article III, the Mortgagee will distribute promptly
upon receipt any indemnity payment received by it from the Owner in respect of the Mortgagee in its individual capacity, any Note Holder or any other Indenture Indemnitee, in each case whether or not pursuant to Section 8 of the Participation
Agreement, directly to the Person entitled thereto. Any payment received by the Mortgagee under the third paragraph of Section 2.02 shall be distributed to the Subordination Agent in its capacity as Note Holder to be distributed in accordance
with the terms of the Intercreditor Agreement. 

  
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 (c)    For the avoidance of doubt, no amount will be distributed pursuant to
this Article III to any holder of a note issued under a Related Indenture that is not a Related Note Holder (as such). 
 SECTION
3.05. Other Payments 
 Any payments received by the Mortgagee for which no provision as to the application thereof is made
elsewhere in this Trust Indenture or in any other Operative Agreement shall be distributed by the Mortgagee to the extent received or realized at any time, in the order of priority specified in Section 3.01 hereof, and after payment in full of
all amounts then due in accordance with Section 3.01 in the manner provided in clause “Fourth” of Section 3.03 hereof. 

SECTION 3.06. Cooperation 

Prior to making any distribution under this Article III, the Mortgagee shall consult with the Related Mortgagees to determine amounts payable
with respect to the Related Secured Obligations. The Mortgagee shall cooperate with the Related Mortgagees and shall provide such information as shall be reasonably requested by each Related Mortgagee to enable such Related Mortgagee to determine
amounts distributable under Article III of its Related Indenture. 
 SECTION 3.07. Securities Account 

In furtherance of the provisions of Section 3.03 of this Trust Indenture, WTNA agrees to act as an Eligible Institution under this Trust
Indenture in accordance with the provisions of this Trust Indenture. Except as otherwise expressly provided in this Trust Indenture, WTNA waives any claim or lien against any Eligible Account it may have, by operation of law or otherwise, for any
amount owed to it by Owner. The Mortgagee hereby agrees that, notwithstanding anything to the contrary in this Trust Indenture, (i) any amounts to be held by the Mortgagee pursuant to paragraph (iv) of clause “Third” of
Section 3.03 and any investment earnings thereon or other Cash Equivalents will be credited to an Eligible Account (the “Securities Account”) for which it is a “securities intermediary” (as defined in Section 8-102(a)(14) of the NY UCC) and the Mortgagee is the “entitlement holder” (as defined in Section 8-102(a)(7) of the NY UCC) of the “securities
entitlement” (as defined in Section 8-102(a)(17) of the NY UCC) with respect to each “financial asset” (as defined in Section 8-102(a)(9) of the
NY UCC) credited to such Eligible Account, (ii) all such amounts, Cash Equivalents and all other property acquired with cash credited to the Securities Account will be credited to the Securities Account, (iii) all items of property
(whether cash, investment property, Cash Equivalents, other investments, securities, instruments or other property) credited to the Securities Account will be treated as a “financial asset” under Article 8 of the NY UCC, (iv) its
“securities intermediary’s jurisdiction” (as defined in Section 8-110(e) of the NY UCC) with respect to the Securities Account is the State of New York, and (v) all securities,
instruments and other property in order or registered from and credited to the Securities Account shall be payable to or to the order of, or registered in the name of, the Mortgagee or shall be indorsed to the Mortgagee or in blank, and in no case
whatsoever shall any financial asset credited to the Securities Account be registered in the name of the Owner, payable to or to the order of the 

  
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Owner or specially indorsed to the Owner except to the extent the foregoing have been specially endorsed by the Owner to the Mortgagee or in blank. The Mortgagee agrees that it will hold (and
will indicate clearly in its books and records that it holds) its “securities entitlement” to the “financial assets” credited to the Securities Account in trust for the benefit of the Note Holders and each of the Indenture
Indemnitees as set forth in this Trust Indenture. The Owner acknowledges that, by reason of the Mortgagee being the “entitlement holder” in respect of the Securities Account as provided above, the Mortgagee shall have the sole right and
discretion, subject only to the terms of this Trust Indenture, to give all “entitlement orders” (as defined in Section 8-102(a)(8) of the NY UCC) with respect to the Securities Account and any
and all financial assets and other property credited thereto to the exclusion of the Owner. 
 ARTICLE IV 

COVENANTS OF THE OWNER 

SECTION 4.01. Liens 

The Owner will not directly or indirectly create, incur, assume or suffer to exist any Lien on or with respect to the Airframe or any Engine,
title to any of the foregoing or any interest of Owner therein, except Permitted Liens. The Owner shall promptly, at its own expense, take such action as may be necessary to duly discharge (by bonding or otherwise) any Lien other than a Permitted
Lien arising at any time. 
 SECTION 4.02. Possession, Operation and Use, Maintenance, Registration and Markings 

(a)    General. Except as otherwise expressly provided herein, the Owner shall be entitled to operate, use, locate,
employ or otherwise utilize or not utilize the Airframe, any Engine or any Parts in any lawful manner or place in accordance with the Owner’s business judgment. 

(b)    Possession. The Owner, without the prior consent of Mortgagee, shall not lease or otherwise in any manner
deliver, transfer or relinquish possession of the Aircraft, the Airframe or any Engine or install any Engine, or permit any Engine to be installed, on any airframe other than the Airframe; except that the Owner may, without such prior written
consent of Mortgagee: 
 (i)    Subject or permit any Permitted Lessee to subject (i) the Airframe to normal
interchange agreements or (ii) any Engine to normal interchange, pooling, borrowing or similar arrangements, in each case customary in the commercial airline industry and entered into by Owner or such Permitted Lessee, as the case may be, in
the ordinary course of business; provided, however, that if Owner’s title to any such Engine is divested under any such agreement or arrangement, then such Engine shall be deemed to have suffered an Event of Loss as of the date of
such divestiture, and Owner shall comply with Section 4.04(e) in respect thereof; 

  
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 (ii)    Deliver or permit any Permitted Lessee to deliver possession of the
Aircraft, Airframe, any Engine or any Part (x) to the manufacturer thereof or to any third-party maintenance provider for testing, service, repair, maintenance or overhaul work on the Aircraft, Airframe, any Engine or any Part, or, to the
extent required or permitted by Section 4.04, for alterations or modifications in or additions to the Aircraft, Airframe or any Engine or (y) to any Person for the purpose of transport to a Person referred to in the preceding clause (x);

 (iii)    Install or permit any Permitted Lessee to install an Engine on an airframe owned by Owner or such Permitted
Lessee, as the case may be, free and clear of all Liens, except (x) Permitted Liens and those that do not apply to the Engines, and (y) the rights of third parties under normal interchange or pooling agreements and arrangements of the type
that would be permitted under Section 4.02(b)(i); 
 (iv)    Install or permit any Permitted Lessee to install an
Engine on an airframe leased to Owner or such Permitted Lessee, or purchased by Owner or such Permitted Lessee subject to a mortgage, security agreement, conditional sale or other secured financing arrangement, but only if (x) such airframe is
free and clear of all Liens, except (A) the rights of the parties to such lease, or any such secured financing arrangement, covering such airframe and (B) Liens of the type permitted by clause (iii) above and (y) Owner or
Permitted Lessee, as the case may be, shall have received from the lessor, mortgagee, secured party or conditional seller, in respect of such airframe, a written agreement (which may be a copy of the lease, mortgage, security agreement, conditional
sale or other agreement covering such airframe), whereby such Person agrees that it will not acquire or claim any right, title or interest in, or Lien on, such Engine by reason of such Engine being installed on such airframe at any time while such
Engine is subject to the Lien of this Trust Indenture; 
 (v)    Install or permit any Permitted Lessee to install an
Engine on an airframe owned by Owner or such Permitted Lessee, leased to Owner or such Permitted Lessee, or purchased by Owner or such Permitted Lessee subject to a conditional sale or other security agreement under circumstances where neither
clause (iii) or (iv) above is applicable; provided, however, that any such installation shall be deemed an Event of Loss with respect to such Engine, and Owner shall comply with Section 4.04(e) hereof in respect thereof; 

(vi)    Transfer or permit any Permitted Lessee to transfer possession of the Aircraft, Airframe or any Engine to the
U.S. Government, in which event Owner shall promptly notify Mortgagee in writing of any such transfer of possession and, in the case of any transfer pursuant to CRAF, in such notification shall identify by name, address and telephone numbers the
Contracting Office Representative or Representatives for the Military Airlift Command of the United States Air Force to whom notices must be given and to whom requests or claims must be made to the extent applicable under CRAF; 

(vii)    Enter into a charter or Wet Lease or other similar arrangement with respect to the Aircraft or any other
aircraft on which any Engine may be installed (which shall not be considered a transfer of possession hereunder); provided that the Owner’s obligations hereunder shall continue in full force and effect notwithstanding any such
charter or Wet Lease or other similar arrangement; 

  
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 (viii)    So long as no Event of Default shall have occurred and be
continuing, and subject to the provisions of the immediately following paragraph, enter into a lease with respect to the Aircraft, Airframe or any Engine to any Permitted Air Carrier that is not then subject to any bankruptcy, insolvency,
liquidation, reorganization, dissolution or similar proceeding and shall not have substantially all of its property in the possession of any liquidator, trustee, receiver or similar person; provided that, in the case only of a lease to
a Permitted Foreign Air Carrier, (A) the United States maintains diplomatic relations with the country of domicile of such Permitted Foreign Air Carrier (or, in the case of Taiwan, diplomatic relations at least as good as those in effect on the
Closing Date) and (B) Owner shall have furnished Mortgagee a favorable opinion of counsel, reasonably satisfactory to Mortgagee, in the country of domicile of such Permitted Foreign Air Carrier, that (v) the terms of such lease are the
legal, valid and binding obligations of the parties thereto enforceable under the laws of such jurisdiction, (w) it is not necessary for Mortgagee to register or qualify to do business in such jurisdiction, if not already so registered or
qualified, as a result, in whole or in part, of the proposed lease, (x) Mortgagee’s Lien in respect of, the Aircraft, Airframe and Engines will be recognized in such jurisdiction, (y) the Laws of such jurisdiction of domicile require
fair compensation by the government of such jurisdiction, payable in a currency freely convertible into Dollars, for the loss of title to the Aircraft, Airframe or Engines in the event of the requisition by such government of such title (unless
Owner shall provide insurance in the amounts required with respect to hull insurance under this Trust Indenture covering the requisition of title to the Aircraft, Airframe or Engines by the government of such jurisdiction so long as the Aircraft,
Airframe or Engines are subject to such lease) and (z) the agreement of such Permitted Air Carrier that its rights under the lease are subject and subordinate to all the terms of this Trust Indenture is enforceable against such Permitted Air
Carrier under applicable law; 
 provided that (1) the rights of any transferee who receives possession by reason of a transfer permitted by any
of clauses (i) through (viii) of this Section 4.02(b) (other than by a transfer of an Engine which is deemed an Event of Loss) shall be subject and subordinate to all the terms of this Trust Indenture, (2) the Owner shall remain
primarily liable for the performance of all of the terms of this Trust Indenture and all the terms and conditions of this Trust Indenture and the other Operative Agreements shall remain in effect and (3) no lease or transfer of possession
otherwise in compliance with this Section 4.02(b) shall (x) result in any registration or re-registration of an Aircraft, except to the extent permitted by Section 4.02(e) or the maintenance,
operation or use thereof except in compliance with Sections 4.02(c) and 4.02(d) or (y) permit any action not permitted to the Owner hereunder. 

In the case of any lease permitted under this Section 4.02(b), the Owner will include in such lease appropriate provisions which
(t) make such lease expressly subject and subordinate to all of the terms of this Trust Indenture, including the rights of the Mortgagee to avoid such lease in the exercise of its rights to repossession of the Airframe and Engines hereunder;
(u) require the Permitted Lessee to comply with the terms of Section 4.06; and (v) require that the Airframe or any Engine subject thereto be used in accordance with the limitations applicable to the Owner’s possession and use
provided in this Trust Indenture. No lease permitted under this Section 4.02(b) shall be entered into unless (w) Owner shall provide written notice to Mortgagee (such notice in the event of a lease to a U.S. Air Carrier to be given
promptly after entering into any such lease or, in the case of a lease to any other Permitted Air Carrier, 10 days in advance of entering into such lease); (x) Owner shall furnish to Mortgagee 

  
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evidence reasonably satisfactory to Mortgagee that the insurance required by Section 4.06 remains in effect; (y) all necessary documents shall have been duly filed, registered or
recorded in such public offices as may be required fully to preserve the first priority security interest and International Interest (subject to Permitted Liens) of Mortgagee in the Aircraft, Airframe and Engines; and (z) Owner shall reimburse
Mortgagee for all of its reasonable out-of-pocket fees and expenses, including, without limitation, reasonable fees and disbursements of counsel, incurred by Mortgagee in connection with any such lease. Except
as otherwise provided herein and without in any way relieving the Owner from its primary obligation for the performance of its obligations under this Trust Indenture, the Owner may in its sole discretion permit a lessee to exercise any or all rights
which the Owner would be entitled to exercise under Sections 4.02 and 4.04, and may cause a lessee to perform any or all of the Owner’s obligations under Article IV, and the Mortgagee agrees to accept actual and full performance thereof by a
lessee in lieu of performance by the Owner. 
 Mortgagee hereby agrees, and each Note Holder and Related Note Holder by acceptance of an
Equipment Note and a Related Equipment Note, respectively, agrees, for the benefit of each lessor, conditional seller, indenture trustee or secured party of any engine leased to, or purchased by, Owner or any Permitted Lessee subject to a lease,
conditional sale, trust indenture or other security agreement that Mortgagee, each Note Holder and Related Note Holder and their respective successors and assigns will not acquire or claim, as against such lessor, conditional seller, indenture
trustee or secured party, any right, title or interest in any engine as the result of such engine being installed on the Airframe at any time while such engine is subject to such lease, conditional sale, trust indenture or other security agreement
and owned by such lessor or conditional seller or subject to a trust indenture or security interest in favor of such indenture trustee or secured party. 

(c)    Operation and Use. So long as the Aircraft, Airframe or any Engine is subject to the Lien of this Trust
Indenture, the Owner shall not operate, use or locate the Aircraft, Airframe or any Engine, or allow the Aircraft, Airframe or any Engine to be operated, used or located, (i) in any area excluded from coverage by any insurance required by the
terms of Section 4.06, except in the case of a requisition by the U.S. Government where the Owner obtains indemnity in lieu of such insurance from the U.S. Government, or insurance from the U.S. Government, against substantially the same risks
and for at least the amounts of the insurance required by Section 4.06 covering such area, or (ii) in any recognized area of hostilities unless covered in accordance with Section 4.06 by war risk insurance, or in either case unless
the Aircraft, the Airframe or any Engine is only temporarily operated, used or located in such area as a result of an emergency, equipment malfunction, navigational error, hijacking, weather condition or other similar unforeseen circumstance, so
long as Owner diligently and in good faith proceeds to remove the Aircraft from such area. So long as the Aircraft, the Airframe or any Engine is subject to the Lien of this Trust Indenture, the Owner shall not permit such Aircraft, Airframe or any
Engine, as the case may be, to be used, operated, maintained, serviced, repaired or overhauled (x) in violation of any Law binding on or applicable to such Aircraft, Airframe or Engine or (y) in violation of any airworthiness certificate,
license or registration of any Government Entity relating to the Aircraft, the Airframe or any Engine, except (i) immaterial or non-recurring violations with respect to which corrective measures are taken
promptly by Owner or Permitted Lessee, as the case may be, upon discovery thereof, or (ii) to the extent the validity 

  
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or application of any such Law or requirement relating to any such certificate, license or registration is being contested in good faith by Owner or Permitted Lessee in any reasonable manner
which does not involve any material risk of the sale, forfeiture or loss of the Aircraft, Airframe or any Engine, any material risk of criminal liability or material civil penalty against Mortgagee or impair the Mortgagee’s security interest or
International Interest in the Aircraft, Airframe or any Engine. 
 (d)    Maintenance and Repair. So long as the
Aircraft, Airframe or any Engine is subject to the Lien of this Trust Indenture, the Owner shall cause the Aircraft, Airframe and each Engine to be maintained, serviced, repaired and overhauled in accordance with (i) maintenance standards
required by or substantially equivalent to those required by the FAA, the EASA or the central aviation authority of Canada or Japan for the Aircraft, Airframe and Engines, so as to (A) keep the Aircraft, the Airframe and each Engine in as good
operating condition as on the Closing Date, ordinary wear and tear excepted, (B) keep the Aircraft in such operating condition as may be necessary to enable the applicable airworthiness certification of such Aircraft to be maintained under the
regulations of the FAA or other Aviation Authority then having jurisdiction over the operation of the Aircraft, except during (x) temporary periods of storage in accordance with applicable regulations, (y) maintenance and modification
permitted hereunder or (z) periods when the FAA or such other Aviation Authority has revoked or suspended the airworthiness certificates for Similar Aircraft; and (ii) except during periods when a Permitted Lease is in effect, the same
standards as Owner uses with respect to similar aircraft of similar size in its fleet operated by Owner in similar circumstances and, during any period in which a Permitted Lease is in effect, the same standards used by the Permitted Lessee with
respect to similar aircraft of similar size in its fleet and operated by the Permitted Lessee in similar circumstances (it being understood that this clause (ii) shall not limit Owner’s obligations under the preceding clause (i)). Owner
further agrees that the Aircraft, Airframe and Engines will be maintained, used, serviced, repaired, overhauled or inspected in compliance with applicable Laws with respect to the maintenance of the Aircraft and in compliance with each applicable
airworthiness certificate, license and registration relating to the Aircraft, Airframe or any Engine issued by the Aviation Authority, other than minor or nonrecurring violations with respect to which corrective measures are taken upon discovery
thereof and except to the extent Owner or Permitted Lessee is contesting in good faith the validity or application of any such Law or requirement relating to any such certificate, license or registration in any reasonable manner which does not
create a material risk of sale, loss or forfeiture of the Aircraft, the Airframe or any Engine or the interest of Mortgagee therein, or any material risk of criminal liability or material civil penalty against Mortgagee. The Owner shall maintain or
cause to be maintained the Aircraft Documents in the English language. 
 (e)    Registration. The Owner on or
prior to the date of the Closing shall cause the Aircraft to be duly registered in its name under the Act and except as otherwise permitted by this Section 4.02(e) at all times thereafter shall cause the Aircraft to remain so registered. So
long as no Special Default or Event of Default shall have occurred and be continuing, Owner may, by written notice to Mortgagee, request to change the country of registration of the Aircraft. Any such change in registration shall be effected only in
compliance with, and subject to all of the conditions set forth in, Section 6.4.5 of the Participation Agreement. Unless this Trust Indenture has been discharged, Owner shall also cause this Trust Indenture to be duly recorded

  
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and at all times maintained of record as a first-priority perfected mortgage (subject to Permitted Liens) on the Aircraft, the Airframe and each of the Engines (except to the extent such
perfection or priority cannot be maintained solely as a result of the failure by Mortgagee to execute and deliver any necessary documents). Unless the Lien of this Indenture has been discharged, Owner shall cause the International Interest granted
under this Indenture in favor of the Mortgagee in each Airframe and Engine to be registered on the International Registry as an International Interest on such Airframe and Engine, subject to the Mortgagee providing its consent to the International
Registry with respect thereto, and shall cause the sale to Owner of the Airframe and each Engine on the Delivery Date to be registered on the International Registry. 

(f)    Markings. If permitted by applicable Law, on or reasonably promptly after the Closing Date, Owner will
cause to be affixed to, and maintained in, the cockpit of the Airframe and on each Engine, in each case, in a clearly visible location, a placard of a reasonable size and shape bearing the legend: “Subject to a security interest in favor of
Wilmington Trust, National Association, not in its individual capacity but solely as Mortgagee.” Such placards may be removed temporarily, if necessary, in the course of maintenance of the Airframe or Engines. If any such placard is damaged or
becomes illegible, Owner shall promptly replace it with a placard complying with the requirements of this Section. 
 SECTION
4.03. Inspection 
 (a)    At all reasonable times, so long as the Aircraft is subject to the Lien of this
Trust Indenture, Mortgagee and its authorized representatives (the “Inspecting Parties”) may (not more than once every 12 months unless an Event of Default has occurred and is continuing then such inspection right shall not be so limited)
inspect the Aircraft, Airframe and Engines (including without limitation, the Aircraft Documents) and any such Inspecting Party may make copies of such Aircraft Documents not reasonably deemed confidential by Owner or such Permitted Lessee. 

(b)    Any inspection of the Aircraft hereunder shall be limited to a visual, walk-around inspection and shall not
include the opening of any panels, bays or other components of the Aircraft, and no such inspection shall interfere with Owner’s or any Permitted Lessee’s maintenance and operation of the Aircraft, Airframe and Engines. 

(c)    With respect to such rights of inspection, Mortgagee shall not have any duty or liability to make, or any duty or
liability by reason of not making, any such visit, inspection or survey. 
 (d)    Each Inspecting Party shall bear its
own expenses in connection with any such inspection (including the cost of any copies made in accordance with Section 4.03(a)). 

SECTION 4.04. Replacement and Pooling of Parts, Alterations, Modifications and Additions; Substitution Rights 

(a)    Replacement of Parts. Except as otherwise provided herein, so long as the Airframe or Engine is subject to
the Lien of this Indenture, Owner, at its own cost 

  
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and expense, will, or will cause a Permitted Lessee to, at its own cost and expense, promptly replace (or cause to be replaced) all Parts which may from time to time be incorporated or installed
in or attached to the Aircraft, Airframe or any Engine and which may from time to time become worn out, lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use for any reason whatsoever. In addition,
Owner may, at its own cost and expense, or may permit a Permitted Lessee at its own cost and expense to, remove (or cause to be removed) in the ordinary course of maintenance, service, repair, overhaul or testing any Parts, whether or not worn out,
lost, stolen, destroyed, seized, confiscated, damaged beyond repair or permanently rendered unfit for use; provided, however, that Owner, except as otherwise provided herein, at its own cost and expense, will, or will cause a Permitted
Lessee at its own cost and expense to, replace such Parts as promptly as practicable. All replacement parts shall be free and clear of all Liens, except for Permitted Liens and pooling arrangements to the extent permitted by Section 4.04(c)
below (and except in the case of replacement property temporarily installed on an emergency basis) and shall be in good operating condition and have a value and utility not less than the value and utility of the Parts replaced (assuming such
replaced Parts were in the condition required hereunder). 
 (b)    Parts. Except as otherwise provided herein,
any Part at any time removed from the Airframe or any Engine shall remain subject to the Lien of this Trust Indenture, no matter where located, until such time as such Part shall be replaced by a part that has been incorporated or installed in or
attached to such Airframe or any Engine and that meets the requirements for replacement parts specified above. Immediately upon any replacement part becoming incorporated or installed in or attached to such Airframe or any Engine as provided in
Section 4.04(a), without further act, (i) the replaced Part shall thereupon be free and clear of all rights of the Mortgagee and shall no longer be deemed a Part hereunder, and (ii) such replacement part shall become a Part subject to
this Trust Indenture and be deemed part of such Airframe or any Engine, as the case may be, for all purposes hereof to the same extent as the Parts originally incorporated or installed in or attached to such Airframe or any Engine. 

(c)    Pooling of Parts. Any Part removed from the Aircraft, Airframe or an Engine may be subjected by the Owner
or a Permitted Lessee to a normal pooling arrangement customary in the airline industry and entered into in the ordinary course of business of Owner or Permitted Lessee, provided that the part replacing such removed Part shall be incorporated or
installed in or attached to such Airframe or any Engine in accordance with Sections 4.04(a) and 4.04(b) as promptly as practicable after the removal of such removed Part. In addition, any replacement part when incorporated or installed in or
attached to the Airframe or any Engine may be owned by any third party, subject to a normal pooling arrangement, so long as the Owner or a Permitted Lessee, at its own cost and expense, as promptly thereafter as reasonably possible, either
(i) causes such replacement part to become subject to the Lien of this Trust Indenture, free and clear of all Liens except Permitted Liens, at which time such replacement part shall become a Part or (ii) replaces (or causes to be replaced)
such replacement part by incorporating or installing in or attaching to the Aircraft, Airframe or any Engine a further replacement part owned by the Owner free and clear of all Liens except Permitted Liens and which shall become subject to the Lien
of this Trust Indenture in accordance with Section 4.04(b). 

  
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 (d)    Alterations, Modifications and Additions. The Owner shall, or
shall cause a Permitted Lessee to, make (or cause to be made) alterations and modifications in and additions to the Aircraft, Airframe and each Engine as may be required to be made from time to time to meet the applicable standards of the FAA or
other Aviation Authority having jurisdiction over the operation of the Aircraft, to the extent made mandatory in respect of the Aircraft (a “Mandatory Modification”); provided however, that the Owner or a Permitted Lessee
may, in good faith and by appropriate procedure, contest the validity or application of any law, rule, regulation or order in any reasonable manner which does not materially adversely affect Mortgagee’s interest in the Aircraft, does not impair
the Mortgagee’s security interest or International Interest in the Aircraft and does not involve any material risk of sale, forfeiture or loss of the Aircraft or the interest of Mortgagee therein, or any material risk of material civil penalty
or any material risk of criminal liability being imposed on Mortgagee or the holder of any Equipment Note. In addition, the Owner, at its own expense, may, or may permit a Permitted Lessee at its own cost and expense to, from time to time make or
cause to be made such alterations and modifications in and additions to the Airframe or any Engine (each an “Optional Modification”) as the Owner or such Permitted Lessee may deem desirable in the proper conduct of its business including,
without limitation, removal of Parts which Owner deems are obsolete or no longer suitable or appropriate for use in the Aircraft, Airframe or such Engine; provided, however, that no such Optional Modification shall (i) materially
diminish the fair market value, utility, or useful life of the Aircraft or any Engine below its fair market value, utility or useful life immediately prior to such Optional Modification (assuming the Aircraft or such Engine was in the condition
required by this Trust Indenture immediately prior to such Optional Modification) or (ii) cause the Aircraft to cease to have the applicable standard certificate of airworthiness except that such certificate of airworthiness temporarily may be
replaced by an experimental certificate during the process of implementing and testing such Optional Modification and securing related FAA re-certification of the Aircraft. All Parts incorporated or
installed in or attached to any Airframe or any Engine as the result of any alteration, modification or addition effected by the Owner shall be free and clear of any Liens except Permitted Liens and become subject to the Lien of this Trust
Indenture; provided that the Owner or any Permitted Lessee may, at any time so long as the Airframe or any Engine is subject to the Lien of this Trust Indenture, remove any such Part (such Part being referred to herein as a “Removable
Part”) from such Airframe or an Engine if (i) such Part is in addition to, and not in replacement of or in substitution for, any Part originally incorporated or installed in or attached to such Airframe or any Engine at the time of
delivery thereof hereunder or any Part in replacement of, or in substitution for, any such original Part, (ii) such Part is not required to be incorporated or installed in or attached or added to such Airframe or any Engine pursuant to the
terms of Section 4.02(d) or the first sentence of this Section 4.04(d) and (iii) such Part can be removed from such Airframe or any Engine without materially diminishing the fair market value, utility or remaining useful life which
such Airframe or any Engine would have had at the time of removal had such removal not been effected by the Owner, assuming the Aircraft was otherwise maintained in the condition required by this Trust Indenture and such Removable Part had not been
incorporated or installed in or attached to the Aircraft, Airframe or such Engine. Upon the removal by the Owner of any such Part as above provided in this Section 4.04(d), title thereto shall, without further act, be free and clear of all
rights of the Mortgagee and such Part shall no longer be deemed a Part hereunder. Removable Parts may be leased from or financed by third parties other than Mortgagee. 

  
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 (e)    Substitution of Engines. Upon the occurrence of an Event of
Loss with respect to an Engine under circumstances in which an Event of Loss with respect to the Airframe has not occurred, Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event
of Loss. The Owner shall have the right at its option at any time, on at least 5 Business Days’ prior notice to the Mortgagee, to substitute, and if an Event of Loss shall have occurred with respect to an Engine under circumstances in which an
Event of Loss with respect to the Airframe has not occurred, shall within 60 days of the occurrence of such Event of Loss substitute, a Replacement Engine for any Engine. In such event, immediately upon the effectiveness of such substitution and
without further act, (i) the replaced Engine shall thereupon be free and clear of all rights of the Mortgagee and the Lien of this Trust Indenture and shall no longer be deemed an Engine hereunder and (ii) such Replacement Engine shall
become subject to this Trust Indenture and be deemed part of the Aircraft for all purposes hereof to the same extent as the replaced Engine. Such Replacement Engine shall be an engine manufactured by Engine Manufacturer that is the same model as the
Engine to be replaced thereby, or an improved model, and that is suitable for installation and use on the Airframe, and that has a value, utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal
to the Engine to be replaced thereby (assuming that such Engine had been maintained in accordance with this Trust Indenture). The Owner’s right to make a replacement hereunder shall be subject to the fulfillment (which may be simultaneous with
such replacement) of the following conditions precedent at the Owner’s sole cost and expense, and the Mortgagee agrees to cooperate with the Owner to the extent necessary to enable it to timely satisfy such conditions: 

(i)    an executed counterpart of each of the following documents shall be delivered to the Mortgagee: 

(A)    a Trust Indenture Supplement covering the Replacement Engine, which shall have been duly filed for
recordation pursuant to the Act or such other applicable law of the jurisdiction other than the United States in which the Aircraft of which such Engine is a part is registered in accordance with Section 4.02(e), as the case may be; 

(B)    a full warranty bill of sale (as to title), covering the Replacement Engine, executed by the former
owner thereof in favor of the Owner (or, at the Owner’s option, other evidence of the Owner’s ownership of such Replacement Engine, reasonably satisfactory to the Mortgagee); and 

(C)    UCC financing statements covering the security interests created by this Trust Indenture (or any
similar statements or other documents required to be filed or delivered pursuant to the laws of the jurisdiction in which such Aircraft may be registered) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security
interests of the Mortgagee in the Replacement Engine; 
 (ii)    the Owner shall cause to be delivered to the Mortgagee
an opinion of counsel to the effect that the Lien of this Trust Indenture continues to be in full force and effect with respect to the Replacement Engine and such evidence of compliance with the insurance provisions of Section 4.06 with respect
to such Replacement Engine as Mortgagee shall reasonably request; 

  
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 (iii)    the Owner shall have furnished to Mortgagee an opinion of
Owner’s aviation law counsel reasonably satisfactory to Mortgagee and addressed to Mortgagee as to the due filing for recordation of the Trust Indenture Supplement with respect to such Replacement Engine under the Act or such other applicable
law of the jurisdiction other than the United States in which the Aircraft is registered in accordance with Section 4.02(e), as the case may be, and the registration (which Owner shall have caused to be effected) with the International Registry
of the sale to Owner of such Replacement Engine (if occurring after February 28, 2006) and the International Interest granted under such Trust Indenture Supplement with respect to such Replacement Engine; and 

(iv)    the Owner shall have furnished to Mortgagee a certificate of a qualified aircraft engineer (who may be an
employee of Owner) certifying that such Replacement Engine has a value and utility and remaining useful life (without regard to hours and cycles remaining until overhaul) at least equal to the Engine so replaced (assuming that such Engine had been
maintained in accordance with this Trust Indenture). 
 Upon satisfaction of all conditions to such substitution, (x) the Mortgagee shall execute and
deliver to the Owner such documents and instruments, prepared at the Owner’s expense, as the Owner shall reasonably request to evidence the release of such replaced Engine from the Lien of this Trust Indenture, (y) the Mortgagee shall
assign to the Owner all claims it may have against any other Person relating to any Event of Loss giving rise to such substitution and (z) the Owner shall receive all insurance proceeds (other than those reserved to others under
Section 4.06(b)) and proceeds in respect of any Event of Loss giving rise to such replacement to the extent not previously applied to the purchase price of the Replacement Engine as provided in Section 4.05(d). 

SECTION 4.05. Loss, Destruction or Requisition 

(a)    Event of Loss With Respect to the Airframe. Upon the occurrence of an Event of Loss with respect to the
Airframe, the Owner shall promptly (and in any event within 15 days after such occurrence) give the Mortgagee written notice of such Event of Loss. The Owner shall, within 45 days after such occurrence, give the Mortgagee written notice of
Owner’s election to either replace the Airframe as provided under Section 4.05(a)(i) or to make payment in respect of such Event of Loss as provided under Section 4.05(a)(ii) (it being agreed that if Owner shall not have given the
Mortgagee such notice of such election within the above specified time period, the Owner shall be deemed to have elected to make payment in respect of such Event of Loss as provided under Section 4.05(a)(ii)): 

(i)    if Owner elects to replace the Airframe, Owner shall, subject to the satisfaction of the conditions contained in
Section 4.05(c), as promptly as possible and in any event within 120 days after the occurrence of such Event of Loss, cause to be subjected to the Lien of this Trust Indenture, in replacement of the Airframe with respect to which the Event of
Loss occurred, a Replacement Airframe and, if any Engine shall have been installed on the Airframe when it suffered the Event of Loss, a Replacement Engine therefor, 

  
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such Replacement Airframe and Replacement Engines to be free and clear of all Liens except Permitted Liens and to have a value, utility and remaining useful life (without regard to hours or
cycles remaining until the next regular maintenance check) at least equal to the Airframe or Engine, as the case may be, to be replaced thereby (assuming that such Airframe or Engine had been maintained in accordance with this Trust Indenture);
provided that if the Owner shall not perform its obligation to effect such replacement under this clause (i) during the 120-day period of time provided herein, it shall pay the amounts
required to be paid pursuant to and within the time frame specified in clause (ii) below; or 
 (ii)    if Owner
elects to make a payment in respect of such Event of Loss of the Airframe, Owner shall make a payment to the Mortgagee for purposes of redeeming Equipment Notes in accordance with Section 2.10 hereof on a date on or before the Business Day next
following the earlier of (x) the 120th day following the date of the occurrence of such Event of Loss, and (y) the fourth Business Day following the receipt of insurance proceeds with respect to such Event of Loss (but in any event not
earlier than the date of Owner’s election under Section 4.05(a) to make payment under this Section 4.05 (a)(ii)); and upon such payment and payment of all other Secured Obligations then due and payable, the Mortgagee shall, at the
cost and expense of the Owner, release from the Lien of this Trust Indenture the Airframe and the Engines, by executing and delivering to the Owner all documents and instruments as the Owner may reasonably request to evidence such release. 

(b)    Effect of Replacement. Should the Owner have provided a Replacement Airframe and Replacement Engines, if
any, as provided for in Section 4.05(a)(i), (i) the Lien of this Trust Indenture shall continue with respect to such Replacement Airframe and Replacement Engines, if any, as though no Event of Loss had occurred; (ii) the Mortgagee
shall, at the cost and expense of the Owner, release from the Lien of this Trust Indenture the replaced Airframe and Engines, if any, by executing and delivering to the Owner such documents and instruments as the Owner may reasonably request to
evidence such release; and (iii) in the case of a replacement upon an Event of Loss, the Mortgagee shall assign to the Owner all claims the Mortgagee may have against any other Person arising from the Event of Loss and the Owner shall receive
all insurance proceeds (other than those reserved to others under Section 4.06(b)) and proceeds from any award in respect of condemnation, confiscation, seizure or requisition, including any investment interest thereon, to the extent not
previously applied to the purchase price of the Replacement Airframe and Replacement Engines, if any, as provided in Section 4.05(d). 

(c)    Conditions to Airframe and Engine Replacement. The Owner’s right to substitute a Replacement Airframe
and Replacement Engines, if any, as provided in Section 4.05(a)(i) shall be subject to the fulfillment, at the Owner’s sole cost and expense, in addition to the conditions contained in such Section 4.05(a)(i), of the following
conditions precedent: 
 (i)    on the date when the Replacement Airframe and Replacement Engines, if any, is subjected
to the Lien of this Trust Indenture (such date being referred to in this Section 4.05 as the “Replacement Closing Date”), an executed counterpart of 

  
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each of the following documents (or, in the case of the FAA Bill of Sale and full warranty bill of sale referred to below, a photocopy thereof) shall have been delivered to the Mortgagee: 

(A)    a Trust Indenture Supplement covering the Replacement Airframe and Replacement Engines, if any,
which shall have been duly filed for recordation pursuant to the Act or such other applicable law of such jurisdiction other than the United States in which the Replacement Airframe and Replacement Engines, if any, are to be registered in accordance
with Section 4.02(e), as the case may be; 
 (B)    an FAA Bill of Sale (or a comparable document,
if any, of another Aviation Authority, if applicable) covering the Replacement Airframe, executed by the former owner thereof in favor of the Owner; 

(C)    a full warranty (as to title) bill of sale, covering the Replacement Airframe and Replacement
Engines, if any, executed by the former owner thereof in favor of the Owner (or, at the Owner’s option, other evidence of the Owner’s ownership of such Replacement Airframe and Replacement Engines, if any, reasonably satisfactory to the
Mortgagee); and 
 (D)    UCC financing statements (or any similar statements or other documents required
to be filed or delivered pursuant to the laws of the jurisdiction in which the Replacement Airframe may be registered in accordance with Section 4.02(e)) as are deemed necessary or desirable by counsel for the Mortgagee to protect the security
interests of the Mortgagee in the Replacement Airframe and Replacement Engines, if any; 
 (ii)    the Replacement
Airframe and Replacement Engines, if any, shall be of the same model as the Airframe or Engines, as the case may be, or an improved model of such aircraft or engines of the manufacturer thereof, shall have a value and utility (without regard to
hours or cycles remaining until the next regular maintenance check) at least equal to, and be in as good operating condition and repair as, the Airframe and any Engines replaced (assuming such Airframe and Engines had been maintained in accordance
with this Trust Indenture); 
 (iii)    the Mortgagee (acting directly or by authorization to its special counsel)
shall have received satisfactory evidence as to the compliance with Section 4.06 with respect to the Replacement Airframe and Replacement Engines, if any; 

(iv)    on the Replacement Closing Date, (A) the Owner shall cause the Replacement Airframe and Replacement Engines,
if any, to be subject to the Lien of this Trust Indenture free and clear of Liens (other than Permitted Liens), (B) the Replacement Airframe shall have been duly certified by the FAA as to type and airworthiness in accordance with the terms of this
Trust Indenture, (C) application for registration of the Replacement Airframe in accordance with Section 4.02(e) shall have been duly made with the FAA or other applicable Aviation Authority and the Owner shall have authority to operate
the Replacement Airframe and (D) the Owner shall have caused the sale of such Replacement Airframe and Replacement Engine(s), if any, to the Owner (if occurring after February 28, 2006) and the

  
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International Interest granted under the Trust Indenture Supplement in favor of the Mortgagee with respect to such Replacement Airframe and Replacement Engine(s), if any, each to be registered on
the International Registry as a sale or an International Interest, respectively; 
 (v)    the Mortgagee, at the
expense of the Owner, shall have received (acting directly or by authorization to its special counsel) (A) an opinion of counsel, addressed to the Mortgagee, to the effect that the Replacement Airframe and Replacement Engine, if any, has or
have duly been made subject to the Lien of this Trust Indenture, and Mortgagee will be entitled to the benefits of Section 1110 with respect to the Replacement Airframe, provided that such opinion with respect to Section 1110 need not be
delivered to the extent that immediately prior to such replacement the benefits of Section 1110 were not, solely by reason of a change in law or court interpretation thereof, available to Mortgagee, and (B) an opinion of Owner’s
aviation law counsel reasonably satisfactory to and addressed to Mortgagee as to the due registration of any such Replacement Airframe and the due filing for recordation of each Trust Indenture Supplement with respect to such Replacement Airframe or
Replacement Engine under the Act or such other applicable law of the jurisdiction other than the United States in which the Replacement Airframe is to be registered in accordance with Section 4.02(e), as the case may be, and the
registration with the International Registry of the sale of such Replacement Airframe and Replacement Engine(s), if any, to the Owner (if occurring after February 28, 2006) and of the International Interest granted under the Trust Indenture
Supplement with respect to such Replacement Aircraft and Replacement Engine(s), if any; and 
 (vi)    the Owner shall
have furnished to the Mortgagee a certificate of a qualified aircraft engineer (who may be an employee of Owner) certifying that the Replacement Airframe and Replacement Engines, if any, have a value and utility and remaining useful life (without
regard to hours and cycles remaining until overhaul) at least equal to the Airframe and any Engines so replaced (assuming that such Airframe and Engines had been maintained in accordance with this Trust Indenture). 

(d)    Non-Insurance Payments Received on Account of an Event of Loss. Any
amounts, other than insurance proceeds in respect of damage or loss not constituting an Event of Loss (the application of which is provided for in Annex B), received at any time by Mortgagee or Owner from any Government Entity or any other
Person in respect of any Event of Loss will be applied as follows: 
 (i)    If such amounts are received
with respect to the Airframe, and any Engine installed thereon at the time of such Event of Loss, upon compliance by Owner with the applicable terms of Section 4.05(c) with respect to the Event of Loss for which such amounts are received, such
amounts shall be paid over to, or retained by, Owner; 
 (ii)    If such amounts are received with
respect to an Engine (other than an Engine installed on the Airframe at the time such Airframe suffers an Event of Loss), upon compliance by Owner with the applicable terms of Section 4.04(e) with respect to the Event of Loss for which such
amounts are received, such amounts shall be paid over to, or retained by, Owner; 

  
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 (iii)    If such amounts are received, in whole or in part,
with respect to the Airframe, and Owner makes, has made or is deemed to have made the election set forth in Section 4.05(a)(ii), such amounts shall be applied as follows: 

first, if the sum described in Section 4.05(a)(ii) has not then been paid in full by Owner, such amounts shall be
paid to Mortgagee to the extent necessary to pay in full such sum; and 
 second, the remainder, if any, shall be paid
to Owner. 
 (e)    Requisition for Use. In the event of a requisition for use by any Government Entity of the
Airframe and the Engines, if any, or engines installed on such Airframe while such Airframe is subject to the Lien of this Trust Indenture, the Owner shall promptly notify the Mortgagee of such requisition and all of the Owner’s obligations
under this Trust Indenture shall continue to the same extent as if such requisition had not occurred except to the extent that the performance or observance of any obligation by the Owner shall have been prevented or delayed by such requisition;
provided that the Owner’s obligations under this Section 4.05 with respect to the occurrence of an Event of Loss for the payment of money and under Section 4.06 (except while an assumption of liability by the U.S.
Government of the scope referred to in Section 4.02(c) is in effect) shall not be reduced or delayed by such requisition. Any payments received by the Mortgagee or the Owner or Permitted Lessee from such Government Entity with respect to such
requisition of use shall be paid over to, or retained by, the Owner. In the event of an Event of Loss of an Engine resulting from the requisition for use by a Government Entity of such Engine (but not the Airframe), the Owner will replace such
Engine hereunder by complying with the terms of Section 4.04(e) and any payments received by the Mortgagee or the Owner from such Government Entity with respect to such requisition shall be paid over to, or retained by, the Owner. 

(f)    Certain Payments to be Held As Security. Any amount referred to in this Section 4.05 or
Section 4.06 which is payable or creditable to, or retainable by, the Owner shall not be paid or credited to, or retained by the Owner if at the time of such payment, credit or retention a Special Default or an Event of Default shall have
occurred and be continuing, but shall be paid to and held by the Mortgagee as security for the obligations of the Owner under this Trust Indenture and the Operative Agreements, and at such time as there shall not be continuing any such Special
Default or Event of Default such amount and any gain realized as a result of investments required to be made pursuant to Section 6.06 shall to the extent not theretofore applied as provided herein, be paid over to the Owner. 

SECTION 4.06. Insurance 

(a)    Owner’s Obligation to Insure. Owner shall comply with, or cause to be complied with, each of the
provisions of Annex B, which provisions are hereby incorporated by this reference as if set forth in full herein. 

(b)    Insurance for Own Account. Nothing in Section 4.06 shall limit or prohibit (a) Owner from
maintaining the policies of insurance required under Annex B with higher limits than those specified in Annex B, or (b) Mortgagee from obtaining insurance for its 

  
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own account (and any proceeds payable under such separate insurance shall be payable as provided in the policy relating thereto); provided, however, that no insurance may be
obtained or maintained that would limit or otherwise adversely affect the coverage of any insurance required to be obtained or maintained by Owner pursuant to this Section 4.06 and Annex B. 

(c)    Indemnification by Government in Lieu of Insurance. Mortgagee agrees to accept, in lieu of insurance
against any risk with respect to the Aircraft described in Annex B, indemnification from, or insurance provided by, the U.S. Government, or upon the written consent of Mortgagee, other Government Entity, against such risk in an amount that, when
added to the amount of insurance (including permitted self-insurance), if any, against such risk that Owner (or any Permitted Lessee) may continue to maintain, in accordance with this Section 4.06, during the period of such requisition or
transfer, shall be at least equal to the amount of insurance against such risk otherwise required by this Section 4.06; provided that the provisions of Section D of Annex B shall not apply to an indemnity or insurance provided by the
U.S. Government in lieu of insurance required by Section C of Annex B, except to the extent the U.S. Government makes such provisions generally available to covered airlines. 

(d)    Application of Insurance Proceeds. As between Owner and Mortgagee, all insurance proceeds received as a
result of the occurrence of an Event of Loss with respect to the Aircraft or any Engine under policies required to be maintained by Owner pursuant to this Section 4.06 will be applied in accordance with Section 4.05(d). All proceeds of
insurance required to be maintained by Owner, in accordance with Section 4.06 and Section B of Annex B, in respect of any property damage or loss not constituting an Event of Loss with respect to the Aircraft, Airframe or any Engine
will be applied in payment (or to reimburse Owner) for repairs or for replacement property, and any balance remaining after such repairs or replacement with respect to such damage or loss shall be paid over to, or retained by, Owner. 

SECTION 4.07. Merger of Owner 

(a)    In General. Owner shall not consolidate with or merge into any other person under circumstances in which
Owner is not the surviving corporation, or convey, transfer or lease in one or more transactions all or substantially all of its assets to any other person, unless: 

(i)    such person is organized, existing and in good standing under the Laws of the United States, any State of the
United States or the District of Columbia and, upon consummation of such transaction, such person will be a U.S. Air Carrier; 

(ii)    such person executes and delivers to Mortgagee a duly authorized, legal, valid, binding and enforceable
agreement, reasonably satisfactory in form and substance to Mortgagee, containing an effective assumption by such person of the due and punctual performance and observance of each covenant, agreement and condition in the Operative Agreements to be
performed or observed by Owner; 
 (iii)    if the Aircraft is, at the time, registered with the FAA, such person makes
such filings and recordings with the FAA pursuant to the Act or if the Aircraft is, at the time, not registered with FAA, such person makes such filings and recordings with the applicable Aviation Authority as shall be necessary to evidence such
consolidation or merger; 

  
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 (iv)    such person makes such registrations with the International Registry
as shall be permitted to evidence such consolidation or merger; and 
 (v)    immediately after giving effect to such
consolidation or merger no Event of Default shall have occurred and be continuing. 
 (b)    Effect of Merger.
Upon any such consolidation or merger of Owner with or into, or the conveyance, transfer or lease by Owner of all or substantially all of its assets to, any Person in accordance with this Section 4.07, such Person will succeed to, and be
substituted for, and may exercise every right and power of, Owner under the Operative Agreements with the same effect as if such person had been named as “Owner” therein. No such consolidation or merger, or conveyance, transfer or lease,
shall have the effect of releasing Owner or such Person from any of the obligations, liabilities, covenants or undertakings of Owner under this Trust Indenture. 

ARTICLE V 
 EVENTS OF
DEFAULT; REMEDIES OF MORTGAGEE 
 SECTION 5.01. Event of Default 

“Event of Default” means any of the following events (whatever the reason for such Event of Default and whether such event shall be
voluntary or involuntary or come about or be effected by operation of Law or pursuant to or in compliance with any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(i)    the failure of the Owner to pay (i) principal of, interest on or Make-Whole Amount, if any, under any
Equipment Note when due, and such failure shall continue unremedied for a period of 10 Business Days, or (ii) any other amount payable by it to the Note Holders under this Trust Indenture or the Participation Agreement when due, and such
failure shall continue for a period in excess of 10 Business Days after Owner has received written notice from Mortgagee of the failure to make such payment when due; 

(ii)    Owner shall fail to carry and maintain, or cause to be carried and maintained, insurance on and in respect of the
Aircraft, Airframe and Engines in accordance with the provisions of Section 4.06; 
 (iii)    Owner shall fail to
observe or perform (or caused to be observed and performed) in any material respect any other covenant, agreement or obligation set forth herein or in any other Operative Agreement to which Owner is a party and such failure shall continue unremedied
for a period of 30 days from and after the date of written notice thereof to Owner from Mortgagee, unless such failure is capable of being corrected and Owner shall be diligently proceeding to correct such failure, in which case there shall be no
Event of Default unless and until such failure shall continue unremedied for a period of 270 days after receipt of such notice; 

  
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 (iv)    any representation or warranty made by Owner herein, in the
Participation Agreement or in any other Operative Agreement to which Owner is a party (a) shall prove to have been untrue or inaccurate in any material respect as of the date made, (b) such untrue or inaccurate representation or warranty
is material at the time in question, (c) and the same shall remain uncured (to the extent of the adverse impact of such incorrectness on the interest of the Mortgagee) for a period in excess of 30 days from and after the date of written notice
thereof from Mortgagee to Owner; 
 (v)    the Owner shall consent to the appointment of or taking possession by a
receiver, trustee or liquidator of itself or of a substantial part of its property, or the Owner shall admit in writing its inability to pay its debts generally as they come due or shall make a general assignment for the benefit of its creditors, or
the Owner shall file a voluntary petition in bankruptcy or a voluntary petition or an answer seeking reorganization, liquidation or other relief under any bankruptcy laws or insolvency laws (as in effect at such time), or an answer admitting the
material allegations of a petition filed against it in any such case, or the Owner shall seek relief by voluntary petition, answer or consent, under the provisions of any other bankruptcy or similar law providing for the reorganization or winding-up of corporations (as in effect at such time), or the Owner shall seek an agreement, composition, extension or adjustment with its creditors under such laws or the Owner’s board of directors shall
adopt a resolution authorizing corporate action in furtherance of any of the foregoing; 
 (vi)    an order, judgment
or decree shall be entered by any court of competent jurisdiction appointing, without the consent of the Owner, a receiver, trustee or liquidator of the Owner or of any substantial part of its property, or any substantial part of the property of the
Owner shall be sequestered, or granting any other relief in respect of the Owner as a debtor under any bankruptcy laws or other insolvency laws (as in effect at such time), and any such order, judgment, decree, or decree of appointment or
sequestration shall remain in force undismissed, unstayed or unvacated for a period of 90 days after the date of entry thereof; 

(vii)    a petition against the Owner in a proceeding under any bankruptcy laws or other insolvency laws (as in effect at
such time) is filed and not withdrawn or dismissed within 90 days thereafter, or if, under the provisions of any law providing for reorganization or winding-up of corporations which may apply to the Owner, any
court of competent jurisdiction shall assume jurisdiction, custody or control of the Owner of any substantial part of its property and such jurisdiction, custody or control shall remain in force unrelinquished, unstayed or unterminated for a period
of 90 days; or 
 (viii)    the occurrence of a Related Indenture Event of Default. 

SECTION 5.02. Remedies 

(a)    If an Event of Default shall have occurred and be continuing and so long as the same shall continue unremedied,
then and in every such case the Mortgagee may exercise any or all of the rights and powers and pursue any and all of the remedies pursuant to this Article V and shall have and may exercise all of the rights and remedies of a secured party under the
Uniform Commercial Code or of a chargee under the Cape Town Treaty and may take possession of all or any part of the properties covered or intended to be covered by the Lien 

  
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created hereby or pursuant hereto and may exclude the Owner and all persons claiming under it wholly or partly therefrom; provided, that the Mortgagee shall give the Owner twenty
days’ prior written notice of its intention to sell the Aircraft. Without limiting any of the foregoing, it is understood and agreed that the Mortgagee may exercise any right of sale of the Aircraft available to it, even though it shall not
have taken possession of the Aircraft and shall not have possession thereof at the time of such sale. 
 (b)    If an
Event of Default shall have occurred and be continuing, then and in every such case the Mortgagee may (and shall, upon receipt of a written demand therefor from a Majority in Interest of Note Holders), at any time, by delivery of written notice or
notices to the Owner, declare all the Equipment Notes to be due and payable, whereupon the unpaid Original Amount of all Equipment Notes then outstanding, together with accrued but unpaid interest thereon (without Make-Whole Amount) and other
amounts due thereunder or otherwise payable hereunder, shall immediately become due and payable without presentment, demand, protest or notice, all of which are hereby waived; provided that if an Event of Default referred to in clause (v), (vi) or
(vii) of Section 5.01 hereof shall have occurred, then and in every such case the unpaid Original Amount then outstanding, together with accrued but unpaid interest (without Make-Whole Amount) and all other amounts due hereunder and under
the Equipment Notes shall immediately and without further act become due and payable without presentment, demand, protest or notice, all of which are hereby waived. 

This Section 5.02(b), however, is subject to the condition that, if at any time after the Original Amount of the Equipment Notes shall
have become so due and payable, and before any judgment or decree for the payment of the money so due, or any thereof, shall be entered, all overdue payments of interest upon the Equipment Notes and all other amounts payable hereunder or under the
Equipment Notes (except the Original Amount of the Equipment Notes and any Make-Whole Amount which by such declaration shall have become payable) shall have been duly paid, and every other Default and Event of Default with respect to any covenant or
provision of this Trust Indenture shall have been cured, then and in every such case a Majority in Interest of Note Holders may (but shall not be obligated to), by written instrument filed with the Mortgagee, rescind and annul the Mortgagee’s
declaration (or such automatic acceleration) and its consequences; but no such rescission or annulment shall extend to or affect any subsequent Default or Event of Default or impair any right consequent thereon. 

(c)    The Note Holders shall be entitled, at any sale pursuant to this Section 5.02, to credit against any purchase
price bid at such sale by such holder all or any part of the unpaid obligations owing to such Note Holder and secured by the Lien of this Trust Indenture (only to the extent that such purchase price would have been paid to such Note Holder pursuant
to Article III hereof if such purchase price were paid in cash and the foregoing provisions of this subsection (c) were not given effect). 

(d)    In the event of any sale of the Collateral, or any part thereof, pursuant to any judgment or decree of any court
or otherwise in connection with the enforcement of any of the terms of this Trust Indenture, the unpaid Original Amount of all Equipment Notes then outstanding, together with accrued interest thereon (without Make-Whole Amount), and other amounts
due thereunder, shall immediately become due and payable without presentment, demand, protest or notice, all of which are hereby waived. 

  
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 (e)    Notwithstanding anything contained herein, so long as the Pass
Through Trustee under any Pass Through Trust Agreement (or its designee) is a Note Holder, the Mortgagee will not be authorized or empowered to acquire title to any Collateral or take any action with respect to any Collateral so acquired by it if
such acquisition or action would cause any Trust to fail to qualify as a “grantor trust” for federal income tax purposes. 

SECTION 5.03. Return of Aircraft, Etc. 

(a)    If an Event of Default shall have occurred and be continuing and the Equipment Notes have been accelerated, at the
request of the Mortgagee, the Owner shall promptly execute and deliver to the Mortgagee such instruments of title and other documents as the Mortgagee may deem necessary or advisable to enable the Mortgagee or an agent or representative designated
by the Mortgagee, at such time or times and place or places as the Mortgagee may specify, to obtain possession of all or any part of the Collateral to which the Mortgagee shall at the time be entitled hereunder. If the Owner shall for any reason
fail to execute and deliver such instruments and documents after such request by the Mortgagee, the Mortgagee may (i) obtain a judgment conferring on the Mortgagee the right to immediate possession and requiring the Owner to execute and deliver
such instruments and documents to the Mortgagee, to the entry of which judgment the Owner hereby specifically consents to the fullest extent permitted by Law, and (ii) pursue all or part of such Collateral wherever it may be found and may enter
any of the premises of Owner wherever such Collateral may be or be supposed to be and search for such Collateral and take possession of and remove such Collateral. All expenses of obtaining such judgment or of pursuing, searching for and taking such
property shall, until paid, be secured by the Lien of this Trust Indenture. 
 (b)    Upon every such taking of
possession, the Mortgagee may, from time to time, at the expense of the Collateral, make all such expenditures for maintenance, use, operation, storage, insurance, leasing, control, management, disposition, modifications or alterations to and of the
Collateral, as it may deem proper. In each such case, the Mortgagee shall have the right to maintain, use, operate, store, insure, lease, control, manage, dispose of, modify or alter the Collateral and to exercise all rights and powers of the Owner
relating to the Collateral, as the Mortgagee shall deem best, including the right to enter into any and all such agreements with respect to the maintenance, use, operation, storage, insurance, leasing, control, management, disposition, modification
or alteration of the Collateral or any part thereof as the Mortgagee may determine, and the Mortgagee shall be entitled to collect and receive directly all rents, revenues and other proceeds of the Collateral and every part thereof, without
prejudice, however, to the right of the Mortgagee under any provision of this Trust Indenture to collect and receive all cash held by, or required to be deposited with, the Mortgagee hereunder. Such rents, revenues and other proceeds shall be
applied to pay the expenses of the maintenance, use, operation, storage, insurance, leasing, control, management, disposition, improvement, modification or alteration of the Collateral and of conducting the business thereof, and to make all payments
which the Mortgagee may be required or may elect to make, if any, for taxes, assessments, insurance or other proper charges upon the Collateral or any part thereof (including the employment of engineers and accountants to examine, inspect and make
reports upon the properties and books and records of the Owner), and all other payments which the Mortgagee may be required or authorized to make under any provision of this Trust Indenture, as well as just and reasonable compensation for the
services of the Mortgagee, and of all persons properly engaged and employed by the Mortgagee with respect hereto. 

  
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 SECTION 5.04. Remedies Cumulative 

Each and every right, power and remedy given to the Mortgagee specifically or otherwise in this Trust Indenture shall be cumulative and shall
be in addition to every other right, power and remedy herein specifically given or now or hereafter existing at Law, in equity or by statute, and each and every right, power and remedy whether specifically herein given or otherwise existing may be
exercised from time to time and as often and in such order as may be deemed expedient by the Mortgagee, and the exercise or the beginning of the exercise of any power or remedy shall not be construed to be a waiver of the right to exercise at the
same time or thereafter any other right, power or remedy. No delay or omission by the Mortgagee in the exercise of any right, remedy or power or in the pursuance of any remedy shall impair any such right, power or remedy or be construed to be a
waiver of any default on the part of the Owner or to be an acquiescence therein. 
 SECTION 5.05. Discontinuance of Proceedings

 In case the Mortgagee shall have instituted any proceeding to enforce any right, power or remedy under this Trust Indenture by
foreclosure, entry or otherwise, and such proceedings shall have been discontinued or abandoned for any reason or shall have been determined adversely to the Mortgagee, then and in every such case the Owner and the Mortgagee shall, subject to any
determination in such proceedings, be restored to their former positions and rights hereunder with respect to the Collateral, and all rights, remedies and powers of the Owner or the Mortgagee shall continue as if no such proceedings had been
instituted. 
 SECTION 5.06. Waiver of Past Defaults 

Upon written instruction from a Majority in Interest of Note Holders, the Mortgagee shall waive any past Default hereunder and its consequences
and upon any such waiver such Default shall cease to exist and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Trust Indenture, but no such waiver shall extend to any subsequent or other Default or
impair any right consequent thereon; provided, that in the absence of written instructions from all the Note Holders, the Mortgagee shall not waive any Default (i) in the payment of the Original Amount, Make-Whole Amount, if any, and interest
and other amounts due under any Equipment Note then outstanding, or (ii) in respect of a covenant or provision hereof which, under Article X hereof, cannot be modified or amended without the consent of each Note Holder. 

SECTION 5.07. Appointment of Receiver 

The Mortgagee shall, as a matter of right, be entitled to the appointment of a receiver (who may be the Mortgagee or any successor or nominee
thereof) for all or any part of the Collateral, whether such receivership be incidental to a proposed sale of the Collateral or the taking of possession thereof or otherwise, and the Owner hereby consents to the appointment of such a receiver and
will not oppose any such appointment. Any receiver appointed for all or any part of the Collateral shall be entitled to exercise all the rights and powers of the Mortgagee with respect to the Collateral. 

  
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 SECTION 5.08. Mortgagee Authorized to Execute Bills of Sale, Etc. 

The Owner irrevocably appoints, while an Event of Default has occurred and is continuing, the Mortgagee the true and lawful attorney-in-fact of the Owner (which appointment is coupled with an interest) in its name and stead and on its behalf, for the purpose of effectuating any sale, assignment,
transfer or delivery for the enforcement of the Lien of this Trust Indenture, whether pursuant to foreclosure or power of sale, assignments and other instruments as may be necessary or appropriate, with full power of substitution, the Owner hereby
ratifying and confirming all that such attorney or any substitute shall do by virtue hereof in accordance with applicable law. Nevertheless, if so requested by the Mortgagee or any purchaser, the Owner shall ratify and confirm any such sale,
assignment, transfer or delivery, by executing and delivering to the Mortgagee or such purchaser all bills of sale, assignments, releases and other proper instruments to effect such ratification and confirmation as may be designated in any such
request. 
 SECTION 5.09. Rights of Note Holders to Receive Payment 

Notwithstanding any other provision of this Trust Indenture, the right of any Note Holder to receive payment of principal of, and premium, if
any, and interest on an Equipment Note on or after the respective due dates expressed in such Equipment Note, or to bring suit for the enforcement of any such payment on or after such respective dates in accordance with the terms hereof, shall not
be impaired or affected without the consent of such Note Holder. 
 ARTICLE VI 

DUTIES OF THE MORTGAGEE 

SECTION 6.01. Notice of Event of Default 

If the Mortgagee shall have Actual Knowledge of an Event of Default or of a Default arising from a failure to pay any installment of principal
and interest on any Equipment Note, the Mortgagee shall give prompt written notice thereof to each Note Holder. Subject to the terms of Sections 5.06, 6.02 and 6.03 hereof, the Mortgagee shall take such action, or refrain from taking such action,
with respect to such Event of Default or Default (including with respect to the exercise of any rights or remedies hereunder) as the Mortgagee shall be instructed in writing by a Majority in Interest of Note Holders. Subject to the provisions of
Section 6.03, if the Mortgagee shall not have received instructions as above provided within 20 days after mailing notice of such Event of Default to the Note Holders, the Mortgagee may, subject to instructions thereafter received pursuant to
the preceding provisions of this Section 6.01, take such action, or refrain from taking such action, but shall be under no duty to take or refrain from taking any action, with respect to such Event of Default or Default as it shall determine
advisable in the best interests of the Note Holders; provided, however, that the Mortgagee may not sell the Aircraft or any Engine without the consent of a Majority in Interest of Note Holders. For all purposes of this Trust Indenture,
in the absence of Actual Knowledge on the part of the Mortgagee, the Mortgagee shall not be deemed to have knowledge of a Default or an Event of Default (except, the failure of Owner to pay any installment of principal or interest within one
Business Day after the same shall become due, which failure shall constitute knowledge of a Default) unless notified in writing by the Owner or one or more Note Holders. 

  
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 SECTION 6.02. Action Upon Instructions; Certain Rights and Limitations 

Subject to the terms of Sections 5.02(a), 5.06, 6.01 and 6.03 hereof, upon the written instructions at any time and from time to time of a
Majority in Interest of Note Holders, the Mortgagee shall, subject to the terms of this Section 6.02, take such of the following actions as may be specified in such instructions: (i) give such notice or direction or exercise such right,
remedy or power hereunder as shall be specified in such instructions and (ii) give such notice or direction or exercise such right, remedy or power hereunder with respect to any part of the Collateral as shall be specified in such instructions;
it being understood that without the written instructions of a Majority in Interest of Note Holders, the Mortgagee shall not, except as provided in Section 6.01, approve any such matter as satisfactory to the Mortgagee. 

The Mortgagee will execute and the Owner will file such continuation statements with respect to financing statements relating to the security
interest created hereunder in the Collateral as may be specified from time to time in written instructions of a Majority in Interest of Note Holders (which instructions shall be accompanied by the form of such continuation statement so to be filed).
The Mortgagee will furnish to each Note Holder, promptly upon receipt thereof, duplicates or copies of all reports, notices, requests, demands, certificates and other instruments furnished to the Mortgagee hereunder. 

SECTION 6.03. Indemnification 

The Mortgagee shall not be required to take any action or refrain from taking any action under Section 6.01 (other than the first sentence
thereof), 6.02 or Article V hereof unless the Mortgagee shall have been indemnified to its reasonable satisfaction against any liability, cost or expense (including counsel fees) which may be incurred in connection therewith pursuant to a written
agreement with one or more Note Holders. The Mortgagee agrees that it shall look solely to the Note Holders for the satisfaction of any indemnity (except expenses for foreclosure of the type referred to in clause “First” of
Section 3.03 hereof) owed to it pursuant to this Section 6.03. The Mortgagee shall not be under any obligation to take any action under this Trust Indenture or any other Operative Agreement and nothing herein or therein shall require the
Mortgagee to expend or risk its own funds or otherwise incur the risk of any financial liability in the performance of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it (the written indemnity of any Note Holder who is a QIB, signed by an authorized officer thereof, in favor of, delivered to and in form reasonably satisfactory to the Mortgagee shall be
accepted as reasonable assurance of adequate indemnity). The Mortgagee shall not be required to take any action under Section 6.01 (other than the first sentence thereof) or 6.02 or Article V hereof, nor shall any other provision of this Trust
Indenture or any other Operative Agreement be deemed to impose a duty on the Mortgagee to take any action, if the Mortgagee shall have been advised by counsel that such action is contrary to the terms hereof or is otherwise contrary to Law. 

SECTION 6.04. No Duties Except as Specified in Trust Indenture or Instructions 

The Mortgagee shall not have any duty or obligation to use, operate, store, lease, control, manage, sell, dispose of or otherwise deal with the
Aircraft or any other part of the Collateral, or to otherwise take or refrain from taking any action under, or in connection with, 

  
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this Trust Indenture or any part of the Collateral, except as expressly provided by the terms of this Trust Indenture or as expressly provided in written instructions from Note Holders as
provided in this Trust Indenture; and no implied duties or obligations shall be read into this Trust Indenture against the Mortgagee. The Mortgagee agrees that it will in its individual capacity and at its own cost and expense (but without any right
of indemnity in respect of any such cost or expense under Section 8.01 hereof), promptly take such action as may be necessary duly to discharge all liens and encumbrances on any part of the Collateral which result from claims against it in its
individual capacity not related to the administration of the Collateral or any other transaction pursuant to this Trust Indenture or any document included in the Collateral. 

SECTION 6.05. No Action Except Under Trust Indenture or Instructions 

The Mortgagee will not use, operate, store, lease, control, manage, sell, dispose of or otherwise deal with the Aircraft or any other part of
the Collateral except in accordance with the powers granted to, or the authority conferred upon the Mortgagee pursuant to this Trust Indenture and in accordance with the express terms hereof. 

SECTION 6.06. Investment of Amounts Held by Mortgagee 

Any amounts held by the Mortgagee pursuant to Section 3.02, 3.03 or 3.07 or pursuant to any provision of any other Operative Agreement
providing for amounts to be held by the Mortgagee which are not distributed pursuant to the other provisions of Article III hereof shall be invested by the Mortgagee from time to time in Cash Equivalents as directed by the Owner so long as the
Mortgagee may acquire the same using its best efforts. All Cash Equivalents held by the Mortgagee pursuant to this Section 6.06 shall either be (a) registered in the name of, payable to the order of, or specially endorsed to, the
Mortgagee, or (b) held in an Eligible Account. Unless otherwise expressly provided in this Trust Indenture, any income realized as a result of any such investment, net of the Mortgagee’s reasonable fees and expenses in making such
investment, shall be held and applied by the Mortgagee, in the same manner as the principal amount of such investment is to be applied and any losses, net of earnings and such reasonable fees and expenses, shall be charged against the principal
amount invested. The Mortgagee shall not be liable for any loss resulting from any investment required to be made by it under this Trust Indenture other than by reason of its willful misconduct or gross negligence or negligence in the handling of
funds, and any such investment may be sold (without regard to its maturity) by the Mortgagee without instructions whenever such sale is necessary to make a distribution required by this Trust Indenture. 

ARTICLE VII 
 THE
MORTGAGEE 
 SECTION 7.01. Acceptance of Trusts and Duties 

The Mortgagee accepts the duties hereby created and applicable to it and agrees to perform the same but only upon the terms of this Trust
Indenture and agrees to receive and disburse all monies constituting part of the Collateral in accordance with the terms hereof. The Mortgagee, in its individual capacity, shall not be answerable or accountable under any circumstances, except
(i) for its own willful misconduct or gross negligence (other than for the handling of funds, for which the standard of accountability shall be willful misconduct or 

  
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negligence), (ii) as provided in the fourth sentence of Section 2.04(a) hereof and the last sentence of Section 6.04 hereof, and (iii) from the inaccuracy of any representation or
warranty of the Mortgagee (in its individual capacity) in the Participation Agreement or expressly made hereunder. 
 SECTION
7.02. Absence of Duties 
 Except in accordance with written instructions furnished pursuant to Section 6.01 or 6.02 hereof,
and except as provided in, and without limiting the generality of, Sections 6.03, 6.04 and 7.07 hereof the Mortgagee shall have no duty (i) to see to any registration of the Aircraft or any recording or filing of this Trust Indenture or any
other document, or to see to the maintenance of any such registration, recording or filing, (ii) to see to any insurance on the Aircraft or to effect or maintain any such insurance, whether or not Owner shall be in default with respect thereto,
(iii) to see to the payment or discharge of any lien or encumbrance of any kind against any part of the Collateral, (iv) to confirm, verify or inquire into the failure to receive any financial statements from Owner, or (v) to inspect
the Aircraft at any time or ascertain or inquire as to the performance or observance of any of Owner’s covenants herein or any Permitted Lessee’s covenants under any assigned Permitted Lease with respect to the Aircraft. 

SECTION 7.03. No Representations or Warranties as to Aircraft or Documents 

THE MORTGAGEE IN ITS INDIVIDUAL OR TRUST CAPACITY DOES NOT MAKE AND SHALL NOT BE DEEMED TO HAVE MADE AND HEREBY EXPRESSLY DISCLAIMS ANY
REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, AS TO THE TITLE, AIRWORTHINESS, VALUE, COMPLIANCE WITH SPECIFICATIONS, CONDITION, DESIGN, QUALITY, DURABILITY, OPERATION, MERCHANTABILITY OR FITNESS FOR USE FOR A PARTICULAR PURPOSE OF THE AIRCRAFT OR
ANY ENGINE, AS TO THE ABSENCE OF LATENT OR OTHER DEFECTS, WHETHER OR NOT DISCOVERABLE, AS TO THE ABSENCE OF ANY INFRINGEMENT OF ANY PATENT, TRADEMARK OR COPYRIGHT, AS TO THE ABSENCE OF OBLIGATIONS BASED ON STRICT LIABILITY IN TORT OR ANY OTHER
REPRESENTATION OR WARRANTY WHATSOEVER. The Mortgagee, in its individual or trust capacities, does not make or shall not be deemed to have made any representation or warranty as to the validity, legality or enforceability of this Trust Indenture, the
Participation Agreement, the Equipment Notes, or the Purchase Agreement, or as to the correctness of any statement contained in any thereof, except for the representations and warranties of the Owner made in its individual capacity and the
representations and warranties of the Mortgagee in its individual capacity, in each case expressly made in this Trust Indenture or in the Participation Agreement. The Note Holders make no representation or warranty hereunder whatsoever. 

SECTION 7.04. No Segregation of Monies; No Interest 

Except as otherwise provided in Section 3.07 hereof, any monies paid to or retained by the Mortgagee pursuant to any provision hereof and
not then required to be distributed to the Note Holders, or the Owner as provided in Article III hereof need not be segregated in any manner except to the extent required by Law or Section 6.06 hereof, and may be deposited under such general
conditions as may be prescribed by Law, and the Mortgagee shall not be liable for any interest thereon (except that the Mortgagee shall invest all monies held 

  
 49 

 
as directed by Owner so long as no Event of Default has occurred and is continuing (or in the absence of such direction, by the Majority In Interest of Note Holders) in Cash Equivalents);
provided, however, that any payments received, or applied hereunder, by the Mortgagee shall be accounted for by the Mortgagee so that any portion thereof paid or applied pursuant hereto shall be identifiable as to the source thereof.

 SECTION 7.05. Reliance; Agreements; Advice of Counsel 

The Mortgagee shall not incur any liability to anyone in acting upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Mortgagee may accept a copy of a resolution of the Board of Directors (or Executive
Committee thereof) of the Owner, certified by the Secretary or an Assistant Secretary thereof as duly adopted and in full force and effect, as conclusive evidence that such resolution has been duly adopted and that the same is in full force and
effect. As to the aggregate unpaid Original Amount of Equipment Notes outstanding as of any date, the Owner may for all purposes hereof rely on a certificate signed by any Vice President or other authorized corporate trust officer of the Mortgagee.
As to any fact or matter relating to the Owner the manner of the ascertainment of which is not specifically described herein, the Mortgagee may for all purposes hereof rely on a certificate, signed by a duly authorized officer of the Owner, as to
such fact or matter, and such certificate shall constitute full protection to the Mortgagee for any action taken or omitted to be taken by it in good faith in reliance thereon. In the administration of the trusts hereunder, the Mortgagee may execute
any of the trusts or powers hereof and perform its powers and duties hereunder directly or through agents or attorneys and may, at the expense of the Collateral, advise with counsel, accountants and other skilled persons to be selected and retained
by it, and the Mortgagee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the written advice or written opinion of any such counsel, accountants or other skilled persons. 

SECTION 7.06. Compensation 

The Mortgagee shall be entitled to reasonable compensation, including expenses and disbursements (including the reasonable fees and expenses of
counsel), for all services rendered hereunder and shall, on and subsequent to an Event of Default hereunder, have a priority claim on the Collateral for the payment of such compensation, to the extent that such compensation shall not be paid by
Owner, and shall have the right, on and subsequent to an Event of Default hereunder, to use or apply any monies held by it hereunder in the Collateral toward such payments. The Mortgagee agrees that it shall have no right against the Note Holders
for any fee as compensation for its services as trustee under this Trust Indenture. 
 SECTION 7.07. Instructions from Note Holders

 In the administration of the trusts created hereunder, the Mortgagee shall have the right to seek instructions from a Majority in
Interest of Note Holders should any provision of this Trust Indenture appear to conflict with any other provision herein or should the Mortgagee’s duties or obligations hereunder be unclear, and the Mortgagee shall incur no liability in
refraining from acting until it receives such instructions. The Mortgagee shall be fully protected for acting in accordance with any instructions received under this Section 7.07. 

  
 50 

 ARTICLE VIII 

INDEMNIFICATION 

SECTION 8.01. Scope of Indemnification 

The Mortgagee shall be indemnified by the Owner to the extent and in the manner provided in Section 8 of the Participation Agreement. 

ARTICLE IX 
 SUCCESSOR
AND SEPARATE TRUSTEES 
 SECTION 9.01. Resignation of Mortgagee; Appointment of Successor 

(a)    The Mortgagee or any successor thereto may resign at any time without cause by giving at least 30 days’ prior
written notice to the Owner and each Note Holder, such resignation to be effective upon the acceptance of the trusteeship by a successor Mortgagee. In addition, a Majority in Interest of Note Holders may at any time (but only with the consent of
Owner, which consent shall not be unreasonably withheld, except that such consent shall not be necessary if an Event of Default is continuing) remove the Mortgagee without cause by an instrument in writing delivered to the Owner and the Mortgagee,
and the Mortgagee shall promptly notify each Note Holder thereof in writing, such removal to be effective upon the acceptance of the trusteeship by a successor Mortgagee. In the case of the resignation or removal of the Mortgagee, a Majority in
Interest of Note Holders may appoint a successor Mortgagee by an instrument signed by such holders, which successor, so long as no Event of Default shall have occurred and be continuing, shall be subject to Owner’s reasonable approval. If a
successor Mortgagee shall not have been appointed within 30 days after such notice of resignation or removal, the Mortgagee, the Owner or any Note Holder may apply to any court of competent jurisdiction to appoint a successor Mortgagee to act until
such time, if any, as a successor shall have been appointed as above provided. The successor Mortgagee so appointed by such court shall immediately and without further act be superseded by any successor Mortgagee appointed as above provided. 

(b)    Any successor Mortgagee, however appointed, shall execute and deliver to the Owner and the predecessor Mortgagee
an instrument accepting such appointment and assuming the obligations of the Mortgagee arising from and after the time of such appointment, and thereupon such successor Mortgagee, without further act, shall become vested with all the estates,
properties, rights, powers and duties of the predecessor Mortgagee hereunder in the trust hereunder applicable to it with like effect as if originally named the Mortgagee herein; but nevertheless upon the written request of such successor Mortgagee,
such predecessor Mortgagee shall execute and deliver an instrument transferring to such successor Mortgagee, upon the trusts herein expressed applicable to it, all the estates, properties, rights and powers of such predecessor Mortgagee, and such
predecessor Mortgagee shall duly assign, transfer, deliver and pay over to such successor Mortgagee all monies or other property then held by such predecessor Mortgagee hereunder. 

  
 51 

 (c)    Any successor Mortgagee, however appointed, shall be a bank or trust
company having its principal place of business in the Borough of Manhattan, City and State of New York; Chicago, Illinois; Hartford, Connecticut; Wilmington, Delaware; or Boston, Massachusetts and having (or whose obligations under the Operative
Agreements are guaranteed by an affiliated entity having) a combined capital and surplus of at least $100,000,000, if there be such an institution willing, able and legally qualified to perform the duties of the Mortgagee hereunder upon reasonable
or customary terms. 
 (d)    Any corporation into which the Mortgagee may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Mortgagee shall be a party, or any corporation to which substantially all the corporate trust business of the Mortgagee may be transferred,
shall, subject to the terms of paragraph (c) of this Section 9.01, be a successor Mortgagee and the Mortgagee under this Trust Indenture without further act. 

(e)    The Owner consents to any change in the identity of the Mortgagee on the International Registry occasioned by
provisions of this Section 9.01, and if required by the International Registry to reflect such change, will provide its consent thereto. 

SECTION 9.02. Appointment of Additional and Separate Trustees 

(a)    Whenever (i) the Mortgagee shall deem it necessary or desirable in order to conform to any Law of any
jurisdiction in which all or any part of the Collateral shall be situated or to make any claim or bring any suit with respect to or in connection with the Collateral, this Trust Indenture, any other Indenture Agreement, the Equipment Notes or any of
the transactions contemplated by the Participation Agreement, (ii) the Mortgagee shall be advised by counsel satisfactory to it that it is so necessary or prudent in the interests of the Note Holders (and the Mortgagee shall so advise the
Owner), or (iii) the Mortgagee shall have been requested to do so by a Majority in Interest of Note Holders, then in any such case, the Mortgagee and, upon the written request of the Mortgagee, the Owner, shall execute and deliver an indenture
supplemental hereto and such other instruments as may from time to time be necessary or advisable either (1) to constitute one or more bank or trust companies or one or more persons approved by the Mortgagee, either to act jointly with the
Mortgagee as additional trustee or trustees of all or any part of the Collateral, or to act as separate trustee or trustees of all or any part of the Collateral, in each case with such rights, powers, duties and obligations consistent with this
Trust Indenture as may be provided in such supplemental indenture or other instruments as the Mortgagee or a Majority in Interest of Note Holders may deem necessary or advisable, or (2) to clarify, add to or subtract from the rights, powers,
duties and obligations theretofore granted any such additional or separate trustee, subject in each case to the remaining provisions of this Section 9.02. If the Owner shall not have taken any action requested of it under this
Section 9.02(a) that is permitted or required by its terms within 15 days after the receipt of a written request from the Mortgagee so to do, or if an Event of Default shall have occurred and be continuing, the Mortgagee may act under the
foregoing provisions of this Section 9.02(a) without the concurrence of the Owner, and the Owner hereby irrevocably appoints (which appointment is coupled with an interest) the Mortgagee, its agent and attorney-in-fact to act for it under the foregoing provisions of this Section 9.02(a) in either of such contingencies. The Mortgagee 

  
 52 

 
may, in such capacity, execute, deliver and perform any such supplemental indenture, or any such instrument, as may be required for the appointment of any such additional or separate trustee or
for the clarification of, addition to or subtraction from the rights, powers, duties or obligations theretofore granted to any such additional or separate trustee. In case any additional or separate trustee appointed under this Section 9.02(a)
shall die, become incapable of acting, resign or be moved, all the assets, property, rights, powers, trusts, duties and obligations of such additional or separate trustee shall revert to the Mortgagee until a successor additional or separate trustee
is appointed as provided in this Section 9.02(a). 
 (b)    No additional or separate trustee shall be entitled to
exercise any of the rights, powers, duties and obligations conferred upon the Mortgagee in respect of the custody, investment and payment of monies and all monies received by any such additional or separate trustee from or constituting part of the
Collateral or otherwise payable under any Operative Agreement to the Mortgagee shall be promptly paid over by it to the Mortgagee. All other rights, powers, duties and obligations conferred or imposed upon any additional or separate trustee shall be
exercised or performed by the Mortgagee and such additional or separate trustee jointly except to the extent that applicable Law of any jurisdiction in which any particular act is to be performed renders the Mortgagee incompetent or unqualified to
perform such act, in which event such rights, powers, duties and obligations (including the holding of title to all or part of the Collateral in any such jurisdiction) shall be exercised and performed by such additional or separate trustee. No
additional or separate trustee shall take any discretionary action except on the instructions of the Mortgagee or a Majority in Interest of Note Holders. No trustee hereunder shall be personally liable by reason of any act or omission of any other
trustee hereunder, except that the Mortgagee shall be liable for the consequences of its lack of reasonable care in selecting, and the Mortgagee’s own actions in acting with, any additional or separate trustee. Each additional or separate
trustee appointed pursuant to this Section 9.02 shall be subject to, and shall have the benefit of Articles V through IX and Article XI hereof insofar as they apply to the Mortgagee. The powers of any additional or separate trustee appointed
pursuant to this Section 9.02 shall not in any case exceed those of the Mortgagee hereunder. 
 (c)    If at any
time the Mortgagee shall deem it no longer necessary or in order to conform to any such Law or take any such action or shall be advised by such counsel that it is no longer so necessary or desirable in the interest of the Note Holders, or in the
event that the Mortgagee shall have been requested to do so in writing by a Majority in Interest of Note Holders, the Mortgagee and, upon the written request of the Mortgagee, the Owner, shall execute and deliver an indenture supplemental hereto and
all other instruments and agreements necessary or proper to remove any additional or separate trustee. The Mortgagee may act on behalf of the Owner under this Section 9.02(c) when and to the extent it could so act under Section 9.02(a)
hereof. 

  
 53 

 ARTICLE X 

SUPPLEMENTS AND AMENDMENTS TO THIS TRUST INDENTURE 

AND OTHER DOCUMENTS 

SECTION 10.01. Instructions of Majority; Limitations 

(a)    The Mortgagee agrees with the Note Holders that it shall not enter into any amendment, waiver or modification of,
supplement or consent to this Trust Indenture, or any other Operative Agreement to which it is a party, unless such supplement, amendment, waiver, modification or consent is consented to in writing by a Majority in Interest of Note Holders, but upon
the written request of a Majority in Interest of Note Holders, the Mortgagee shall from time to time enter into any such supplement or amendment, or execute and deliver any such waiver, modification or consent, as may be specified in such request
and as may be (in the case of any such amendment, supplement or modification), to the extent such agreement is required, agreed to by the Owner and, as may be appropriate, the Airframe Manufacturer or the Engine Manufacturer; provided,
however, that, without the consent of each holder of an affected Equipment Note then outstanding and the Liquidity Providers, no such amendment, waiver or modification of the terms of, or consent under, any thereof, shall (i) modify any
of the provisions of this Section 10.01, or of Article II or III or Section 5.01, 5.02(c), 5.02(d), or 6.02 hereof, the definitions of “Event of Default,” “Default,” “Majority in Interest of Note Holders,”
“Make-Whole Amount” or “Note Holder,” or the percentage of Note Holders required to take or approve any action hereunder, (ii) reduce the amount, or change the time of payment or method of calculation of any amount, of
Original Amount, Make-Whole Amount, if any, or interest with respect to any Equipment Note, (iii) reduce, modify or amend any indemnities in favor of the Mortgagee or the Note Holders (except that the Mortgagee may consent to any waiver or
reduction of an indemnity payable to it), or the other Indenture Indemnitees or (iv) permit the creation of any Lien on the Trust Indenture Estate or any part thereof other than Permitted Liens or deprive any Note Holder of the benefit of the
Lien of this Trust Indenture on the Collateral, except as provided in connection with the exercise of remedies under Article V hereof; provided, further, that without the consent of each holder of an affected Related Equipment Note
then outstanding, no such amendment, waiver or modification of terms of, or consent under, any thereof shall modify Section 3.03 or deprive any Related Note Holder of the benefit of the Lien of this Trust Indenture on the Collateral, except as
provided in connection with the exercise of remedies under Article V hereof. Notwithstanding the foregoing, without the consent of the affected Liquidity Provider neither the Owner nor the Mortgagee shall enter into any amendment, waiver or
modification of, supplement or consent to this Trust Indenture or the other Operative Agreements which shall reduce, modify or amend any indemnities in favor of such Liquidity Provider. 

(b)    The Owner and the Mortgagee may enter into one or more agreements supplemental hereto without the consent of any
Note Holder for any of the following purposes: (i) (a) to cure any defect or inconsistency herein or in the Equipment Notes, or to make any change not inconsistent with the provisions hereof (provided that such change does not adversely
affect the interests of any Note Holder in its capacity solely as Note Holder) or (b) to cure any ambiguity or correct any mistake; (ii) to evidence the succession of another party as the 

  
 54 

 
Owner in accordance with the terms hereof or to evidence the succession of a new trustee hereunder pursuant hereto, the removal of the trustee hereunder or the appointment of any co-trustee or co-trustees or any separate or additional trustee or trustees; (iii) to convey, transfer, assign, mortgage or pledge any property to or with the Mortgagee
or to make any other provisions with respect to matters or questions arising hereunder so long as such action shall not adversely affect the interests of the Note Holders in its capacity solely as Note Holder; (iv) to correct or amplify the
description of any property at any time subject to the Lien of this Trust Indenture or better to assure, convey and confirm unto the Mortgagee any property subject or required to be subject to the Lien of this Trust Indenture, the Airframe or
Engines or any Replacement Airframe or Replacement Engine; (v) to add to the covenants of the Owner for the benefit of the Note Holders, or to surrender any rights or power herein conferred upon the Owner; (vi) to add to the rights of the
Note Holders; (vii) to provide for the reissuance of Series A Equipment Notes (and Related Series A Equipment Notes) or the issuance (and payment and reissuance) from time to time of one or more separate series of Additional Series Equipment
Notes (and any Related Additional Series Equipment Notes) and for pass through certificates issued by any pass through trust that acquires any such Equipment Notes and to make changes relating to any of the foregoing (including without limitation to
provide for the relative priority of different series of Additional Series Equipment Notes as between such series) and to provide for any credit support for any such reissued Equipment Notes or Related Equipment Notes (including without limitation
to secure claims for fees, interest, expenses, reimbursement of advances and other obligations arising from such credit support (including without limitation to specify such credit support as a “Liquidity Facility” and the provider of any
such credit support as a “Liquidity Provider”)), provided that such Equipment Notes are issued in accordance with the Note Purchase Agreement and Section 9.1 of the Intercreditor Agreement; and (viii) to include on the Equipment
Notes any legend as may be required by Law. 
 SECTION 10.02. Mortgagee Protected 

If, in the opinion of the institution acting as Mortgagee hereunder, any document required to be executed by it pursuant to the terms of
Section 10.01 hereof affects any right, duty, immunity or indemnity with respect to such institution under this Trust Indenture, such institution may in its discretion decline to execute such document. 

SECTION 10.03. Documents Mailed to Note Holders 

Promptly after the execution by the Owner or the Mortgagee of any document entered into pursuant to Section 10.01 hereof, the Mortgagee
shall mail, by first class mail, postage prepaid, a copy thereof to Owner (if not a party thereto) and to each Note Holder at its address last set forth in the Equipment Note Register, but the failure of the Mortgagee to mail such copies shall not
impair or affect the validity of such document. 
 SECTION 10.04. No Request Necessary for Trust Indenture Supplement 

No written request or consent of the Note Holders pursuant to Section 10.01 hereof shall be required to enable the Mortgagee to execute
and deliver a Trust Indenture Supplement specifically required by the terms hereof. 

  
 55 

 ARTICLE XI 

MISCELLANEOUS 
 SECTION
11.01. Termination of Trust Indenture 
 Upon (or at any time after) payment in full of the Original Amount of, Make-Whole Amount,
if any, and interest on and all other amounts due under all Equipment Notes and provided that there shall then be no other Secured Obligations due to the Indenture Indemnitees, the Note Holders and the Mortgagee hereunder or under the Participation
Agreement, any other Operative Agreement, any Related Equipment Note or any Related Indenture, the Owner shall direct the Mortgagee to execute and deliver to or as directed in writing by the Owner an appropriate instrument releasing the Aircraft and
the Engines and (subject to paragraph (iv) of clause “Third” of Section 3.03 hereof, if applicable) all other Collateral from the Lien of this Trust Indenture and the Mortgagee shall execute and deliver such instrument as
aforesaid; provided, however, that this Trust Indenture and the trusts created hereby shall earlier terminate and this Trust Indenture shall be of no further force or effect upon any sale or other final disposition by the Mortgagee of
all property constituting part of the Collateral and the final distribution by the Mortgagee of all monies or other property or proceeds constituting part of the Collateral in accordance with the terms hereof. Except as aforesaid otherwise provided,
this Trust Indenture and the trusts created hereby shall continue in full force and effect in accordance with the terms hereof. 

SECTION 11.02. No Legal Title to Collateral in Note Holders 

No holder of an Equipment Note or a Related Equipment Note shall have legal title to any part of the Collateral. No transfer, by operation of
law or otherwise, of any Equipment Note or Related Equipment Note or other right, title and interest of any Note Holder or holder of a Related Equipment Note in and to the Collateral or hereunder shall operate to terminate this Trust Indenture or
entitle such holder or any successor or transferee of such holder to an accounting or to the transfer to it of any legal title to any part of the Collateral. 

SECTION 11.03. Sale of Aircraft by Mortgagee Is Binding 

Any sale or other conveyance of the Collateral, or any part thereof (including any part thereof or interest therein), by the Mortgagee made
pursuant to the terms of this Trust Indenture shall bind the Note Holders and shall be effective to transfer or convey all right, title and interest of the Mortgagee, the Owner and such holders in and to such Collateral or part thereof. No purchaser
or other grantee shall be required to inquire as to the authorization, necessity, expediency or regularity of such sale or conveyance or as to the application of any sale or other proceeds with respect thereto by the Mortgagee. 

SECTION 11.04. Trust Indenture for Benefit of Owner, Mortgagee, Note Holders and the other Indenture Indemnitees 

Nothing in this Trust Indenture, whether express or implied, shall be construed to give any person other than the Owner, the Mortgagee, the
Related Mortgagees, the Note Holders, the Related Note Holders and the other Indenture Indemnitees, any legal or equitable right, remedy or claim under or in respect of this Trust Indenture, except that the persons referred to in the last paragraph
of Section 4.02(b) shall be third party beneficiaries of such paragraph. 

  
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 SECTION 11.05. Notices 

Unless otherwise expressly specified or permitted by the terms hereof, all notices, requests, demands, authorizations, directions, consents,
waivers or documents provided or permitted by this Trust Indenture to be made, given, furnished or filed shall be in writing, personally delivered or mailed by certified mail, postage prepaid, or by facsimile or confirmed telex, and (i) if to
the Owner, addressed to it at 233 S. Wacker Drive, Chicago, Illinois 60606, Attention: Treasurer, facsimile number (872) 825-0316, (ii) if to Mortgagee, addressed to it at its office at 1100 North Market
Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration, facsimile number (302) 636-4140, or (iii) if to any Note Holder or any Indenture Indemnitee, addressed to such party at such
address as such party shall have furnished by notice to the Owner and the Mortgagee, or, until an address is so furnished, addressed to the address of such party (if any) set forth on Schedule 1 to the Participation Agreement or in the
Equipment Note Register. Whenever any notice in writing is required to be given by the Owner, the Mortgagee or any Note Holder to any of the other of them, such notice shall be deemed given and such requirement satisfied when such notice is
received, or if such notice is mailed by certified mail, postage prepaid, three Business Days after being mailed, addressed as provided above. Any party hereto may change the address to which notices to such party will be sent by giving notice of
such change to the other parties to this Trust Indenture. 
 SECTION 11.06. Severability 

Any provision of this Trust Indenture which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction. 
 SECTION 11.07. No Oral Modification or Continuing Waivers 

No term or provision of this Trust Indenture or the Equipment Notes may be changed, waived, discharged or terminated orally, but only by an
instrument in writing signed by the Owner and the Mortgagee, in compliance with Section 10.01 hereof. Any waiver of the terms hereof or of any Equipment Note shall be effective only in the specific instance and for the specific purpose given.

 SECTION 11.08. Successors and Assigns 

All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, each of the parties hereto and the permitted
successors and assigns of each, all as herein provided. Any request, notice, direction, consent, waiver or other instrument or action by any Note Holder shall bind the successors and assigns of such holder. Each Note Holder by its acceptance of an
Equipment Note agrees to be bound by this Trust Indenture and all provisions of the Operative Agreements applicable to a Note Holder. 

SECTION 11.09. Headings 

The headings of the various Articles and sections herein and in the table of contents hereto are for convenience of reference only and shall
not define or limit any of the terms or provisions hereof. 

  
 57 

 SECTION 11.10. Normal Commercial Relations 

Anything contained in this Trust Indenture to the contrary notwithstanding. Owner and Mortgagee may conduct any banking or other financial
transactions, and have banking or other commercial relationships, with Owner, fully to the same extent as if this Trust Indenture were not in effect, including without limitation the making of loans or other extensions of credit to Owner for any
purpose whatsoever, whether related to any of the transactions contemplated hereby or otherwise. 
 SECTION 11.11. Governing Law;
Counterpart Form 
 THIS TRUST INDENTURE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE. THIS TRUST INDENTURE IS BEING DELIVERED IN THE STATE OF NEW YORK. This Trust Indenture may be executed by the parties hereto in separate counterparts (or upon separate
signature pages bound together into one or more counterparts), each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 

SECTION 11.12. Voting By Note Holders 

All votes of the Note Holders shall be governed by a vote of a Majority in Interest of Note Holders, except as otherwise provided herein. 

SECTION 11.13. Bankruptcy 

It is the intention of the parties that the Mortgagee shall be entitled to the benefits of Section 1110 with respect to the right to take
possession of the Aircraft, Airframe, Engines and Parts and to enforce any of its other rights or remedies as provided herein in the event of a case under Chapter 11 of the Bankruptcy Code in which Owner is a debtor, and in any instance where more
than one construction is possible of the terms and conditions hereof or any other pertinent Operative Agreement, each such party agrees that a construction which would preserve such benefits shall control over any construction which would not
preserve such benefits. 

  
 58 

 IN WITNESS WHEREOF, the parties hereto have caused this Trust Indenture and Mortgage to be duly
executed by their respective officers thereof duly authorized as of the day and year first above written. 
  

			
	UNITED AIRLINES, INC.

 
			
		
	By:	 	
                     
            

		 	Name:
		 	Title:
	
	 WILMINGTON TRUST, NATIONAL         ASSOCIATION,

        as Mortgagee

 
			
		
	By:	 	
                     
            

		 	Name:
		 	Title:

  
 59 

 ANNEX A 

DEFINITIONS 
 GENERAL
PROVISIONS 
 (a)    In each Operative Agreement, unless otherwise expressly provided, a reference to: 

 

	 	(i)	each of “Owner,” “Mortgagee,” “Note Holder” or any other person includes, without prejudice to the provisions of any Operative Agreement, any successor in interest to it and any permitted
transferee, permitted purchaser or permitted assignee of it; 

  

	 	(ii)	words importing the plural include the singular and words importing the singular include the plural; 

  

	 	(iii)	any agreement, instrument or document, or any annex, schedule or exhibit thereto, or any other part thereof, includes, without prejudice to the provisions of any Operative Agreement, that agreement, instrument or
document, or annex, schedule or exhibit, or part, respectively, as amended, modified or supplemented from time to time in accordance with its terms and in accordance with the Operative Agreements, and any agreement, instrument or document entered
into in substitution or replacement therefor (including, without limitation, in the case of each Pass Through Trust Agreement, the “Related Pass Through Trust Agreement” as defined therein); 

 

	 	(iv)	any provision of any Law includes any such provision as amended, modified, supplemented, substituted, reissued or reenacted prior to the Closing Date, and thereafter from time to time; 

 

	 	(v)	the words “Agreement,” “this Agreement,” “hereby,” “herein,” “hereto,” “hereof” and “hereunder” and words of similar import when used in any
Operative Agreement refer to such Operative Agreement as a whole and not to any particular provision of such Operative Agreement; 

  

	 	(vi)	the words “including,” “including, without limitation,” “including, but not limited to,” and terms or phrases of similar import when used in any Operative Agreement, with respect to any
matter or thing, mean including, without limitation, such matter or thing; and 

  

	 	(vii)	a “Section,” an “Exhibit,” an “Annex” or a “Schedule” in any Operative Agreement, or in any annex thereto, is a reference to a section of, or an exhibit, an annex or a schedule
to, such Operative Agreement or such annex, respectively. 

 (b)    Each exhibit, annex and schedule to
each Operative Agreement is incorporated in, and shall be deemed to be a part of, such Operative Agreement. 

 (c)    Unless otherwise defined or specified in any Operative Agreement, all
accounting terms therein shall be construed and all accounting determinations thereunder shall be made in accordance with GAAP. 

(d)    Headings used in any Operative Agreement are for convenience only and shall not in any way affect the construction
of, or be taken into consideration in interpreting, such Operative Agreement. 
 (e)    For purposes of each Operative
Agreement, the occurrence and continuance of a Default or Event of Default referred to in Section 5.01(v),(vi) or (vii) shall not be deemed to prohibit the Owner from taking any action or exercising any right that is conditioned on no
Special Default, Default or Event of Default having occurred and be continuing if such Special Default, Default or Event of Default consists of the institution of reorganization proceedings with respect to Owner under Chapter 11 of the Bankruptcy
Code and the trustee or debtor-in-possession in such proceedings shall have agreed to perform its obligations under the Trust Indenture with the approval of the
applicable court and thereafter shall have continued to perform such obligations in accordance with Section 1110. 
 DEFINED TERMS

 “Act” means part A of subtitle VII of title 49, United States Code. 

“Actual Knowledge” means (a) as it applies to Mortgagee, actual knowledge of a responsible officer in the Corporate
Trust Office, and (b) as it applies to Owner, actual knowledge of a Vice President or more senior officer of Owner or any other officer of Owner having responsibility for the transactions contemplated by the Operative Agreements;
provided that each of Owner and Mortgagee shall be deemed to have “Actual Knowledge” of any matter as to which it has received notice from Owner, any Note Holder or Mortgagee, such notice having been given pursuant to
Section 11.05 of the Trust Indenture. 
 “Additional Series” or “Additional Series Equipment Notes”
means Equipment Notes issued under the Trust Indenture and designated as a series (other than “Series AA” or “Series A”) thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the
Trust Indenture (as amended, in the case of any Additional Series issued after the date of the Trust Indenture, at the time of original issuance of such Additional Series) under the heading for such series. 

“Affiliate” means, with respect to any person, any other person directly or indirectly controlling, controlled by or under
common control with such person. For purposes of this definition, “control” means the power, directly or indirectly, to direct or cause the direction of the management and policies of such person, whether through the ownership of voting
securities or by contract or otherwise and “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Aircraft” means, collectively, the Airframe and Engines. 

  
 2 

 “Aircraft Bill of Sale” means the full warranty bill of sale covering the
Aircraft delivered by Airframe Manufacturer to Owner. 
 “Aircraft Documents” means all technical data, manuals and log
books, and all inspection, modification and overhaul records and other service, repair, maintenance and technical records that are required by the FAA (or the relevant Aviation Authority), to be maintained with respect to the Aircraft, Airframe,
Engines or Parts, and such term shall include all additions, renewals, revisions and replacements of any such materials from time to time made, or required to be made, by the FAA (or other Aviation Authority) regulations, and in each case in
whatever form and by whatever means or medium (including, without limitation, microfiche, microfilm, paper or computer disk) such materials may be maintained or retained by or on behalf of Owner (provided, that all such materials shall be
maintained in the English language). 
 “Airframe” means (a) the aircraft (excluding Engines or engines from time to
time installed thereon) manufactured by Airframe Manufacturer and identified by Airframe Manufacturer’s model number, United States registration number and Airframe Manufacturer’s serial number set forth in the initial Trust Indenture
Supplement and any Replacement Airframe and (b) any and all Parts incorporated or installed in or attached or appurtenant to such airframe, and any and all Parts removed from such airframe, unless the Lien of the Trust Indenture shall not be
applicable to such Parts in accordance with Section 4.04 of the Trust Indenture. Upon substitution of a Replacement Airframe under and in accordance with the Trust Indenture, such Replacement Airframe shall become subject to the Trust Indenture
and shall be the “Airframe” for all purposes of the Trust Indenture and the other Operative Agreements and thereupon the Airframe for which the substitution is made shall no longer be subject to the Trust Indenture, and such replaced
Airframe shall cease to be the “Airframe.” 
 “Airframe Manufacturer” means The Boeing Company, a Delaware
corporation. 
 “Applicable Pass Through Trust” means each of the separate pass through trusts created under the Applicable
Pass Through Trust Agreements. 
 “Applicable Pass Through Trust Agreement” means each of the separate Pass Through Trust
Agreements by and between the Owner and an Applicable Pass Through Trustee. 
 “Applicable Pass Through Trustee” means each
Pass Through Trustee that is a party to the Participation Agreement. 
 “Average Life Date” for any Equipment Note shall be
the date which follows the time of determination by a period equal to the Remaining Weighted Average Life of such Equipment Note. “Remaining Weighted Average Life” on a given date with respect to any Equipment Note shall be the number of
days equal to the quotient obtained by dividing (a) the sum of each of the products obtained by multiplying (i) the amount of each then remaining scheduled payment of principal of such Equipment Note by (ii) the number of days from
and including such determination date to but excluding the date on which such payment of principal is scheduled to be made, by (b) the then outstanding principal amount of such Equipment Note. 

  
 3 

 “Aviation Authority” means the FAA or, if the Aircraft is permitted to be, and
is, registered with any other Government Entity under and in accordance with Section 4.02(e) of the Trust Indenture and Section 6.4.5 of the Participation Agreement, such other Government Entity. 

“Bankruptcy Code” means the United States Bankruptcy Code, 11 U.S.C. Sections 101 et seq. 

“Basic Pass Through Trust Agreement” means the Pass Through Trust Agreement, dated October 3, 2012, between Owner and
Pass Through Trustee, but does not include any Trust Supplement. 
 “Bills of Sale” means the FAA Bill of Sale and the
Aircraft Bill of Sale. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks
are authorized or required by law to close in New York, New York, Chicago, Illinois, or Wilmington, Delaware. 
 “Cape Town
Treaty” means the Cape Town Convention on International Interests in Mobile Equipment and the related Aircraft Equipment Protocol, as in effect in the United States. 

“Cash Equivalents” means the following securities (which shall mature within 90 days of the date of purchase thereof): (a)
direct obligations of the U.S. Government; (b) obligations fully guaranteed by the U.S. Government; (c) certificates of deposit issued by, or bankers’ acceptances of, or time deposits or a deposit account with, Mortgagee or any bank,
trust company or national banking association incorporated or doing business under the laws of the United States or any state thereof having a combined capital and surplus and retained earnings of at least $500,000,000 and having a rating of Aa or
better by Moody’s Investors Service, Inc. or AA or better by Fitch Ratings, Inc.; or (d) commercial paper of any issuer doing business under the laws of the United States or one of the states thereof and in each case having a rating
assigned to such commercial paper by Fitch Ratings, Inc. or Moody’s Investors Service, Inc. equal to A1 (or higher) or P-1, respectively. 

“Certificate Owner” is defined in the Pass Through Trust Agreements. 

“Citizen of the United States” is defined in 49 U.S.C. § 40102(a)(15). 

“Class AA Pass Through Trust” means the United Airlines Pass Through Trust
2018-1AA. 
 “Class A Pass Through Trust” means the United
Airlines Pass Through Trust 2018-1A. 
 “Closing” means the closing of the
transactions contemplated by the Participation Agreement. 
 “Closing Date” means the date on which the Closing occurs.

  
 4 

 “Code” means the Internal Revenue Code of 1986, as amended; provided that, when
used in relation to a Plan, “Code” shall mean the Internal Revenue Code of 1986 and any regulations and rulings issued thereunder, all as amended and in effect from time to time. 

“Collateral” is defined in the Granting Clause of the Trust Indenture. 

“Consent and Agreement” means the Manufacturer Consent and Agreement
[                    ], dated as of even date with the Participation Agreement, of Airframe Manufacturer. 

“Corporate Trust Office” means the principal office of Mortgagee located at Mortgagee’s address for notices under the
Participation Agreement or such other office at which Mortgagee’s corporate trust business shall be administered which Mortgagee shall have specified by notice in writing to Owner and each Note Holder. 

“CRAF” means the Civil Reserve Air Fleet Program established pursuant to 10 U.S.C.
Section 9511-13 or any similar substitute program. 
 “Debt Rate” means, with
respect to (i) any Series of Equipment Notes, the rate per annum specified for such Series under the heading “Interest Rate” in Schedule I to the Trust Indenture (as amended, in the case of any Additional Series, at the time of
original issuance of such Additional Series), and (ii) any other purpose, with respect to any period, the weighted average interest rate per annum during such period borne by the outstanding Equipment Notes, excluding any interest payable at
the Payment Due Rate. 
 “Default” means any event or condition that with the giving of notice or the lapse of time or both
would become an Event of Default. 
 “Delivery Date” means the date on which the Aircraft is delivered by the Airframe
Manufacturer to, and accepted by, the Company. 
 “Deposit Agreement” means each of the two Deposit Agreements between the
Escrow Agent and the Depositary, dated as of the Issuance Date, which relate to the Class AA or Class A Pass Through Trust, provided that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or
substitution or replacement of, any such Deposit Agreement shall be effective unless consented to by Owner. 
 “Depositary”
means Citibank, N.A., as Depositary under each Deposit Agreement. 
 “Dollars,” “United States Dollars” or
“$” means the lawful currency of the United States. 
 “DOT” means the Department of Transportation of the
United States or any Government Entity succeeding to the functions of such Department of Transportation. 
 “EASA” means
the European Aviation Safety Agency or any Government Entity succeeding to the functions of the European Aviation Safety Agency. 

  
 5 

 “Eligible Account” means an account established by and with an Eligible
Institution at the request of the Mortgagee, which institution agrees, for all purposes of the UCC including Article 8 thereof, that (a) such account shall be a “securities account” (as defined in
Section 8-501(a) of the UCC), (b) all property (other than cash) credited to such account shall be treated as a “financial asset” (as defined in
Section 8-102(a)(9) of the UCC), (c) the Mortgagee shall be the “entitlement holder” (as defined in Section 8-102(a)(7) of the UCC) in respect of
such account, (d) it will comply with all entitlement orders issued by the Mortgagee to the exclusion of the Owner, and (e) the “securities intermediary jurisdiction” (under
Section 8-110(e) of the UCC) shall be the State of New York. 
 “Eligible
Institution” means the corporate trust department of (a) WTNA, acting solely in its capacity as a “securities intermediary” (as defined in Section 8-102(a)(14) of the UCC), or
(b) a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any U.S. branch of a foreign bank), which has a long-term unsecured debt rating from
Moody’s Investors Service, Inc. and Fitch Ratings, Inc. of at least A-3 or its equivalent. 

“Engine” means (a) each of the engines manufactured by Engine Manufacturer and identified by Engine Manufacturer’s
model number and Engine Manufacturer’s serial number set forth in the initial Trust Indenture Supplement and originally installed on the Airframe on the Delivery Date, and any Replacement Engine, in any case whether or not from time to time
installed on such Airframe or installed on any other airframe or aircraft, and (b) any and all Parts incorporated or installed in or attached or appurtenant to such engine, and any and all Parts removed from such engine, unless the Lien of the
Trust Indenture shall not apply to such Parts in accordance with Section 4.04 of the Trust Indenture. Upon substitution of a Replacement Engine under and in accordance with the Trust Indenture, such Replacement Engine shall become subject to
the Trust Indenture and shall be an “Engine” for all purposes of the Trust Indenture and the other Operative Agreements and thereupon the Engine for which the substitution is made shall no longer be subject to the Trust Indenture, and such
replaced Engine shall cease to be an “Engine.” 
 “Engine Consent and Agreement” means the Engine Manufacturer
Consent and Agreement [                    ], dated as of even date with the Participation Agreement, of Engine Manufacturer. 

“Engine Manufacturer” means
[                    ] a corporation organized under the laws of
[                    ]. 

“Equipment Note Register” is defined in Section 2.07 of the Trust Indenture. 

“Equipment Notes” means and includes any equipment notes issued under the Trust Indenture in the form specified in
Section 2.01 thereof (as such form may be varied pursuant to the terms of the Trust Indenture) and any Equipment Note issued under the Trust Indenture in exchange for or replacement of any Equipment Note. 

“ERISA” means the Employee Retirement Income Security Act of 1974, and any regulations and rulings issued thereunder all as
amended and in effect from time to time. 

  
 6 

 “Escrow Agent” means U.S. Bank National Association, as Escrow Agent under each
of the Escrow Agreements. 
 “Escrow Agreement” means each of the two Escrow and Paying Agent Agreements, among the Escrow
Agent, the Paying Agent, certain initial purchasers of the Pass Through Certificates named therein and one of the Pass Through Trustees, dated as of the Issuance Date, which relate to the Class AA or Class A Pass Through Trust,
provided that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Escrow Agreement shall be effective unless consented to by Owner. 

“Event of Default” is defined in Section 5.01 of the Trust Indenture. 

“Event of Loss” means, with respect to the Aircraft, Airframe or any Engine, any of the following circumstances, conditions
or events with respect to such property, for any reason whatsoever: 
 (a)    the destruction of such property, damage
to such property beyond economic repair or rendition of such property permanently unfit for normal use by Owner; 

(b)    the actual or constructive total loss of such property or any damage to such property, or requisition of title or
use of such property, which results in an insurance settlement with respect to such property on the basis of a total loss or constructive or compromised total loss; 

(c)    any theft, hijacking or disappearance of such property for a period of 180 consecutive days or more; 

(d)    any seizure, condemnation, confiscation, taking or requisition (including loss of title) of such property by any
Government Entity or purported Government Entity (other than a requisition of use by the U.S. Government) for a period exceeding 180 consecutive days; 

(e)    as a result of any law, rule, regulation, order or other action by the Aviation Authority or by any Government
Entity of the government of registry of the Aircraft or by any Government Entity otherwise having jurisdiction over the operation or use of the Aircraft, the use of such property in the normal course of Owner’s business of passenger air
transportation is prohibited for a period of 180 consecutive days unless Owner, prior to the expiration of such 180-day period, shall have undertaken and shall be diligently carrying forward such steps as may
be necessary or desirable to permit the normal use of such property by Owner, but in any event if such use shall have been prohibited for a period of two consecutive years, provided that no Event of Loss shall be deemed to have occurred if such
prohibition has been applicable to Owner’s entire U.S. fleet of such property and Owner, prior to the expiration of such two-year period, shall have conformed at least one unit of such property in its
fleet to the requirements of any such law, rule, regulation, order or other action and commenced regular commercial use of the same in such jurisdiction and shall be diligently carrying forward, in a manner which does not discriminate against such
property in so conforming such property, steps which are necessary or desirable to permit the normal use of the Aircraft by Owner, but in any event if such use shall have been prohibited for a period of three years. 

  
 7 

 “Expenses” means any and all liabilities, obligations, losses, damages,
settlements, penalties, claims, actions, suits, costs, expenses and disbursements (including, without limitation, reasonable fees and disbursements of legal counsel, accountants, appraisers, inspectors or other professionals, and costs of
investigation). 
 “FAA” means the Federal Aviation Administration of the United States or any Government Entity succeeding
to the functions of such Federal Aviation Administration. 
 “FAA Bill of Sale” means a bill of sale for the Aircraft on AC
Form 8050-2 (or such other form as may be approved by the FAA) delivered to Owner by Airframe Manufacturer. 

“FAA Filed Documents” means the FAA Bill of Sale, an application for registration of the Aircraft with the FAA in the name of
Owner, the Trust Indenture and the initial Trust Indenture Supplement. 
 “FAA Regulations” means the Federal Aviation
Regulations issued or promulgated pursuant to the Act from time to time. 
 “FATCA” means the provisions of Sections 1471
through 1474 of the Code and any current or future regulations or rules promulgated thereunder, or any successor or similar provisions. 

“Financing Statements” means, collectively, UCC financing statements covering the Collateral, by Owner, as debtor, showing
Mortgagee as secured party, for filing in Delaware and each other jurisdiction that, in the opinion of Mortgagee, is necessary to perfect its Lien on the Collateral. 

“GAAP” means generally accepted accounting principles as set forth in the statements of financial accounting standards issued
by the Financial Accounting Standards Board of the American Institute of Certified Public Accountants, as such principles may at any time or from time to time be varied by any applicable financial accounting rules or regulations issued by the SEC
and, with respect to any person, shall mean such principles applied on a basis consistent with prior periods except as may be disclosed in such person’s financial statements. 

“Government Entity” means (a) any federal, state, provincial or similar government, and any body, board, department,
commission, court, tribunal, authority, agency or other instrumentality of any such government or otherwise exercising any executive, legislative, judicial, administrative or regulatory functions of such government or (b) any other government
entity having jurisdiction over any matter contemplated by the Operative Agreements or relating to the observance or performance of the obligations of any of the parties to the Operative Agreements. 

  
 8 

 “GTA” means [the General Terms Agreement
No. 1-2728690849, dated July 12, 2012, between the Engine Manufacturer and Owner]12 [the General Terms Agreement No. GE-1-172575605, dated as of September 30, 2005, between Engine Manufacturer, GE Engine Services Distribution, LLC and Owner,]13 [the General
Terms Agreement No. 1-2728690849, dated July 12, 2012, between the Engine Manufacturer and Owner]14 [the General Terms Agreement No. GE-1-172575605, dated as of September 30, 2005, between Engine Manufacturer, GE Engine Services Distribution, LLC and Owner, as modified and made applicable to
the Engines by the Letter Agreement GE GE90-115, dated April 14, 2015, among Engine Manufacturer, GE Engine Services Distribution, LLC and Owner,]15 as
amended. 
 “Indemnitee” means (i) WTNA and Mortgagee, (ii) each separate or additional trustee appointed
pursuant to the Trust Indenture, (iii) the Subordination Agent, the Paying Agent and the Escrow Agent, (iv) the Liquidity Providers, (v) the Pass Through Trustees and each Related Note Holder, (vi) each Affiliate of the persons
described in clauses (i) and (ii), (vii) each Affiliate of the persons described in clauses (iii), (iv) and (v), (viii) the respective directors, officers, employees, agents and servants of each of the persons described in clauses (i),
(ii) and (vi), (ix) the respective directors, officers, employees, agents and servants of each of the persons described in clauses (iii), (iv), (v) and (vii), (x) the successors and permitted assigns of the persons described in clauses (i), (ii) and
(viii), and (xi) the successors and permitted assigns of the persons described in clauses (iii), (iv), (v) and (ix); provided that the persons described in clauses (iii), (iv), (v), (vii), (ix) and (xi) are Indemnitees only for purposes of
Section 8.1 of the Participation Agreement. If any Indemnitee is Airframe Manufacturer or Engine Manufacturer or any subcontractor or supplier of either thereof, such Person shall be an Indemnitee only in its capacity as Note Holder. 

“Indenture Agreements” means the Purchase Agreement and the Bills of Sale, to the extent included in Granting Clause
(2) of the Trust Indenture, and any other contract, agreement or instrument from time to time assigned or pledged under the Trust Indenture. 

“Indenture Default” means any condition, circumstance, act or event that, with the giving of notice, the lapse of time or
both, would constitute an Indenture Event of Default. 
 “Indenture Event of Default” means any one or more of the
conditions, circumstances, acts or events set forth in Section 5.01 of the Trust Indenture. 
 “Indenture Indemnitee”
means (i) WTNA and the Mortgagee, (ii) each separate or additional trustee appointed pursuant to the Trust Indenture, (iii) the Subordination Agent, (iv) each Liquidity Provider, (v) each Pass Through Trustee and each
Related Note Holder, (vi) the Paying Agent, (vii) the Escrow Agent and (viii) each of the respective directors, officers, employees, agents and servants of each of the persons described in clauses (i) through (vii) inclusive
above. 
  
  

	12. 	Insert for Boeing 737-800 Aircraft. 

	13. 	Insert for Boeing 787-9 Aircraft. 

	14. 	Insert for Boeing 737 Max 9 Aircraft. 

	15. 	Insert for Boeing 777-300ER Aircraft 

  
 9 

 “Intercreditor Agreement” means that certain Intercreditor Agreement among the
Pass Through Trustees, the Liquidity Providers and the Subordination Agent, dated as of the Issuance Date, provided that for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, such
Intercreditor Agreement shall be effective unless consented to by Owner. 
 “International Interest” is defined in the Cape
Town Treaty. 
 “International Registry” is defined in the Cape Town Treaty. 

“IRS” means the Internal Revenue Service of the United States or any Government Entity succeeding to the functions of such
Internal Revenue Service. 
 “Issuance Date” means February 14, 2018. 

“Law” means (a) any constitution, treaty, statute, law, decree, regulation, order, rule or directive of any Government
Entity, and (b) any judicial or administrative interpretation or application of, or decision under, any of the foregoing. 

“Lien” means any mortgage, pledge, lien, charge, claim, encumbrance, lease or security interest affecting the title to or any
interest in property. 
 “Liquidity Facilities” means the two Revolving Credit Agreements (consisting of one Revolving
Credit Agreement with the Liquidity Provider with respect to the Class AA Pass Through Trust and a second Revolving Credit Agreement with the Liquidity Provider with respect to the Class A Pass Through Trust) between the Subordination
Agent, as borrower, and the Liquidity Provider, each dated as of the Issuance Date, provided that, for purposes of any obligation of Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Liquidity
Facility shall be effective unless consented to by Owner. 
 “Liquidity Provider” means National Australia Bank Limited,
acting through its New York Branch, as “Class AA Liquidity Provider” and “Class A Liquidity Provider” (as such terms are defined in the Intercreditor Agreement). 

“Majority in Interest of Note Holders” means as of a particular date of determination, the holders of a majority in aggregate
unpaid Original Amount of all Equipment Notes outstanding as of such date (excluding any Equipment Notes held by Owner or any of its Affiliates (unless all Equipment Notes then outstanding shall be held by Owner or any Affiliate of Owner);
provided that for the purposes of directing any action or casting any vote or giving any consent, waiver or instruction hereunder, any Note Holder of an Equipment Note or Equipment Notes may allocate, in such Note Holder’s sole
discretion, any fractional portion of the principal amount of such Equipment Note or Equipment Notes in favor of or in opposition to any such action, vote, consent, waiver or instruction. 

  
 10 

 “Make-Whole Amount” means, with respect to any Equipment Note, an amount (as
determined by an independent investment bank of national standing) equal to the excess, if any, of (a) the present value of the remaining scheduled payments of principal and interest to maturity of such Equipment Note computed by discounting
such payments on a semiannual basis on each Payment Date (assuming a 360-day year of twelve 30-day months) using a discount rate equal to the Treasury Yield plus the
Make-Whole Spread, over (b) the outstanding principal amount of such Equipment Note plus accrued interest to the date of determination. For purposes of determining the Make-Whole Amount, “Treasury Yield” means, at the date of
determination with respect to any Equipment Note, the interest rate (expressed as a decimal and, in the case of United States Treasury bills, converted to a bond equivalent yield) determined to be the per annum rate equal to the semiannual yield to
maturity for United States Treasury securities maturing on the Average Life Date of such Equipment Note and trading in the public securities markets either as determined by interpolation between the most recent weekly average yield to maturity for
two series of United States Treasury securities, trading in the public securities markets, (A) one maturing as close as possible to, but earlier than, the Average Life Date of such Equipment Note and (B) the other maturing as close as
possible to, but later than, the Average Life Date of such Equipment Note, in each case as published in the most recent H.15 Page or, if a weekly average yield to maturity for United States Treasury securities maturing on the Average Life Date of
such Equipment Note is reported in the most recent H.15 Page, such weekly average yield to maturity as published in such H.15 Page. “H.15 Page” means the H.15 page published by the Board of Governors of the Federal Reserve System on its
website (or successor publication of such information by such Board of Governors). The date of determination of a Make-Whole Amount shall be the third Business Day prior to the applicable payment or redemption date and the “most recent H.15
Page” means the H.15 Page published prior to the close of business on the third Business Day prior to the applicable payment or redemption date. 

“Make-Whole Spread” means (i) in the case of Series AA Equipment Notes, 0.125%, (ii) in the case of Series A Equipment
Notes, 0.150% and (iii) in the case of any Additional Series, the percentage specified in Schedule I hereto (as amended at the time of original issuance of such Additional Series) as the “Make-Whole Spread” for such Additional Series.

 “Material Adverse Change” means, with respect to any person, any event, condition or circumstance that materially and
adversely affects such person’s business or consolidated financial condition, or its ability to observe or perform its obligations, liabilities and agreements under the Operative Agreements. 

“Minimum Liability Insurance Amount” is defined in Schedule 3 to the Participation Agreement. 

“Mortgaged Property” is defined in Section 3.03 of the Trust Indenture. 

“Mortgagee” means Wilmington Trust, National Association, a national banking association, not in its individual capacity but
solely as mortgagee under the Trust Indenture. 
 “Non-U.S. Person” means any
Person other than a United States person, as defined in Section 7701(a)(30) of the Code. 

  
 11 

 “Note Holder” means at any time each registered holder of one or more Equipment
Notes. 
 “Note Purchase Agreement” means the Note Purchase Agreement, dated as of the Issuance Date, among United
Airlines, Inc., the Subordination Agent, the Escrow Agent, the Paying Agent and the Pass Through Trustee under each Pass Through Trust Agreement providing for, among other things, the issuance and sale of certain equipment notes. 

“NY UCC” means the UCC as in effect on the date of determination in the State of New York. 

“Officer’s Certificate” means, in respect of any Person, a certificate signed by the Chairman, the President, any Vice
President (including those with varying ranks such as Executive, Senior, Assistant or Staff Vice President), the Treasurer or the Secretary of such Person. 

“Operative Agreements” means, collectively, the Participation Agreement, the Trust Indenture, the initial Trust Indenture
Supplement, the Bills of Sale, and the Equipment Notes. 
 “Operative Indentures” means each of the indentures under which
notes have been issued and purchased by the Pass Through Trustees pursuant to the Note Purchase Agreement (whether before or after the date of this Trust Indenture). 

“Original Amount,” with respect to an Equipment Note, means the stated original principal amount of such Equipment Note and,
with respect to all Equipment Notes, means the aggregate stated original principal amounts of all Equipment Notes. 
 “Owner
Person” means Owner, any lessee, assignee, successor or other user or person in possession of the Aircraft, Airframe or an Engine with or without color of right, or any Affiliate of any of the foregoing (excluding any Tax Indemnitee or any
related Tax Indemnitee with respect thereto, or any person using or claiming any rights with respect to the Aircraft, Airframe or an Engine directly by or through any of the persons in this parenthetical). 

“Participation Agreement” means the Participation Agreement
[                    ], dated as of
[                    ], among Owner, the Applicable Pass Through Trustees, the Subordination Agent and Mortgagee. 

“Parts” means all appliances, parts, components, instruments, appurtenances, accessories, furnishings, seats and other
equipment of whatever nature (other than (a) Engines or engines, and (b) any Removable Part leased by Owner from a third party or subject to a security interest granted to a third party), that may from time to time be installed or
incorporated in or attached or appurtenant to the Airframe or any Engine or removed therefrom unless the Lien of the Trust Indenture shall not be applicable thereto in accordance with Section 4.04 of the Trust Indenture. 

  
 12 

 “Pass Through Agreements” means the Pass Through Trust Agreements, the Note
Purchase Agreement, the Deposit Agreements, the Escrow Agreements, the Intercreditor Agreement, the Liquidity Facilities and the Fee Letter referred to in Section 2.03 of each of the Liquidity Facilities, provided that no amendment,
modification or supplement to, or substitution or replacement of, any such Fee Letter shall be effective for purposes of any obligation of Owner, unless consented to by Owner. 

“Pass Through Certificates” means the pass through certificates issued by the Pass Through Trusts (and any other pass through
certificates for which such pass through certificates may be exchanged). 
 “Pass Through Trust” means each of the two
separate pass through trusts created under the Pass Through Trust Agreements. 
 “Pass Through Trust Agreement” means each
of the two separate Trust Supplements, together in each case with the Basic Pass Through Trust Agreement, each dated as of the Issuance Date by and between the Owner and a Pass Through Trustee, provided, that, for purposes of any obligation of
Owner, no amendment, modification or supplement to, or substitution or replacement of, any such Agreement shall be effective unless consented to by Owner. 

“Pass Through Trustee” means Wilmington Trust, National Association, a national banking association, in its capacity as
trustee under each Pass Through Trust Agreement. 
 “Pass Through Trustee Agreements” means the Participation Agreement,
the Pass Through Trust Agreements, the Note Purchase Agreement, the Deposit Agreements, the Escrow Agreements, and the Intercreditor Agreement. 

“Paying Agent” means Wilmington Trust, National Association, as paying agent under each of the Escrow Agreements. 

“Payment Date” means each March 1 and September 1, commencing on
[                    ].16 

“Payment Due Rate” means (a) with respect to (i) any payment made to a Note Holder under any Series of Equipment
Notes, the Debt Rate applicable to such Series plus 2% and (ii) any other payment made under any Operative Agreement to any other Person, the Debt Rate applicable to such payment plus 2% or, if less, (b) the maximum rate permitted by
applicable law. 
 “Permitted Air Carrier” means (i) any manufacturer of airframes or aircraft engines, or any
Affiliate of a manufacturer of airframes or aircraft engines, (ii) any Permitted Foreign Air Carrier, (iii) any person approved in writing by Mortgagee or (iv) any U.S. Air Carrier. 

 

	16. 	Insert first March 1 or September 1 after the Closing Date, excluding March 1, 2018. 

  
 13 

 “Permitted Country” means any country listed on Schedule 4 to the Participation
Agreement. 
 “Permitted Foreign Air Carrier” means any air carrier with its principal executive offices in any Permitted
Country and which is authorized to conduct commercial airline operations and to operate jet aircraft similar to the Aircraft under the applicable Laws of such Permitted Country. 

“Permitted Government Entity” means (i) the U.S. Government or (ii) any Government Entity if the Aircraft is then
registered under the laws of the country of such Government Entity. 
 “Permitted Lien” means (a) the rights of
Mortgagee under the Operative Agreements, or of any Permitted Lessee under any Permitted Lease; (b) Liens attributable to Mortgagee (both in its capacity as trustee under the Trust Indenture and in its individual capacity); (c) the rights of
others under agreements or arrangements to the extent expressly permitted by the terms of Section 4.02(b) or 4.04 of the Trust Indenture; (d) Liens for Taxes of Owner (and its U.S. federal tax law consolidated group), or Liens for Taxes of
any Tax Indemnitee (and its U.S. federal tax law consolidated group) for which Owner is obligated to indemnify such Tax Indemnitee under any of the Operative Agreements, in any such case either not yet due or being contested in good faith by
appropriate proceedings so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of Mortgagee therein or impair the Lien of the Trust
Indenture; (e) materialmen’s, mechanics’, workers’, repairers’, employees’ or other like Liens arising in the ordinary course of business for amounts the payment of which is either not yet delinquent for more than 60
days or is being contested in good faith by appropriate proceedings, so long as such Liens and such proceedings do not involve any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of
Mortgagee therein or impair the Lien of the Trust Indenture; (f) Liens arising out of any judgment or award against Owner (or any Permitted Lessee), so long as such judgment shall, within 60 days after the entry thereof, have been discharged or
vacated, or execution thereof stayed pending appeal or shall have been discharged, vacated or reversed within 60 days after the expiration of such stay, and so long as during any such 60 day period there is not, or any such judgment or award does
not involve, any material risk of the sale, forfeiture or loss of the Aircraft, the Airframe, or any Engine or the interest of Mortgagee therein or impair the Lien of the Trust Indenture; (g) any other Lien with respect to which Owner (or any
Permitted Lessee) shall have provided a bond, cash collateral or other security adequate in the reasonable opinion of Mortgagee. 

“Permitted Lease” means a lease permitted under Section 4.02(b) of the Trust Indenture. 

“Permitted Lessee” means the lessee under a Permitted Lease. 

  
 14 

 “Persons” or “persons” means individuals, firms, partnerships,
joint ventures, trusts, trustees, Government Entities, organizations, associations, corporations, limited liability companies, government agencies, committees, departments, authorities and other bodies, corporate or incorporate, whether having
distinct legal status or not, or any member of any of the same. 
 “Plan” means any employee benefit plan within the
meaning of Section 3(3) of ERISA, or any plan within the meaning of Section 4975(e)(1) of the Code. 
 “Prospective
International Interest” is defined in the Cape Town Treaty. 
 “Purchase Agreement” means [the Purchase Agreement
No. PA-03784, dated as of July 12, 2012 (which incorporates and amends the terms and conditions of the Aircraft General Terms Agreement AGTA-UAL, dated as of
February 19, 2010), between the Airframe Manufacturer and Owner]17 [the Purchase Agreement No. PA-03776, dated as of July 12, 2012,between the
Airframe Manufacturer and Owner (as assignee of UCH) (which incorporates the terms and conditions (except as specifically set forth in such Purchase Agreement) of the Aircraft General Terms Agreement, dated as of July 12, 2012 between the
Airframe Manufacturer and UCH]18 [the Purchase Agreement No. 2484, dated as of December 29, 2004 between the Airframe Manufacturer and
Owner]19 [the Purchase Agreement No. 04308 dated January 14, 2015 between the Airframe Manufacturer and Owner (which incorporates the terms and conditions (except as specifically set
forth in such Purchase Agreement) of the Aircraft General Terms Agreement, dated as of February 19, 2010 between the Airframe Manufacturer and Owner)]20, as amended (including all exhibits
thereto, together with all letter agreements entered into that by their terms constitute part of such Purchase Agreement) and the GTA, in each case to the extent included in the Granting Clause (2) of the Trust Indenture. 

“QIB” is defined in Section 2.08 of the Trust Indenture. 

“Related Additional Series Equipment Note” means, with respect to any particular series of Additional Series Equipment Notes
and as of any date, an “Additional Series Equipment Note”, as defined in each Related Indenture, having the same designation as such series of Additional Series Equipment Notes, but only if as of such date it is held by the
“Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 

“Related Equipment Note” means, as of any date, an “Equipment Note” as defined in each Related Indenture, but only
if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 
  

 

	17. 	Insert for Boeing 737-800 Aircraft. 

	18. 	Insert for Boeing 737 MAX 9 Aircraft. 

	19. 	Insert for Boeing 787-9 Aircraft. 

	20. 	Insert for Boeing 777-300ER Aircraft. 

  
 15 

 “Related Indenture” means each Operative Indenture (other than the Trust
Indenture). 
 “Related Indenture Event of Default” means any “Indenture Event of Default” under any Related
Indenture. 
 “Related Make-Whole Amount” means the “Make-Whole Amount”, as defined in each Related Indenture.

 “Related Mortgagee” means the “Mortgagee” as defined in each Related Indenture. 

“Related Note Holder” means a registered holder of a Related Equipment Note. 

“Related Secured Obligations” means, as of any date, the outstanding “Original Amount”, as defined in each Related
Indenture, of the Related Equipment Notes issued under such Related Indenture, the accrued and unpaid interest due thereon in accordance with such Related Indenture as of such date, the Related Make-Whole Amount, if any, due with respect thereto and
all other amounts due with respect thereto in accordance with such Related Indenture. 
 “Related Series AA Equipment Note”
means, as of any date, a “Series AA Equipment Note”, as defined in each Related Indenture, but only if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are
defined in such Related Indenture. 
 “Related Series A Equipment Note” means, as of any date, a “Series A Equipment
Note”, as defined in each Related Indenture, but only if as of such date it is held by the “Subordination Agent” under the “Intercreditor Agreement”, as such terms are defined in such Related Indenture. 

“Removable Part” is defined in Section 4.04(d) of the Trust Indenture. 

“Replacement Airframe” means any airframe substituted for the Airframe pursuant to Article IV of the Trust Indenture. 

“Replacement Engine” means an engine substituted for an Engine pursuant to Article IV of the Trust Indenture. 

“SEC” means the Securities and Exchange Commission of the United States, or any Government Entity succeeding to the functions
of such Securities and Exchange Commission. 
 “Section 1110” means 11 U.S.C. Section 1110 of the
Bankruptcy Code or any successor or analogous section of the federal bankruptcy law in effect from time to time. 

  
 16 

 “Secured Obligations” is defined in Section 2.06 of the Trust Indenture.

 “Securities Account” is defined in Section 3.07 of the Trust Indenture. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security” means a “security” as defined in Section 2(l) of the Securities Act. 

“Senior Holder” is defined in Section 2.13(c) of the Trust Indenture. 

“Series” means any of Series AA, Series A or any Additional Series. 

“Series AA” or “Series AA Equipment Notes” means Equipment Notes issued under the Trust Indenture and
designated as “Series AA” thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the Trust Indenture under the heading “Series AA.” 

“Series A” or “Series A Equipment Notes” means Equipment Notes issued under the Trust Indenture and
designated as “Series A” thereunder, in the Original Amount and maturities and bearing interest as specified in Schedule I to the Trust Indenture under the heading “Series A”. 

“Similar Aircraft” means a Boeing Model [insert model reference the same as the Aircraft] aircraft. 

“Special Default” means (i) the failure by Owner to pay any amount of principal of or interest on any Equipment Note
when due or (ii) the occurrence of any Default or Event of Default referred to in Section 5.01(v), (vi) or (vii). 

“Subordination Agent” means Wilmington Trust, National Association, as subordination agent under the Intercreditor Agreement,
or any successor thereto. 
 “Tax Indemnitee” means (a) WTNA and Mortgagee, (b) each separate or additional
trustee appointed pursuant to the Trust Indenture, (c) each Note Holder and (d) the respective successors, assigns, agents and servants of the foregoing. 

“Taxes” means all license, recording, documentary, registration and other similar fees and all taxes, levies, imposts,
duties, charges, assessments or withholdings of any nature whatsoever imposed by any Taxing Authority, together with any penalties, additions to tax, fines or interest thereon or additions thereto. 

“Taxing Authority” means any federal, state or local government or other taxing authority in the United States, any foreign
government or any political subdivision or taxing authority thereof, any international taxing authority or any territory or possession of the United States or any taxing authority thereof. 

“Threshold Amount” is defined in Schedule 3 to the Participation Agreement. 

  
 17 

 “Transaction Expenses” means all costs and expenses incurred by Mortgagee in
connection with (a) the preparation, execution and delivery of the Operative Agreements and the recording or filing of any documents, certificates or instruments in accordance with any Operative Agreement, including, without limitation, the FAA
Filed Documents and the Financing Statements, (b) the initial fee of Mortgagee under the Trust Indenture and (c) the reasonable fees and disbursements of counsel for each Mortgagee and special counsel in Oklahoma City, Oklahoma, in each
case, in connection with the Closing. 
 “Transactions” means the transactions contemplated by the Participation Agreement.

 “Transfer” means the transfer, sale, assignment or other conveyance of all or any interest in any property, right or
interest. 
 “Transferee” means a person to which any Note Holder purports or intends to Transfer any or all of its right,
title or interest in the Equipment Note, as described in Section 9 of the Participation Agreement. 
 “Trust
Indenture” means the Trust Indenture and Mortgage [                    ], dated as of the date of the Participation Agreement between Owner
and Mortgagee. 
 “Trust Indenture Supplement” means a Trust Indenture and Mortgage Supplement, substantially in the form
of Exhibit A to the Trust Indenture, with appropriate modifications to reflect the purpose for which it is being used. 
 “Trust
Supplement” means an agreement supplemental to the Basic Pass Through Trust Agreement pursuant to which (i) a separate trust is created for the benefit of the holders of the Pass Through Certificates of a class, (ii) the issuance
of the Pass Through Certificates of such class representing fractional undivided interests in such trust is authorized and (iii) the terms of the Pass Through Certificates of such class are established. 

“UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction. 

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

“United States” or “U.S.” means the United States of America; provided that for geographic purposes,
“United States” means, in aggregate, the 50 states and the District of Columbia of the United States of America. 
 “U.S.
Air Carrier” means any United States air carrier that is a Citizen of the United States holding an air carrier operating certificate issued pursuant to chapter 447 of title 49 of the United States Code for aircraft capable of carrying 10 or
more individuals or 6000 pounds or more of cargo, and as to which there is in force an air carrier operating certificate issued pursuant to Part 121 of the FAA Regulations, or which may operate as an air carrier by certification or otherwise under
any successor or substitute provisions therefor or in the absence thereof. 

  
 18 

 “U.S. Government” means the federal government of the United States, or any
instrumentality or agency thereof the obligations of which are guaranteed by the full faith and credit of the federal government of the United States. 

“U.S. Person” means any Person described in Section 7701 (a)(30) of the Code. 

“Weighted Average Life to Maturity” means, with respect to any specified Debt, at the time of the determination thereof the
number of years obtained by dividing the then Remaining Dollar-years of such Debt by the then outstanding principal amount of such Debt. The term “Remaining Dollar-years” shall mean the amount obtained by (1) multiplying the amount of
each then-remaining principal payment on such Debt by the number of years (calculated at the nearest one-twelfth) that will elapse between the date of determination of the Weighted Average Life to Maturity of
such Debt and the date of that required payment and (2) totaling all the products obtained in clause (1) above. 
 “Wet
Lease” means any arrangement whereby Owner or a Permitted Lessee agrees to furnish the Aircraft, Airframe or any Engine to a third party pursuant to which the Aircraft, Airframe or Engine shall at all times be in the operational control of
Owner or a Permitted Lessee, provided that Owner’s obligations under the Trust Indenture shall continue in full force and effect notwithstanding any such arrangement. 

“WTNA” means Wilmington Trust, National Association, a national banking association, not in its capacity as Mortgagee under
the Trust Indenture, but in its individual capacity. 

  
 19 

			
		 	
ANNEX B - INSURANCE

  TRUST INDENTURE [    ]  

 ANNEX B 

INSURANCE 
 Capitalized
terms used but not defined herein shall have the respective meanings set forth or incorporated by reference in Annex A to the Trust Indenture. 
  

	A.	Liability Insurance 

 1.    Except as provided in Section A.2
below, Owner (or Permitted Lessee) will carry or cause to be carried at all times, at no expense to Mortgagee, commercial airline legal liability (including, but not limited to passenger liability, property damage, baggage liability, cargo and mail
liability, hangarkeeper’s liability and contractual liability insurance) with respect to the Aircraft, the Airframe and the Engines, which is (i) in an amount not less than the greater of (x) the amount of commercial airline legal
liability insurance from time to time applicable to aircraft owned or leased and operated by Owner (or Permitted Lessee) of the same type and operating on similar routes as the Aircraft and (y) the Minimum Liability Insurance Amount per
occurrence; (ii) of the type and covering the same risks as from time to time applicable to aircraft operated by Owner (or Permitted Lessee) of the same type as the Aircraft; and (iii) maintained in effect with insurers of nationally or
internationally recognized responsibility (such insurers being referred to herein as “Approved Insurers”). Owner (or Permitted Lessee) need not maintain cargo liability insurance with respect to the Aircraft, or may maintain such insurance
in an amount less than the Minimum Liability Insurance Amount, as long as the amount of the cargo liability insurance, if any, maintained with respect to such Aircraft is not less than the amount of such coverage which is maintained by Owner (or
Permitted Lessee) for other aircraft owned or leased by Owner (or Permitted Lessee) that are similar in type to such Aircraft and operated by Owner (or Permitted Lessee) on the same or similar routes. 

2.    During any period that the Aircraft is on the ground and not in operation, Owner (or Permitted Lessee) may carry or
cause to be carried, in lieu of the insurance required by Section A.1 above, insurance otherwise conforming with the provisions of said Section A.1 except that (i) the amounts of coverage shall not be required to exceed the amounts of
public liability and property damage insurance from time to time applicable to aircraft owned or operated by Owner (or Permitted Lessee) of the same type as the Aircraft which are on the ground and not in operation and (ii) the scope of the
risks covered and the type of insurance shall be the same as from time to time shall be applicable to aircraft owned or operated by Owner (or Permitted Lessee) of the same type which are on the ground and not in operation. 

 

	B.	Hull Insurance 

 1.    Except as provided in Section B.2 below,
Owner (or Permitted Lessee) will carry or cause to be carried at all times, at no expense to Mortgagee, with Approved Insurers “all-risk” ground and flight aircraft hull insurance covering the
Aircraft (including the Engines when they are installed on the Airframe or any other airframe) which is of the type as from time to time applicable to aircraft owned by Owner (or Permitted Lessee) of the same type as the Aircraft for an amount
denominated in United States Dollars not less than the unpaid Original Amount together with six months of interest accrued thereon (collectively, the “Debt Balance”). 

 Any policies of insurance carried in accordance with this Section B.1 or Section C
covering the Aircraft and any policies taken out in substitution or replacement for any such policies (i) shall name Mortgagee as exclusive loss payee for any proceeds to be paid under such policies up to an amount equal to the Debt Balance and
(ii) shall provide that (A) in the event of a loss involving proceeds in excess of the Threshold Amount, the proceeds in respect of such loss up to an amount equal to the Debt Balance shall be payable to the Mortgagee, except in the case
of a loss with respect to an Engine installed on an airframe other than the Airframe, in which case Owner (or any Permitted Lessee) shall endeavor to arrange for any payment of insurance proceeds in respect of such loss to be held for the account of
the Mortgagee whether such payment is made to Owner (or any Permitted Lessee) or any third party, it being understood and agreed that in the case of any payment to Mortgagee otherwise than in respect of an Event of Loss, the Mortgagee shall, upon
receipt of evidence satisfactory to it that the damage giving rise to such payment shall have been repaired or that such payment shall then be required to pay for repairs then being made, pay the amount of such payment to Owner or its order, and
(B) the entire amount of any loss involving proceeds of the Threshold Amount or less or the amount of any proceeds of any loss in excess of the Debt Balance shall be paid to Owner or its order unless an Event of Default shall have occurred and
be continuing and the insurers have been notified thereof by the Mortgagee. In the case of a loss with respect to an engine (other than an Engine) installed on the Airframe, Mortgagee shall hold any payment to it of any insurance proceeds in respect
of such loss for the account of Owner or any other third party that is entitled to receive such proceeds. 

2.    During any period that the Aircraft is on the ground and not in operation, Owner (or Permitted Lessee) may carry or
cause to be carried, in lieu of the insurance required by Section B.1 above, insurance otherwise conforming with the provisions of said Section B.1 except that the scope of the risks and the type of insurance shall be the same as from time
to time applicable to aircraft owned by Owner (or Permitted Lessee) of the same type similarly on the ground and not in operation, provided that Owner (or Permitted Lessee) shall maintain insurance against risk of loss or damage to the
Aircraft in an amount equal to the Debt Balance during such period that the Aircraft is on the ground and not in operation. 
  

	C.	War-Risk, Hijacking and Allied Perils Insurance 

If Owner (or any Permitted Lessee) shall at any time operate or propose to operate the Aircraft, Airframe or any Engine (i) in any area of
recognized hostilities or (ii) on international routes and war-risk, hijacking or allied perils insurance is maintained by Owner (or any Permitted Lessee) with respect to other aircraft owned or operated
by Owner (or any Permitted Lessee) on such routes or in such areas, Owner (or Permitted Lessee) shall maintain or cause to be maintained war-risk, hijacking and related perils insurance of substantially the
same type carried by major United States commercial air carriers operating the same or comparable models of aircraft on similar routes or in such areas and in no event in an amount less than the unpaid Original Amount. 

  
 2 

	D.	General Provisions 

 Any policies of insurance carried in accordance with
Sections A, B and C, including any policies taken out in substitution or replacement for such policies: 

(i)    in the case of Section A, shall name Mortgagee, each Note Holder, each Related Mortgagee, each
Related Note Holder and each Liquidity Provider as an additional insured (collectively, the “Additional Insureds”), as its interests may appear; 

(ii)    shall apply worldwide and have no territorial restrictions or limitations (except only in the case
of war, hijacking and related perils insurance required under Section C, which shall apply to the fullest extent available in the international insurance market); 

(iii)    shall provide that, in respect of the interests of the Additional Insureds in such policies, the
insurance shall not be invalidated or impaired by any act or omission (including misrepresentation and nondisclosure) by Owner (or any Permitted Lessee) or any other Person (including, without limitation, use for illegal purposes of the Aircraft or
any Engine) and shall insure the Additional Insureds regardless of any breach or violation of any representation, warranty, declaration, term or condition contained in such policies by Owner (or any Permitted Lessee); 

(iv)    shall provide that, if the insurers cancel such insurance for any reason whatsoever, or if the same
is allowed to lapse for nonpayment of premium, or if any material change is made in the insurance which adversely affects the interest of any of the Additional Insureds, such cancellation, lapse or change shall not be effective as to the Additional
Insureds for thirty (30) days (seven (7) days in the case of war risk, hijacking and allied perils insurance and ten (10) days in case of nonpayment of premium) after receipt by the Additional Insureds of written notice by such
insurers of such cancellation, lapse or change, provided that if any notice period specified above is not reasonably obtainable, such policies shall provide for as long a period of prior notice as shall then be reasonably obtainable; 

(v)    shall waive any rights of setoff (including for unpaid premiums), recoupment, counterclaim or other
deduction, whether by attachment or otherwise, against each Additional Insured; 
 (vi)    shall waive
any right of subrogation against any Additional Insured; 
 (vii)    shall be primary without right of
contribution from any other insurance that may be available to any Additional Insured; 
 (viii)    shall
provide that all of the liability insurance provisions thereof, except the limits of liability, shall operate in all respects as if a separate policy had been issued covering each party insured thereunder; 

(ix)    shall provide that none of the Additional Insureds shall be liable for any insurance premium; and

 (x)    shall contain a 50/50% Clause per Lloyd’s Aviation Underwriters’ Association Standard
Policy Form AVS 103 or US market equivalent. 

  
 3 

	E.	Reports and Certificates; Other Information 

 On or prior to the Closing Date and on or
prior to each renewal date of the insurance policies required hereunder, Owner(or Permitted Lessee) will furnish or cause to be furnished to Mortgagee insurance certificates describing in reasonable detail the insurance maintained by Owner (or
Permitted Lessee) hereunder and a report, signed by Owner’s (or Permitted Lessee’s) regularly retained independent insurance broker (the “Insurance Broker”), stating the opinion of such Insurance Broker that (a) all premiums
in connection with such insurance then due have been paid and (b) such insurance complies with the terms of this Annex B, except that such opinion shall not be required with respect to war risk insurance or indemnity provided by the U.S.
Government. To the extent such agreement is reasonably obtainable Owner (or Permitted Lessee) will also cause the Insurance Broker to agree to advise Mortgagee in writing of any default in the payment of any premium and of any other act or omission
on the part of Owner (or Permitted Lessee) of which it has knowledge and which might invalidate or render unenforceable, in whole or in part, any insurance on the Aircraft or Engines required hereunder or cause the cancellation or termination of
such insurance, and to advise Mortgagee in writing at least thirty (30) days (seven (7) days in the case of war-risk and allied perils coverage and ten (10) days in the case of nonpayment of
premium, or such shorter period as may be available in the international insurance market, as the case may be) prior to the cancellation, lapse or material adverse change of any insurance maintained pursuant to this Annex B. 

 

	F.	Right to Pay Premiums 

 The Additional Insureds shall have the rights but not the
obligations of an additional named insured with respect to paying premiums. None of Mortgagee and the other Additional Insured shall have any obligation to pay any premium, commission, assessment or call due on any such insurance (including
reinsurance). Notwithstanding the foregoing, in the event of cancellation of any insurance due to the nonpayment of premiums, Mortgagee shall have the option, in its sole discretion, to pay any such premium in respect of the Aircraft that is due in
respect of the coverage pursuant to this Trust Indenture and to maintain such coverage, as Mortgagee may require, until the scheduled expiry date of such insurance and, in such event, Owner shall, upon demand, reimburse Mortgagee for amounts so paid
by them. 
  

	G.	Deductibles; Self-insurance 

 Owner (or Permitted Lessee) may self-insure by way of
deductible, premium adjustment or franchise provisions or otherwise (including, with respect to insurance maintained pursuant to Section B, insuring for a maximum amount which is less than the Debt Balance) in the insurance covering the risks
required to be insured against pursuant to Section 4.06 and this Annex B under a program applicable to all aircraft in Owner’s (or Permitted Lessee’s) fleet, but in no case shall the aggregate amount of self-insurance in regard
to Section 11 and this Annex B exceed during any policy year, with respect to all of the aircraft in Owner’s (or Permitted Lessee’s) fleet (including, without limitation, the Aircraft), the lesser of (a) 100% of the largest
replacement value of any single aircraft in Owner’s fleet and (b) 1-1/2% of the average aggregate insurable value (during the preceding policy year) of all aircraft (including, without limitation,
the Aircraft) on which Owner carries insurance, unless an insurance broker of national standing shall certify that the standard among all other major U.S. airlines is a higher level of self-insurance, in which case Owner may self-insure to such
higher level. In addition, Owner (and any Permitted Lessee) may self-insure to the extent of any applicable deductible per aircraft that does not exceed industry standards for major U.S. airlines. 

  
 4 

 EXHIBIT A 

TO 
 TRUST INDENTURE AND MORTGAGE 

TRUST INDENTURE AND MORTGAGE SUPPLEMENT 

This TRUST INDENTURE AND MORTGAGE SUPPLEMENT NO.     , dated
[                                     ,
        ] (herein called this “Trust Indenture Supplement”) of UNITED AIRLINES, INC., as Owner (the “Owner”). 

W I T N E S S E T H: 

WHEREAS, the Trust Indenture and Mortgage
[                    ], dated as of
[                    ] (as amended and supplemented, the “Trust Indenture”), between the Owner and Wilmington Trust, National Association,
as Mortgagee (the “Mortgagee”), provides for the execution and delivery of a supplement thereto substantially in the form hereof, which shall particularly describe the Aircraft, and shall specifically mortgage such Aircraft to the
Mortgagee; and 
 WHEREAS, the Trust Indenture relates to the Airframe and Engines described below, and a counterpart of the Trust Indenture
is attached hereto and made a part hereof and this Trust Indenture Supplement, together with such counterpart of the Trust Indenture, is being filed for recordation on the date hereof with the FAA as one document; 

NOW, THEREFORE, this Trust Indenture Supplement WITNESSETH that the Owner hereby confirms that the Lien of the Trust Indenture on the
Collateral covers all of Owner’s right, title and interest in and to the following described property and that it hereby grants to the Security Trustee an “International Interest” (as defined in the Cape Town Convention on
International Interests in Mobile Equipment and related Aircraft Equipment Protocol, as in effect in the United States) in the following airframe and engines: 

AIRFRAME 
 One airframe identified as
follows: 
  

													
	 Manufacturer
	  	Model	 	  	FAA Registration
Number	 	  	Manufacturer’s
Serial Number	 
	 The Boeing Company
	  				  				  			

 AIRCRAFT ENGINES 

Two aircraft engines, each such engine being a jet propulsion aircraft engine with at least 1750 lb of thrust or its equivalent,
identified as follows: 
  

					
	 Manufacturer
	  	Manufacturer’s Model	  	Serial Number
		  		  	
		  		  	
		  		  	

 Together with all of Owner’s right, title and interest in and to (a) all Parts of
whatever nature, which from time to time are included within the definition of “Airframe” or “Engine”, whether now owned or hereafter acquired, including all substitutions, renewals and replacements of and additions,
improvements, accessions and accumulations to the Airframe and Engines (other than additions, improvements, accessions and accumulations which constitute appliances, parts, instruments, appurtenances, accessories, furnishings or other equipment
excluded from the definition of Parts) and (b) all Aircraft Documents. 
 TO HAVE AND TO HOLD all and singular the aforesaid property
unto the Mortgagee, its successors and assigns, in trust for the equal and proportionate benefit and security of the Note Holders and the Indenture Indemnitees, except as provided in Section 2.13 and Article III of the Trust Indenture without
any preference, distinction or priority of any one Equipment Note over any other by reason of priority of time of issue, sale, negotiation, date of maturity thereof or otherwise for any reason whatsoever, and for the uses and purposes and subject to
the terms and provisions set forth in the Trust Indenture. 
 This Trust Indenture Supplement shall be construed as supplemental to the
Trust Indenture and shall form a part thereof. The Trust Indenture is each hereby incorporated by reference herein and is hereby ratified, approved and confirmed. 

AND, FURTHER, the Owner hereby acknowledges that the Aircraft referred to in this Trust Indenture Supplement has been delivered to the Owner
and is included in the property of the Owner subject to the pledge and mortgage thereof under the Trust Indenture. 

*    *    * 

IN WITNESS WHEREOF, the Owner has caused this Trust Indenture Supplement to be duly executed by one of its officers, thereunto duly
authorized, on the day and year first above written. 
  

			
	UNITED AIRLINES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 SCHEDULE I 
  

									
	 	  	Original Amount	 	  	Interest Rate	 
	 Series AA:
	  	 	[                    	] 	  	 	3.50	% 
	 Series A:
	  	 	[                    	] 	  	 	3.70	% 
	 Total:
	  				  			

 Trust Indenture and Mortgage 

Equipment Note Amortization 
  

					
	 Payment Date
	  	Percentage of Original
Amount to be Paid	 
		  			
		  			
		  			

 [Attached on following pages.] 

  
 3EX-10.1

Table of Contents

 Exhibit 10.1 
  

 
 February 20, 2018 

Gerrard Schmid 
 161 Gordon Road 

Toronto, Ontario 
 M2P 1E7 

Canada 
  

	RE:	EMPLOYMENT OFFER LETTER 

 Dear Gerrard: 

On behalf of Diebold Nixdorf, Inc. (the “Company”) and Diebold Nixdorf Canada, Limited (“Diebold Canada”), I am pleased to offer you
(“you” or the “Executive”) the position of President and Chief Executive Officer of the Company. The following sets forth the terms and conditions regarding your employment, effective as of the Start Date indicated below. This
offer letter, along with the terms of the documents and agreements referred to herein, as modified by this offer letter, and which are incorporated by reference as material terms of this offer letter, supersedes and replaces any previous offers or
term summaries or agreements between us. This offer letter, if accepted by you, will be conditioned and effective upon approval of the Company’s Board of Directors (the “Board”) and shall be a legally binding agreement between you and
the Company. 
 Start Date: Your employment shall begin on February 21, 2018 (the “Start Date”). 

Position and Duties: You agree to serve as the President and Chief Executive Officer of the Company, reporting directly to the Board. This is a
full-time position, and you shall devote your best efforts, skills and abilities to the proper performance of the duties and responsibilities customarily associated with the position, including the general management of the affairs of the Company,
and other duties or responsibilities otherwise reasonably assigned to you from time-to-time by the Board. You shall serve as an officer or director of the Company’s affiliates upon request and without further compensation, unless otherwise
required by applicable law. In the event that you cease to be employed by the Company or applicable affiliate for any reason, you shall immediately tender your resignation from all officer, director and other positions you hold with the Company or
any of its affiliates, effective as of the date your employment terminates. Subject to the Company’s conflict of interest and compliance policies, you may serve on other boards of directors and/or engage in charitable activities or community
affairs provided such activities do not interfere with the effective performance of your duties to the Company. In addition, such board of director service shall be within the limits prescribed by the proxy advisory firms (such as Glass Lewis and
ISS) for U.S. public company CEOs. 

Table of Contents

 Board Membership: As soon as practical following your Start Date, the Company’s Board will appoint
you as a non-independent director of the Board. While in your position and during your employment, the Board will nominate you to serve as a director at each of Diebold Nixdorf’s annual meetings, subject to election by the Company’s
shareholders. As an employee director, your service on the Board is without additional compensation. 
 Term: You will be employed on an
indefinite basis, subject to termination by either party at any time and for any reason. Except as otherwise required by this offer letter or by law, the Company’s obligations under this offer letter automatically terminate upon the termination
of your employment with the Company or its affiliate, and you will have no obligation or duty to further serve the Company in any capacity nor will you be entitled to any further compensation or benefit beyond payment of Base Salary through date of
termination and any accrued but unused vacation, unreimbursed business expenses and vested benefits. All separation and termination compensation and benefits will be governed by this offer letter. 

Location & Travel: Your primary work location will be at Company headquarters in North Canton, Ohio. You understand that significant travel
may be required to meet the duties and responsibilities of this position. The Company agrees that you will not be required to relocate to North Canton, Ohio. Your reasonable travel and related expenses shall be reimbursed in accordance with Company
policy.  
 Compensation and Benefits: In exchange for the full-time services rendered by you for the Company and its affiliates, the Company
will provide you with 2018 total target annual direct compensation of $7,030,000, comprised of Base Salary, an annual incentive award and long-term incentive grants as described below. During your employment, you will be eligible to participate in
our annual incentive award and long-term incentive compensation programs on terms commensurate with your position and duties, as determined by the Board in its sole discretion. Program design, including performance measure, individual performance
goals, and weighting is at the sole discretion of the Board, provided such annual performance goals shall be determined after consultation with you.  

Base Salary: Your annualized base salary shall be set at $950,000 (all currency in USD) (“Base Salary”), payable in accordance
with the regular payroll practices of the Company. The Base Salary shall be reviewed annually for upward (but not downward) adjustment, as determined in the discretion of the Board. 

Annual Incentive Award: Your initial target bonus shall be 140% of annual Base Salary; a threshold bonus of 60% of Base Salary; and a
maximum bonus of 280% of Base Salary, all pro-rated for the first year of employment. Bonus payouts are awarded at the discretion of the Board based on the Board’s determination, in good faith and consistent with its fiduciary

  
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duties, that annual targets were achieved. The annual targets will be established in writing by the Board after consultation with you and within the first ninety (90) days of the applicable
bonus period. Your annual bonus will be paid no later than March 15 immediately following the end of the applicable bonus period. 

Long-Term Incentive Grant: Your initial target long-term incentive grant value will be 500% of Base Salary and shall be granted to you
on the Start Date. The equity mix for your initial grant is 50% Performance Shares, 35% Restricted Stock Units and 15% Stock Options. The terms of those grants are evidenced on the award agreement attached hereto as Exhibit A. All subsequent awards
shall be awarded pursuant to the Company’s shareholder-approved equity plan in effect at the time of the awards. Notwithstanding anything to the contrary in the award agreements, the equity plan or otherwise, (i) once vested, your equity
interests shall not be subject to forfeiture, provided that the Company shall retain the right to clawback awards for conduct that results in a termination for Cause after following the protocols outlined in this letter, including gross neglect and
any act of dishonesty constituting a felony, or a willful act of misconduct resulting in an obligation on Diebold to prepare a financial accounting restatement due to material noncompliance with any reporting requirement under the U.S. federal
securities laws; and (ii) in the event your employment is terminated by the Company without Cause or you resign for Good Reason (both as defined in the award agreement attached hereto), in either event within three years after a Change in
Control, you will be entitled to 100% accelerated vesting of all of your then outstanding equity interests, with Performance Shares or Units earned at the greater of target or actual performance as of the date of termination. 

Vacation: You shall be entitled to four weeks of vacation per year. 

Employee Benefits: During your employment, you and, where applicable, your eligible family members, shall be eligible to participate in
all employee benefit programs available to senior executives of the Company in the Company’s Canadian legal entity including extended health care and dental insurance, life insurance, disability insurance, paid-time off, mandatory Deferred
Profit Sharing Plan (DPSP), the optional Registered Retirement Savings Plan (RRSP) and Tax Free Savings Account (TFSA). In addition, the Company will use its good faith efforts to provide you with supplemental life insurance (to ensure $6,000,000 in
coverage) and supplemental long term disability insurance (to ensure monthly benefits of $15,000 per month). In the event your employment with the Company ends due to your death or disability, the Company will pay you a lump sum amount, paid without
60 days of termination, of the annual incentive award at target for the calendar year that includes the date of termination; provided such amount shall be adjusted on a prorated basis. You will be eligible to participate in the Company’s U.S.
health care plan. To the extent the Company’s health plan does not provide coverage due to your location at the time of an illness or injury and/or because of your personal residence or immigration status, the

  
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Company shall indemnity you for any uncovered health care costs you incur. The Company and its affiliates may change these plans from time-to-time in the Company’s sole discretion provided
at all times during your employment and during any post-employment severance period you shall be entitled to the same benefit protections as other Company executives receive under Company plans. 

Severance Benefits: This section defines your severance benefits, collectively referred to as “Severance Benefits.” The terms of the
Company’s Senior Leadership Severance Plan (the “Plan”) in effect as of the date hereof and attached hereto as Exhibit B, as modified below, shall govern your Severance Benefits. You shall be a Grade 100 Executive for purposes of the
Plan. Notwithstanding anything to the contrary in the Plan or otherwise, (i) no termination, amendment or modification of the Plan following the date of this offer letter shall have an adverse impact on you, including by reducing the terms of
your Severance Benefits; and (ii) the Plan shall be applied to you as follows:  
  

	 	•	 	“Good Reason” shall include a change in your title, authority, duties or responsibilities or the assignment of any duties that are inconsistent with your position. 

 

	 	•	 	The General Release and Acknowledgement of Restrictive Covenants referred to in Section 3.1(c) is attached to this offer letter as Exhibit C. 

 

	 	•	 	Your employment may not be terminated for Cause unless, after the applicable cure period, you are provided an opportunity to be heard at a Board meeting held for the purpose of considering a for Cause termination.

  

	 	•	 	Section 3.4 is deleted in its entirety and Section 3.2 shall apply to you in all respects regardless of the Effective Date of Termination. 

Benefits provided under this offer letter or under the Plan (or its successor) are offset by or supersede the minimum statutory benefits that are provided by
the Company or its affiliate, if any, in your home country. To the extent the terms of any annual incentive or long-term incentive award agreements between you and the Company and/or the terms of any other plan or agreement applicable to you are
less favorable to you than the terms of this offer letter, the terms of this offer letter supersede. In no event shall a transfer of your employment to or from Diebold Canada, to or from the Company, or to another Company affiliate, in itself, be
considered a termination of your employment or give rise to Good Reason hereunder or under the Plan. 
 Confidentiality and Non-Competition: You
acknowledge and agree that the opportunity for the above-referenced Severance Benefits is contingent on your agreement to and compliance with the noncompetition and confidentiality provisions contained in Article 4 of the Plan attached hereto. You
further acknowledge and agree that the confidentiality and noncompetition agreements are for the benefit of the Company and its affiliates and the Company acknowledges and agrees that you shall not be subject to any other noncompetition and
confidentiality obligations with respect to the Company and its affiliates. 

  
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 Change in Control Benefits: You shall be eligible to participate in the Company’s Change in Control
(CIC) program. A copy of the Change in Control Agreement is attached to this offer letter as Exhibit D and shall be executed by you prior to the execution of this Offer Letter. To the extent there are inconsistences between the Change in Control
Agreement and this offer letter, the terms that are more favorable to you shall control.  
 Financial Planning and Legal Expenses: You shall
be reimbursed for the cost of any personal tax or financial planning and legal expenses associated with your employment arrangement up to $25,000 for 2018 and up to $16,000 annually thereafter.  

Visa: The Company will assist in obtaining an appropriate United States visa to facilitate leadership of Diebold Nixdorf as a United States public
company headquartered in Ohio. The Company will pay all expenses associated with your visa and any related immigration matters. Your employment under this offer letter is not contingent on your visa or immigration status. 

Tax Matters: All amounts payable to you shall be subject to the withholding of all applicable taxes and deductions required by any applicable law and
employee elections. All payments made pursuant to plans in which you participate shall be made in accordance with the taxation and payment provisions contained in such plans (including, without limitation, the Plan). Reimbursement of any expenses
provided for in this offer letter shall be made promptly upon presentation of documentation in accordance with the Company’s policies with respect thereto as in effect from time to time (but in no event later than the end of the calendar year
following the year such expenses were incurred); provided, however, that in no event shall the amount of expenses eligible for reimbursement hereunder during a calendar year affect the expenses eligible for reimbursement in any other taxable year.
In no event may you, directly or indirectly, designate the calendar year of any payment under this offer letter. 
 Miscellaneous: The terms set
forth in this offer letter shall not be changed, altered, modified or amended, except by a written agreement that (i) explicitly states the intent of both parties hereto to amend this offer letter and (ii) is signed by both parties hereto.
This offer letter shall be governed by and construed in all respects by the laws of Ohio without reference to principles of conflicts of laws. Any disputes relating to your employment or equity rights shall be resolved by third party mediation and,
failing that, by binding arbitration to be held in Cleveland, Ohio in accordance with the rules and procedures of the American Arbitration Association. The Company will pay the costs and expenses of such arbitration.  

This offer will be valid until February 21, 2018. To accept this offer, please sign this offer letter in the space provided below and return to Patty
Lang, Chief People Officer, retaining a copy for your own file. 

  
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 We look forward to your decision. 

Sincerely, 
  

	
	/s/ Gary G. Greenfield
	Gary G. Greenfield
	Chairman

 I accept this offer on the terms set forth above. 

GERRARD SCHMID 
  

	
	/s/ Gerrard Schmid
	Date: February 21, 2018

 Approved by the Diebold Nixdorf, Inc. Board of Directors on February 20, 2018 

DIEBOLD NIXDORF, INC. 
  

	
	/s/ Jonathan B. Leiken
	Jonathan B. Leiken
	Senior Vice President, Chief Legal Officer and Secretary
	
	Date: February 21, 2018

  
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 Exhibit A to Offer Letter 

DIEBOLD NIXDORF, INCORPORATED 

CEO INDUCEMENT AWARD AGREEMENT 

Table of Contents

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I
	 	DEFINITIONS	  	 	1	 
			
	 ARTICLE II
	 	OPTION GRANT	  	 	4	 
			
	 ARTICLE III
	 	PERFORMANCE UNITS GRANT	  	 	7	 
			
	 ARTICLE IV
	 	RESTRICTED STOCK UNIT GRANT	  	 	10	 
			
	 ARTICLE V
	 	CHANGE IN CONTROL	  	 	12	 
			
	 ARTICLE VI
	 	ADJUSTMENTS	  	 	14	 
			
	 ARTICLE VII
	 	TAX WITHHOLDING	  	 	14	 
			
	 ARTICLE VIII
	 	ADMINISTRATION	  	 	15	 
			
	 ARTICLE IX
	 	GOVERNING LAW	  	 	19	 

  
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 CEO INDUCEMENT AWARD AGREEMENT 

This CEO Inducement Award Agreement (this “Agreement”) is made and entered into as of February 21, 2018 by and between Diebold
Nixdorf, Incorporated, an Ohio corporation (the “Company”) and Gerrard Schmid (the “Executive”) 
 ARTICLE I 

DEFINITIONS 
 As used in this
Agreement, 
 1.1 “Award” means any right granted under this Agreement, including an Option, a Restricted Stock Unit award
or Performance Unit award. 
 1.2 “Board” means the Board of Directors of the Company. 

1.3 “Business Combination” has the meaning set forth in Section 1.5(c). 

1.4 “Cause”, except in the case of a Change in Control, has the meaning stated in the Company’s Senior Leadership
Severance Plan, as modified by the Offer Letter entered into between the Company and the Executive on February 21, 2018. In the case of a Change in Control, “Cause” has the meaning set forth in Section 5.1(c). 

1.5 “Change in Control” means the occurrence of any of the following: 

(a) The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act), (a
“Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either: (A) the then-outstanding shares of common stock of the Company (the “Company Common
Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors (“Voting Stock”); provided, however, that for purposes of
this subsection (a), the following acquisitions shall not constitute a Change in Control: (1) any acquisition directly from the Company, (2) any acquisition by the Company, (3) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Subsidiary, or (4) any acquisition by any Person pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (c) of this Section 1.5; or 

(b) Individuals who, as of the date hereof, constitute the Board (as modified by this subsection (b), the “Incumbent Board”), cease
for any reason (other than death or disability) to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the date hereof whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement 

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of the Company in which such person is named as a nominee for Director, without objection to such nomination) 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 an actual or threatened election contest with respect to the election or removal of Directors or other actual or threatened solicitation of
proxies or consents by or on behalf of a Person other than the Board; or 
 (c) Consummation of a reorganization, merger or
consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, (A) all or substantially all of the individuals
and entities who were the beneficial owners, respectively, of the Company Common Stock and Voting Stock immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% 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 entity resulting from such Business Combination (including, without
limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other
as their ownership, immediately prior to such Business Combination, of the Company Common Stock and Voting Stock of the Company, as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee
benefit plan (or related trust) sponsored or maintained by the Company or such entity resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of, respectively, the then-outstanding shares of common stock of
the entity resulting from such Business Combination, or the combined voting power of the then-outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least
a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board providing for
such Business Combination; or 
 (d) Approval by the shareholders of the Company of a complete liquidation or dissolution of the
Company. 
 A “Change in Control” will be deemed to occur (i) with respect to a Change in Control pursuant to subsection
(a) above, on the date that any Person becomes the beneficial owner of thirty percent (30%) or more of either the Company Common Stock or the Voting Stock, (ii) with respect to a Change in Control pursuant to subsection
(b) above, on the date the members of the Incumbent Board first cease for any reason (other than death or disability) to constitute at least a majority of the Board, (iii) with respect to a Change in Control pursuant to subsection
(c) above, on the date the applicable transaction closes and (iv) with respect to a Change in Control pursuant to subsection (d) above, on the date of the shareholder approval. Notwithstanding the foregoing provisions, a “Change
in Control” shall not be deemed to have occurred for purposes of this Agreement solely because of a change in control of any Subsidiary by which the Executive may be employed. 

1.6 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

  
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 1.7 “Committee” has the meaning provided in Section 8.1. 

1.8 “Common Shares” means shares of common stock, $1.25 par value per share, of the Company or any security into which
such Common Shares may be changed by reason of any transaction or event of the type referred to in Article VI of this Agreement. 
 1.9
“Date of Grant” means February 21, 2018. 
 1.10 “Designated Subsidiary” means a Subsidiary that is
(i) not a corporation or (ii) a corporation in which at the time the Company owns or controls, directly or indirectly, less than eighty percent (80%) of the total combined voting power represented by all classes of stock issued
by such corporation. 
 1.11 “Director” means a director of the Company. 

1.12 “Disability” means totally and permanently disabled as from time to time defined under the long-term disability plan of
the Company or a Subsidiary applicable to the Executive, or, in the case where there is no applicable plan, permanent and total disability as defined in Section 22(e)(3) of the Code (or any successor section); provided, however,
that to the extent an amount payable under this Agreement which constitutes deferred compensation subject to Section 409A of the Code would become payable upon Disability, “Disability” for purposes of such payment shall not be deemed
to have occurred unless the disability also satisfies the requirements of Treasury Regulation 1.409A-3. 
 1.13 “Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. 

1.14 “Executive” has the meaning stated in the preamble. 

1.15 “Exercise Price” means, with respect to an Option, the price at which a Common Share may be purchased upon exercise
thereof. 
 1.16 “Good Reason”, except in the case of a Change in Control, has the meaning stated in the Company’s
Senior Leadership Severance Plan, as modified by the Offer Letter entered into between the Company and the Executive on February 21, 2018. In the case of a Change in Control, “Good Reason” has the meaning set forth in Section 5.2
of this Agreement. 
 1.17 “Fair Market Value” means, as of any particular date, the closing price of a Common Share as
reported for that date on the New York Stock Exchange or, if the Common Shares are not then listed on the New York Stock Exchange, on any other national securities exchange on which the Common Shares are listed, or if there are no sales on such
date, on the next preceding trading day during which a sale occurred. If there is no regular public trading market for the Common Shares, then the Fair Market Value shall be the fair market value as determined in good faith by the Board. 

1.18 “Incumbent Board” has the meaning provided in Section 1.5(b) of this Agreement. 

  
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 1.19 “Option” means an option awarded pursuant to Article II of this Agreement
that by its terms does not qualify or is not intended to qualify as an incentive stock option under Section 422 of the Code or any successor provision. 

1.20 “Performance Unit” and “PU” means a bookkeeping entry that records a unit equivalent to $1.25 awarded
pursuant to Article III of this Agreement. 
 1.21 “Qualifying Termination” means a termination of employment by the
Company without Cause or by Executive for Good Reason. 
 1.22 “Restricted Period” has the meaning provided in
Section 4.2 of this Agreement. 
 1.23 “Restricted Stock Unit” and “RSU” means a bookkeeping entry
that records the equivalent of one Common Share awarded pursuant to Article IV of this Agreement. 
 1.24 “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations thereunder, as such law, rules and regulations may be amended from time to time. 

1.25 “Subsidiary” means corporation, company or other entity (i) more than fifty percent (50%) of whose outstanding
shares or securities (representing the right to vote for the election of directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or
unincorporated association), but more than fifty percent (50%) of whose ownership interest representing the right generally to make decisions for such other entity is, now or hereafter, owned or controlled, directly or indirectly, by the
Company except that for purposes of determining whether any person may be an Executive for purposes of a grant of Incentive, Stock Options, “Subsidiary” means any corporation which is a “subsidiary corporation,” whether now or
hereafter existing, as defined in Section 424(f) of the Code. 
 1.26 “Voting Shares” means at any time, the
then-outstanding securities entitled to vote generally in the election of Directors. 
 ARTICLE II 

OPTION GRANT 
 2.1 Grant of
Option. 
 (a) Grant; Type of Option. The Company hereby grants to the Executive an option (the “Option”) to purchase
the total number of Common Shares of the Company equal to the number of Option Shares set forth on the Grant Detail Page, at the Exercise Price per Option Share set forth on the Grant Detail Page. The Option is intended to be a non-qualified stock
option and not an incentive stock option within the meaning of Section 422 of the Code. 
 (b) Consideration. The grant of the
Option is made as an inducement for Executive’s employment and in consideration of the services to be rendered by the Executive to the Company or a Subsidiary and is subject to the terms and conditions of this Agreement. 

  
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 2.2 Vesting; Expiration. 

(a) Vesting Schedule. Except as otherwise provided in this Agreement and subject to the Executive’s continuous service with the
Company or a Subsidiary, the Option will vest and become exercisable in three equal installments on each of the first, second and third anniversaries of the Date of Grant. Except as otherwise stated in this Agreement, the unvested portion of the
Option will not be exercisable on or after the Executive’s termination of continuous service. To the extent exercisable pursuant to this Agreement, this Option may be exercised in whole or in part from time-to-time. 

(b) Expiration. The Option will expire on the Expiration Date (which shall be 10 years from the Date of Grant set forth on the
Grant Detail Page), or earlier as provided in this Agreement. 
 2.3 Termination of Continuous Service. 

(a) Termination for Cause. If the Executive’s continuous service with the Company or a Subsidiary is terminated for Cause, the
unvested portion of the Option shall immediately terminate and cease to be exercisable. The Executive may exercise the vested portion of the Option only within such period of time ending on the earlier of (i) ninety (90) days following the
termination of the Executive’s continuous service or (ii) the Expiration Date. 
 (b) Termination due to Qualifying
Termination, Death or Disability. If the Executive’s continuous service with the Company or a Subsidiary terminates as a result of a Qualifying Termination or the Executive’s death or Disability, the Option shall vest in full
immediately upon such termination date, and the Option may be exercised by the Executive (or in the case of exercise after the Executive’s death or incapacity, the Executive’s executor, administrator, heir or legatee, as the case may be)
only within such period of time ending on the earlier of (i) the date twelve (12) months following the Executive’s termination of continuous service or (ii) the Expiration Date. 

2.4 Termination by Executive after Satisfying Service Requirements. 

(a) Notwithstanding Section 2.4(b), and subject to Section 2.3(b), if the Executive’s continuous service with the Company or a
Subsidiary terminates on or after the date on which the Executive attains age fifty-five (55), and if on such date the Executive shall have completed five (5) or more years of continuous service with the Company or its Subsidiaries, then this
Option shall continue to vest in accordance with the vesting schedule set forth in Section 2.2 as though Executive’s employment has not terminated and the Executive may exercise the vested portion of the Option until the Expiration Date.

 (b) Subject to Sections 2.3(b) and 2.4(a), if the Executive’s continuous service with the Company or a Subsidiary terminates on or
after the date on which the sum of the Executive’s age and the number of the Executive’s years of continuous service with the Company and its Subsidiaries on such date equals or exceeds seventy (70), then the Executive may exercise the
vested portion of the Option only within such period of time ending on the earlier of (i) five (5) years after the date the Executive’s continuous service ceases or (ii) the Expiration Date. 

  
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 2.5 Extension of Termination Date. If, following the Executive’s termination of
continuous service with the Company or a Subsidiary for any reason, the exercise of the Option is prohibited because the exercise of the Option would violate the registration requirements under the Securities Act or any other state or federal
securities law or the rules of any securities exchange or interdealer quotation system, then the expiration of the Option shall be tolled until the date that is thirty (30) days after the end of the period during which the exercise of the
Option would be in violation of such registration or other securities requirements. 
 2.6 Manner of Exercise. 

(a) Election to Exercise. To exercise the Option, the Executive (or in the case of exercise after the Executive’s death or
incapacity, the Executive’s executor, administrator, heir or legatee, as the case may be) must deliver to the Company a notice of intent to exercise in the manner designated by the Committee. 

(b) Payment of Exercise Price. The entire Exercise Price of the Option shall be payable in full at the time of exercise in: 

1. cash; 

2. check; 

3. Common Shares, provided that such Common Shares have a Fair Market Value on the date of surrender equal to the aggregate
Exercise Price and provided that accepting the Common Shares does not result in any adverse accounting consequences to the Company; 

4. consideration received by the Company under a broker-assisted (or other) cashless exercise program implemented by the
Company in connection with this Plan; 
 5. by net exercise; 

6. other consideration and method of payment to the extent permitted by applicable law and approved by the Committee; or 

7. any combination of the foregoing methods. 

2.7 Withholding. Prior to the issuance of Common Shares upon the exercise of the Option, the Executive must make arrangements
satisfactory to the Company to pay or provide for any applicable federal, state and local tax withholding obligations of the Company. The Executive may satisfy any federal, state or local tax withholding obligation relating to the exercise of the
Option by any of the following means: 
 (a) tendering a cash payment; 

  
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 (b) subject to Article VII, authorizing the Company to withhold Common Shares from those
otherwise issuable to the Executive as a result of the exercise of the Option; or 
 (c) delivering to the Company previously owned and
unencumbered Common Shares. 
 In the absence of the foregoing, the Company or a Subsidiary has the right to withhold from any compensation
paid or payable to the Executive. 
 2.8 Transferability. This Option is not transferable by the Executive other than by will or the
laws of descent and distribution, except (so long as the Executive is not a Director or officer of the Company within the meaning of Section 16 of the Exchange Act) to a fully revocable trust of which the Executive is treated as the owner for
federal income tax purposes. 
 ARTICLE III 

PERFORMANCE UNITS GRANT 
 3.1
Grant of Performance Units. The Company hereby grants to the Executive an Award for a target number of Performance Units (“PUs”) set forth on the Grant Detail Page (the “Target Award”). The number of PUs that the Executive
actually earns for the Performance Period (up to the maximum number set forth on the Grant Detail Page) will be determined by the level of achievement of the Management Goal(s) in accordance with Exhibit I attached hereto. 

3.2 Performance Period. For purposes of this Agreement, the term “Performance Period” shall be the period commencing on and
ending on the dates set forth on the Grant Detail Page. 
 3.3 Management Goal(s). 

(a) Earned PUs. The number of PUs earned by the Executive for the Performance Period will be determined at the end of the Performance
Period based on the level of achievement of the Management Goal(s) in accordance with Exhibit I attached hereto. All determinations of whether Management Goal(s) have been achieved, the number of PUs earned by the Executive, and all other matters
related to this Article III shall be made by the Committee in good faith and, if requested by Executive, verified by the Company’s accounting firm. No additional PUs shall be earned for results in excess of the maximum level of results for the
Management Goal(s). If results for a Management Goals are attained at interim levels of performance, a proportionate number of PUs shall be earned, as determined by mathematical interpolation and shall be rounded up to the nearest whole PU. 

(b) Certification. Promptly following completion of the Performance Period, the Committee will review and certify in writing
(i) whether, and to what extent, the Management Goal(s) for the Performance Period have been achieved, and (ii) the number of PUs that the Executive shall earn. Such certification shall be final, conclusive and binding on the Executive,
and on all other persons, to the maximum extent permitted by law. 

  
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 3.4 Vesting of PUs. The PUs are subject to forfeiture until they vest. Except as otherwise
provided in this Agreement, the PUs will vest and become nonforfeitable on the date the Committee certifies the achievement of the Management Goal(s) in accordance with Section 3.3, subject to (a) the achievement of the minimum threshold
Management Goal(s) for payout set forth in Exhibit I attached hereto, and (b) the Executive’s continuous service with the Company or a Subsidiary from the Date of Grant through the last day of the Performance Period. 

3.5 Payment of PUs. 
 (a)
Form of Payment. Payment of vested PUs shall be made in the form of the Company’s Common Shares (with each vested PU equal to one Common Share), cash (having an equivalent Fair Market Value) or a combination of Common Shares and cash, as
determined by the Committee in its sole discretion. Vested PUs shall be paid in a lump sum, less applicable taxes, as soon as practicable after the Company’s receipt of its audited financial statements relating to the last fiscal year of the
Performance Period covered by this Agreement and the determination by the Committee of the level of attainment of each Management Goal (but in all events by March 15 following the last fiscal year of the Performance Period); provided,
however, that in the event the Award vests pursuant to Article V, the Award (except as otherwise required under Section 8.5) shall be payable in a lump sum as provided in Article V. 

(b) Obligation. Prior to payment, the Company shall only have an unfunded and unsecured obligation to make payment of earned awards to
the Executive. 
 3.6 Termination of Continuous Service. 

(a) Termination for Cause. If the Executive’s continuous service with the Company or a Subsidiary is terminated for Cause, the
Executive shall automatically forfeit all unvested PUs on such employment termination date. 
 (b) Termination due to Qualifying
Termination, Death or Disability. If the Executive’s continuous service with the Company or a Subsidiary terminates as a result of a Qualifying Termination or the Executive’s death or Disability, the extent to which the PUs granted
hereby shall be deemed to have been earned shall be determined as if the Executive’s continuous service had not terminated and the result shall be multiplied by a fraction, the numerator of which is the number of full months the Executive was
employed during the Performance Period and the denominator of which is the total number of months in the Performance Period. 
 3.7
Termination by Executive after Satisfying Service Requirements. 
 (a) Notwithstanding Section 3.7(b), and subject to
Section 3.6(b), if the Executive’s continuous service with the Company or a Subsidiary terminates on or after the date on which the Executive attains age fifty-five (55), and if on such date the Executive shall have completed five
(5) or more years of continuous service with the Company or its Subsidiaries, then the extent to which the PUs granted hereby shall be deemed to have been earned shall be determined at the end of the applicable Performance Period as if the
Executive’s employment had not terminated. For the avoidance of doubt, the PUs earned by the Executive under this subsection shall not be prorated based on the number of months the Executive was employed during the Performance Period, but shall
be earned as if the Executive was employed for the entire duration of the Performance Period. 

  
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 (b) Subject to Section 3.6(b) and 3.7(a), if the Executive’s continuous service
terminates prior to the end of the Performance Period on or after the date on which the sum of the Executive’s age and the number of the Executive’s years of continuous service with the Company and its Subsidiaries on such date equals or
exceeds seventy (70), the extent to which the PUs granted hereby shall be deemed to have been earned shall be determined at the end of the Performance Period as if the Executive’s continuous service had not terminated and the result shall be
multiplied by a fraction, the numerator of which is the number of full months the Executive was employed during the Performance Period and the denominator of which is the total number of months in the Performance Period. 

3.8 Rights as Shareholder; Dividend Equivalents. Except as otherwise provided herein, the Executive shall not have any rights of a
shareholder with respect to the Common Shares underlying the PUs, including, but not limited to, voting rights and the right to receive or accrue dividends or dividend equivalents. 

3.9 Withholding. The Executive shall be required to pay to the Company, and the Company shall have the right to deduct from any
compensation paid to the Executive pursuant to the Plan, the amount of any required withholding taxes in respect of the PUs and to take all such other action as the Committee deems necessary to satisfy all obligations for the payment of such
withholding taxes. The Committee may permit the Executive to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a combination of such means: 

(a) tendering a cash payment; 

(b) subject to Article VII, authorizing the Company to withhold Common Shares from the Common Shares otherwise issuable or deliverable to the
Executive as a result of the vesting of the PUs; or 
 (c) delivering to the Company previously owned and unencumbered Common Shares. 

In the absence of the foregoing, the Company or a Subsidiary has the right to withhold from any compensation paid or payable to the Executive.

 3.10 Transferability. Neither the PUs granted hereby nor any interest therein shall be transferable other than by the laws of
descent and distribution prior to settlement pursuant to Section 3.5. 

  
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 ARTICLE IV 

RESTRICTED STOCK UNIT GRANT 
 4.1
Grant of RSUs. 
 (a) Grant. The Company hereby grants to the Executive an Award consisting of the number of RSUs set forth on
the Grant Detail Page. Each RSU represents the right to receive one Common Share, subject to the terms and conditions set forth in this Agreement. 

(b) Consideration. The grant of the RSUs is made as an inducement for Executive’s employment and in consideration of the services
to be rendered by the Executive to the Company or a Subsidiary. 
 4.2 Vesting. Except as otherwise provided in this Agreement and
subject to the Executive’s continuous service with the Company or a Subsidiary, the RSUs will vest in three (3) equal installments on each of the first, second and third anniversaries of the Date of Grant (each twelve (12) month
period during which vesting restrictions apply is the “Annual Restricted Period” and the three (3) year period in the aggregate is the “Restricted Period”). 

4.3 Termination of Continuous Service. 

(a) Termination for Cause. If the Executive’s continuous service with the Company or a Subsidiary is terminated for Cause, the
Executive shall automatically forfeit all unvested RSUs on such employment termination date. 
 (b) Termination due to Death or
Disability. If the Executive’s continuous service with the Company or a Subsidiary terminates as a result of the Executive’s death or Disability, all unvested RSUs shall vest in full immediately upon such termination date. 

(c) Termination due to Qualifying Termination. If the Executive’s continuous service with the Company or a Subsidiary terminates
as a result of a Qualifying Termination, all restrictions on unvested RSUs shall immediately lapse, with such RSUs becoming nonforfeitable on a pro rata basis, with the award being equal to the product of (x) and (y) where (x) is the
number of RSUs subject to the award, and (y) is a fraction, the numerator of which is the number of calendar months that the Executive was employed by the Company during the Restricted Period (with any partial months counting as a full month
for this purpose) and the denominator of which is the number of months in the Restricted Period. 
 (d) Termination by Executive after
Satisfying Service Requirements. 
 1. Notwithstanding Section 4.3(d)(2), and subject to Section 4.3(c), if the
Executive’s continuous service with the Company or a Subsidiary terminates on or after the date on which the Executive attains age fifty-five (55), and if on such date the Executive shall have completed five (5) or more years of continuous
service with the Company or its Subsidiaries, then the RSUs shall continue to vest in accordance with Section 4.2 as if the Executive had remained employed through the Restricted Period. 

  
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 2. Subject to Section 4.3(c) and 4.3(d)(1), if the Executive’s
continuous service with the Company or a Subsidiary terminates on or after the date on which the sum of the Executive’s age and the number of the Executive’s years of continuous service with the Company and its Subsidiaries on such date
equals or exceeds seventy (70), the extent to which any unvested RSUs granted hereby vest shall be determined as if the Executive’s continuous service had not terminated (and as if the Executive had remained in continuous employment throughout
the Restricted Period) and the result shall be multiplied by a fraction, the numerator of which is the number of full and partial months the Executive continuously served during the Annual Restricted Periods that have not ended (with partial months
rounded up to a full month) and the denominator of which is the total number of full months remaining in the Restricted Period; provided, however, the Board, upon recommendation of the Committee, may, in its discretion, eliminate the
foregoing fraction otherwise applicable to the Executive pursuant to this Section 4.3(d)(2). 
 4.4 Rights as Shareholder; Dividend
Equivalents. 
 (a) Rights. The Executive shall not have any rights of a shareholder with respect to the Common Shares underlying
the RSUs unless and until the RSUs vest and are settled by the issuance of such Common Shares. 
 (b) Dividend Equivalents. From and
after the Date of Grant and until such time as either the RSUs are paid or forfeited in accordance with the terms of this Agreement, the Company shall pay to the Executive, in the calendar year in which a dividend is paid on Common Shares, an amount
of cash equal to the per-share amount of the dividend paid times the number of unvested RSUs then held by the Executive; provided, however, that in the event the dividend is declared in the calendar year preceding the calendar year in
which it is scheduled to be paid, the Executive shall be paid such amount of cash no later than March 15 of the calendar year following the year in which such dividend was declared. 

4.5 Settlement of RSUs. Subject to Section 8.5, promptly following each vesting date, and in any event no later than sixty
(60) days following each vesting date, the Company shall (a) issue and deliver to the Executive the number of Common Shares equal to the number of vested RSUs; and (b) enter the Executive’s name on the books of the Company as the
shareholder of record with respect to the Common Shares delivered to the Executive. 
 4.6 Withholding. The Executive shall be
required to pay to the Company, and the Company shall have the right to deduct from any compensation paid to the Executive pursuant to the Plan, the amount of any required withholding taxes in respect of the RSUs and to take all such other action as
the Committee deems necessary to satisfy all obligations for the payment of such withholding taxes. The Committee may permit the Executive to satisfy any federal, state or local tax withholding obligation by any of the following means, or by a
combination of such means: 
 (a) tendering a cash payment; 

  
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 (b) subject to Article VII, authorizing the Company to withhold Common Shares from the Common
Shares otherwise issuable or deliverable to the Executive as a result of the vesting of the RSUs; or 
 (c) delivering to the Company
previously owned and unencumbered Common Shares. 
 In the absence of the foregoing, the Company or a Subsidiary has the right to withhold
from any compensation paid or payable to the Executive. 
 4.7 Transferability. Neither the RSUs granted hereby nor any interest
therein or in the Common Shares related thereto shall be transferable other than by the laws of descent and distribution prior to settlement pursuant to Section 4.5. 

ARTICLE V 
 CHANGE IN CONTROL 

5.1 Change in Control. 

(a) Acceleration of Vesting. Notwithstanding any provision of this Agreement to the contrary, if a Change in Control occurs and the
Executive’s continuous service with the Company or a Subsidiary is terminated by the Company other than for Cause (as defined in Section 5.1(c)) (other than for death or Disability) or by the Executive for Good Reason (as defined in
Section 5.2), in either case, within thirty-six (36) months following the Change in Control: (i) 100% of the Common Shares subject to the Option shall become immediately vested and exercisable, (ii) the Executive shall be deemed
to have earned 100% of the PUs granted hereunder at greater of target or actual level of achievement through the date of Executive’s termination of service, and such earned PUs shall be paid in a lump sum within 30 days following the date of
Executive’s termination of service in the form of Common Shares, cash (having an equivalent Fair Market Value) or a combination of Common Shares and cash, as determined by the Committee in its sole discretion, and (iii) any unvested RSUs
granted hereby shall vest immediately upon such employment termination. 
 (b) Business Combination. Notwithstanding anything in this
Section 5.1 to the contrary, in connection with a Business Combination the result of which is that the Company’s Common Shares and voting stock exchanged for or becomes exchangeable for securities of another entity, cash or a combination
thereof, if the entity resulting from such Business Combination does not: (i) assume the Option evidenced hereby and the Company’s obligations hereunder, or replace the Option evidenced hereby with a substantially equivalent security of
the entity resulting from such Business Combination, then the Option evidenced hereby shall vest in full and become immediately exercisable as of the day immediately prior to the date of such Business Combination, (ii) assume the PUs evidenced
hereby and the Company’s obligations hereunder, or replace the PUs evidenced hereby with a substantially equivalent security of the entity resulting from such Business Combination, then the PUs shall vest and become nonforfeitable, as of the
day immediately prior to the date of such Business Combination, and paid in a lump sum on the date of such Business Combination in the form of Common Shares, cash (having an equivalent Fair Market Value) or a combination of Common Shares and cash as

  
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determined by the Committee, and (iii) assume the RSUs evidenced hereby and the Company’s obligations hereunder, or replace the RSUs evidenced hereby with a substantially equivalent
security of the entity resulting from such Business Combination, then the RSUs evidenced hereby shall vest in full as of the day immediately prior to the date of such Business Combination. 

(c) Definition of “Cause.” For purposes of Section 5.1 of this Agreement, “Cause” means that the Executive has
committed: 
 1. an intentional act of fraud, embezzlement or theft in connection with his or her duties or in the course of
his or her employment with the Company or any Subsidiary; 
 2. intentional wrongful damage to property of the Company or any
Subsidiary; 
 3. intentional wrongful disclosure of secret processes or confidential information of the Company or any
Subsidiary; or 
 4. intentional wrongful engagement in any competitive activity which would constitute a material breach of
the duty of loyalty (“Competitive Activity”); and any such act shall have been materially harmful to the Company and its Subsidiaries taken as a whole. No act, or failure to act, on the part of the Executive shall be deemed
“intentional” if it was due primarily to an error in judgment or negligence, but shall be deemed “intentional” only if done, or omitted to be done, by the Executive not in good faith and without reasonable belief that his or her
action or omission was in or not opposed to the best interest of the Company and its Subsidiaries. 
 5.2 Definition of “Good
Reason.” For purposes of Section 5.1 of this Agreement, “Good Reason” means: 
 (a) failure to elect, reelect or
otherwise maintain the Executive in the offices or positions in the Company or any Subsidiary which the Executive held immediately prior to a Change in Control, or the removal of the Executive as a director of the Company (or any successor thereto)
if the Executive shall have been a director of the Company immediately prior to the Change in Control; 
 (b) a material reduction in the
nature or scope of the responsibilities or duties attached to the position or positions with the Company and its Subsidiaries which the Executive held immediately prior to the Change in Control, a material reduction in the aggregate of the
Executive’s base pay and incentive pay opportunity received from the Company, or the termination of the Executive’s rights to any material employee benefits to which he or she was entitled immediately prior to the Change in Control or a
material reduction in scope or value thereof without the prior written consent of the Executive; 

  
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 (c) the liquidation, dissolution, merger, consolidation or reorganization of the Company or
transfer of all or a significant portion of its business and/or assets, unless the successor or successors (by liquidation, merger, consolidation, reorganization or otherwise) to which all or a significant portion of its business and/or assets have
been transferred (directly or by operation of law) shall have assumed all duties and obligations of the Company under this Agreement; or 

(d) the Company shall relocate its principal executive offices, or the Company or any Subsidiary shall require the Executive to have his or
her principal location of work changed, to any location which is in excess of fifty (50) miles from the location thereof immediately prior to the Change in Control or the Company or any Subsidiary shall require the Executive to travel away from
his or her office in the course of discharging his or her responsibilities or duties hereunder significantly more (in terms of either consecutive days or aggregate days in any calendar year) than was required of him or her prior to the Change in
Control without, in either case, the Executive’s prior written consent. 
 The Executive is not entitled to assert that his or her
termination is for Good Reason unless the Executive gives the Company written notice of the event or events that are the basis for such claim within ninety (90) days after the event or events occur, describing such claim in reasonably
sufficient detail to allow the Company to address the event or events and a period of not less than thirty (30) days after to cure the alleged condition. 

ARTICLE VI 
 ADJUSTMENTS 

The Committee shall make or provide for such adjustments in the numbers of Common Shares covered by outstanding Awards granted hereunder, in
the prices per share applicable to such Options and in the kind of shares covered thereby, as the Board, in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or enlargement of the rights of the
Executive that otherwise would result from (a) any stock dividend, stock split, combination of shares, recapitalization or other change in the capital structure of the Company, or (b) any merger, consolidation, spin-off, split-off,
spin-out, split-up, reorganization, partial or complete liquidation or other distribution of assets, issuance of rights or warrants to purchase securities, or (c) any other corporate transaction or event having an effect similar to any of the
foregoing. Moreover, in the event of any such transaction or event, the Committee, in its discretion, may provide in substitution for any or all outstanding Awards under this Plan such alternative consideration as it, in good faith, may determine to
be equitable in the circumstances and may require in connection therewith the surrender of all Awards so replaced. In addition, for each Option with an Exercise Price greater than the consideration offered in connection with any such transaction or
event or Change in Control, the Committee may in its sole discretion elect to cancel such Option without any payment to the person holding such Option. 

ARTICLE VII 
 TAX WITHHOLDING 

To the extent that the Company or a Subsidiary is required to withhold federal, state, local or foreign taxes in connection with any payment
made or benefit realized by an Executive or other person under this Agreement, and the amounts available to the Company or a Subsidiary for such withholding are insufficient, it shall be a condition to the receipt of such payment or the

  
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realization of such benefit that the Executive or such other person make arrangements satisfactory to the Company or a Subsidiary for payment of the balance of such taxes required to be withheld,
which arrangements (in the discretion of the Committee) may include relinquishment of a portion of such benefit. The Executive shall also make such arrangements as the Company or a Subsidiary may require for the payment of any withholding tax
obligations that may arise in connection with the disposition of shares acquired upon the exercise of the Option. In no event, however, shall the Company or a Subsidiary accept Common Shares for payment of taxes in excess of maximum applicable tax
rates, except that, in the discretion of the Committee, the Executive or such other person may surrender Common Shares owned for more than 6 months to satisfy any tax obligations resulting from any such transaction. 

ARTICLE VIII 
 ADMINISTRATION 

8.1 Delegation to Committee. The Board hereby delegates authority to administer this Agreement to the Compensation Committee of the
Board (or its successor(s)), or any other committee of the Board hereafter designated by the Board to administer this Agreement, and the term “Committee” shall apply to any persons to whom such power is delegated. 

8.2 Interpretation. The good faith interpretation and construction by the Committee of any provision of this Agreement and any
determination by the Committee pursuant to any provision of this Agreement, notification or document shall be final and conclusive. No member of the Board or the Committee shall be liable for any such action or determination made in good faith. 

8.3 Clawback. Notwithstanding any other provisions in this Agreement, any Award which is subject to recovery under any law, government
regulation or stock exchange listing requirement (or any policy adopted by the Company pursuant to any of the foregoing) will be subject to such deductions and clawback as may be required or permitted to be made pursuant to such law, government
regulation, stock exchange listing requirement or policy (or pursuant to any other policy adopted by the Company at the direction of the Board, including the Company’s current clawback policy). 

8.4 Fractional Shares. The Company shall not be required to issue any fractional Common Shares pursuant to this Agreement. The
Committee may provide for the elimination of fractions or for the settlement of fractions in cash. 
 8.5 Compliance with
Section 409A of the Code. The Award of the Option, PUs and RSUs covered by this Agreement is intended to be excepted from coverage under, or compliant with, the provisions of Section 409A of the Code and the regulations and other
guidance promulgated thereunder (“Section 409A”). Notwithstanding the foregoing or any other provision of this Agreement to the contrary, if all or any portion of the Award of the Option, PUs and RSUs is subject to the provisions of
Section 409A (and not exempted therefrom), the provisions of this Agreement shall be administered, interpreted and construed in a manner necessary to comply with Section 409A (or disregarded to the extent such provision cannot be so
administered, interpreted or construed). If any payments or benefits hereunder may be deemed to constitute nonconforming deferred compensation subject to taxation under the provisions of 

  
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Section 409A, this Agreement may be amended, as reasonably requested by either party, and as may be necessary to preclude any such payment or benefit from being deemed “deferred
compensation” within the meaning of Section 409A in order to preserve the payments and benefits provided hereunder without additional cost to either party. If, at the time of the Executive’s separation from service (within the meaning
of Section 409A), (A) the Executive shall be a “specified employee” (within the meaning of Section 409A and using the identification methodology selected by the Company from time-to-time) and (B) the Company shall make
a good faith determination that an amount payable hereunder constitutes deferred compensation (within the meaning of Section 409A) the settlement of which is required to be delayed pursuant to the six (6) month delay rule set forth in
Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not settle such amount on the otherwise scheduled settlement date but shall instead settle it, without interest, on the first business day of the
month after such six (6) month period. Notwithstanding the foregoing, the Company and its Subsidiaries make no representations and/or warranties with respect to compliance with Section 409A, and the Executive recognizes and acknowledges
that Section 409A could potentially impose upon the Executive certain taxes and/or interest charges for which the Executive is and shall remain solely responsible. 

8.6 Compliance with Law. The exercise of the Option and the issuance and transfer of shares of Common Stock in connection with the
Option, RSUs and PUs shall be subject to compliance by the Company and the Executive with all applicable requirements of federal and state securities laws and with all applicable requirements of any stock exchange on which the Company’s shares
of Common Stock may be listed. No shares of Common Stock shall be issued or transferred unless and until any then applicable requirements of state and federal laws and regulatory agencies have been fully complied with to the satisfaction of the
Company and its counsel. 
 8.7 Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement
will be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Executive and the Executive’s beneficiaries,
executors, administrators and the person(s) to whom the Option, PUs and RSUs may be transferred by will or the laws of descent or distribution. 

8.8 Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, and each provision of this Agreement shall be severable and enforceable to the extent permitted by law. 

8.9 Amendment. The Committee has the right to amend, alter, suspend, discontinue or cancel the Option, PUs and RSUs, prospectively or
retroactively; provided, that, no such amendment shall adversely affect the Executive’s rights under this Agreement without the Executive’s consent. 

8.10 Continuous Service. For purposes of this Agreement, the continuous service of the Executive with the Company or a Subsidiary shall
not be deemed interrupted, and the Executive shall not be deemed to have ceased to be an associate of the Company or any Subsidiary, by reason of the transfer of his employment among the Company and its Subsidiaries. For the purposes of this
Agreement, leaves of absence approved by the Board for illness, military or governmental service, or other cause, shall be considered as employment. 

  
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 8.11 Executive’s Acknowledgment. In accepting the grant, the Executive (you)
acknowledges that: (a) the grants of Awards in this Agreement are voluntary and occasional and do not create any contractual or other right to receive future grants of the Option, PUs or RSUs, or benefits in lieu thereof, even if the Option,
PUs or RSUs have been granted repeatedly in the past; (b) all decisions with respect to future grants, if any, will be at the sole discretion of the Company; (c) your acceptance of this Agreement and the Awards herein is voluntary;
(d) this Agreement is not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards,
pension or retirement benefits or similar payments and the Agreement is an extraordinary item; (e) in the event that you are an employee of a Subsidiary of the Company, the grant will not be interpreted to form an employment contract or
relationship with the Company; and furthermore, the grant will not be interpreted to form an employment contract with the Subsidiary that is your employer; (f) the future value of the underlying Common Shares is unknown and cannot be predicted
with certainty; (g) no claim or entitlement to compensation or damages arises from forfeiture or termination of the Option, PUs or RSUs or diminution in value of the Option, PUs or RSUs or the Common Shares and you irrevocably release the
Company, its affiliates and its Subsidiaries from any such claim that may arise; and (h) in the event of involuntary termination of your employment, your right to receive the Option, PUs or RSUs and vest in the Option, PUs or RSUs under this
Agreement, if any, will terminate effective as of the date that you are no longer actively employed and will not be extended by any notice period mandated under local law (e.g., active employment would not include a period of “garden
leave” or similar period pursuant to local law); furthermore, in the event of involuntary termination of employment, your right to vest in the RSUs after termination of employment, if any, will be measured by the date of termination of your
active employment and will not be extended by any notice period mandated under local law. 
 8.12 Data Privacy. The Executive (you)
hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other form, of your personal data as described in this document by and among, as applicable, the Company, its affiliates and its Subsidiaries
(“the Company Group”) for the exclusive purpose of implementing, administering and managing your participation in this Agreement. 

You understand that the Company Group holds certain personal information about you, including, but not limited to, your name, home address and
telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any Common Shares or directorships held in the Company, details of all Awards herein or any other entitlement to Common Shares
awarded, canceled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan (“Data”). You understand that Data may be transferred to any third parties assisting in the
implementation, administration and management of the Plan, that these recipients may be located in your country or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country. You
understand that you may request a list with the names and 

  
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addresses of any potential recipients of the Data by contacting your local human resources representative. You authorize the recipients to receive, possess, use, retain and transfer the Data, in
electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan, including any requisite transfer of such Data as may be required to a broker or other third party with whom you may elect to
deposit any Common Shares acquired. You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan. You understand that you may, at any time, view Data, request additional
information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative. You understand,
however, that refusing or withdrawing your consent may affect your ability to participate in the Plan. For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human
resources representative. 
 8.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an
original but all of which together will constitute one and the same instrument. Counterpart signature pages to this Agreement transmitted by facsimile transmission, by electronic mail in portable document format (.pdf), or by any other electronic
means intended to preserve the original graphic and pictorial appearance of a document, will have the same effect as physical delivery of the paper document bearing an original signature. 

8.14 Acceptance. The Executive hereby acknowledges receipt of a copy of this Agreement. The Executive has read and understands the
terms and provisions, and accepts the Option, PUs and RSUs subject to all of the terms and conditions and this Agreement. The Executive acknowledges that there may be adverse tax consequences upon the vesting or settlement of the Option, PUs and
RSUs or disposition of the underlying shares and that the Executive has been advised to consult a tax advisor prior to such vesting, settlement or disposition. 

8.15 Deferrals. Except with respect to Option, the Committee may permit Executives to elect to defer the issuance of Common Shares or
the settlement of awards in cash under this Agreement pursuant to such rules, procedures or programs as it may establish for purposes of this Agreement and which are intended to comply with the requirements of Section 409A. The Committee also
may provide that deferred settlements include the payment or crediting of dividend equivalents or interest on the deferral amounts. 
 8.16
Special Circumstances. If permitted by Section 409A in case of termination of employment by reason of death, Disability or normal or early retirement, or in the case of hardship or other special circumstances, of the Executive while
holding the Option not immediately exercisable in full, or any RSUs as to which the substantial risk of forfeiture or the prohibition or restriction on transfer has not lapsed, or any Performance Units which have not been fully earned, the Committee
may, in its sole discretion, accelerate the time at which the Option may be exercised, or the time at which such substantial risk of forfeiture or prohibition or restriction on transfer will lapse for RSUs, or the time at which such Performance
Units will be deemed to have been fully earned, or may waive any other limitation or requirement under any such Award. 

  
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 8.17 Change in Exercise Price Prohibited. Except in connection with a corporate
transaction or event described in Article VI of this Agreement, the terms of outstanding Awards may not be amended to reduce the Exercise Price of the outstanding Option or cancel the outstanding Option in exchange for cash, other awards or options
with an Exercise Price that is less than the Exercise Price of the original Option without shareholder approval. 
 8.18 No Right to
Continued Employment. This Agreement shall not confer upon the Executive any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor shall it interfere in any way with any right the Company or any
Subsidiary would otherwise have to terminate the Executive’s employment or other service at any time. 
 ARTICLE IX 

GOVERNING LAW 
 The validity,
construction, interpretation, and enforceability of this Agreement shall be determined and governed by the laws of the State of Ohio, USA without giving effect to the principles of conflicts of law. For the purpose of litigating any dispute that
arises under this Agreement, the parties hereby consent to exclusive jurisdiction and agree that such litigation shall be conducted in the federal or state courts of the State of Ohio, USA. 

The parties have executed this Agreement on the terms and conditions set forth herein as of the Date of Grant. 

 

	
	Executive
	
	DIEBOLD NIXDORF, INCORPORATED
	
	   

  
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 DIEBOLD NIXDORF, INCORPORATED 

CEO INDUCEMENT AWARD AGREEMENT 

GRANT DETAIL PAGE ATTACHED 

Table of Contents

 [REDACTED] 

All dates are displayed in MM/DD/YYYY format 
  

											
	 	  	 	  	 

  

																			
	Stock Options	 
	Grant Date	  	Grant Type/Code	  	Grant Price	 	  	Option Balance	 	  	Options Vested	 	  	Expiration/Last Date
to Exercise	 
	 02/20/2018
	  	Non-Qualified Stock Option	  	$	15.35	 	  	 	192,049	 	  	 	0	 	  	 	02/20/2028	 
	 Totals
	  		  				  	 	192,049	 	  				  			

  

															
	Restricted Stock Units	 
	Grant Date	  	Grant Type/Code	  	Units
Balance	 	  	Units
Unvested	 	  	Final Vest
Date	 
	 02/21/2018
	  	Restricted Stock Units/RSU	  	 	108,945	 	  	 	108,945	 	  	 	02/21/2021	 
	 Totals
	  		  	 	108,945	 	  	 	108,945	 	  			

  

											
	Performance Units	 
	Grant Date	  	Grant Type/Code	  	Unit Balance	 	  	Performance
End Date	 
	 02/21/2018
	  	Performance Units	  	 	155,636	 	  	 	12/31/2020	 
	 Totals
	  		  	 	155,636	 	  			

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 DIEBOLD NIXDORF, INCORPORATED 

CEO INDUCEMENT AWARD AGREEMENT 

EXHIBIT I 

MANAGEMENT GOAL(S) 

The Performance Period begins on the date of this Agreement and ends on December 31, 2020. 

[REDACTED] 

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 Exhibit B to Offer Letter 

Senior Leadership Severance Plan 
 Amended and Restated
Effective July 24, 2015 

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 Contents 
  

					
		
	 Article 1. Establishment and Term of the Plan
	  	 	1	 
		
	 Article 2. Definitions
	  	 	2	 
		
	 Article 3. Severance Benefits
	  	 	4	 
		
	 Article 4. Confidentiality and Noncompetition
	  	 	8	 
		
	 Article 5. Legal Fees and Notice
	  	 	9	 
		
	 Article 6. Successors and Assignment
	  	 	10	 
		
	 Article 7. Miscellaneous
	  	 	10	 

 Diebold, Incorporated 

Senior Leadership Severance Plan 
 Article 1.
Establishment and Term of the Plan 
 1.1 Establishment of the Plan. Diebold, Incorporated (hereinafter referred to as the
“Company”) hereby establishes a severance plan to be known as the “Diebold Incorporated Senior Leadership Severance Plan” (the “Plan”) as such plan has been amended and restated effective July 24, 2015 to
incorporate amendments made effective on January 1, 2014, September 1, 2014 and July 24, 2015. The Plan provides severance benefits to certain employees of the Company (“Executives”) upon certain terminations of
employment from the Company. Eligibility to participate in the Plan is determined by career level and is subject to approval by the Compensation Committee of the Board. The Board has determined that appropriate steps should be taken to reinforce and
encourage the continued attention and dedication of members of the Company’s management to their assigned duties without distraction in circumstances arising from the possibility of certain terminations. 

1.2 Initial Term. This Plan will commence on January 1, 2012 (the “Effective Date”) and shall continue in effect for a
period of three (3) years (the “Initial Term”). 
 1.3 Successive Periods. The term of this Plan shall automatically
be extended for one (1) additional year at the end of the Initial Term, and then again after each successive one (1) year period thereafter (each such one (1) year period following the Initial Term is referred to as a “Successive
Period”). However, the Committee may terminate this Plan entirely or terminate any individual Executive’s participation in the Plan at the end of the Initial Term, or at the end of any Successive Period thereafter, by giving all Executives
(or select Executives, if terminating select Executives’ participation in the Plan) written notice of intent not to renew, delivered at least three (3) months prior to the end of such Initial Term or Successive Period. If such notice is
properly delivered by the Company, this Plan, along with all corresponding rights, duties, and covenants, shall automatically expire at the end of the Initial Term or Successive Period then in progress. 

Table of Contents

 Article 2. Definitions 

Whenever used in this Plan, the following terms shall have the meanings set forth below and, when the meaning is intended, the initial letter
of the word is capitalized. 
  

	 	(a)	“Base Salary” means the Executive’s annual rate of salary, whether or not deferred as of the Effective Date of Termination. 

 

	 	(b)	“Beneficiary” means the persons or entities designated or deemed designated by the Executive pursuant to Section 7.5 herein. 

 

	 	(c)	“Board” means the Board of Directors of the Company. 

  

	 	(d)	“Cause” shall mean the Executive’s” 

  

	 	(i)	Willful failure to substantially perform his duties with the Company (other than any such failure resulting from the Executive’s Disability), after a written demand for substantial performance is delivered to the
Executive that specifically identifies the manner in which the Company believes that the Executive has not substantially performed his duties, and the Executive has failed to remedy the situation with fifteen (15) business days of such written
notice from the Company; 

  

	 	(ii)	Willful gross negligence in the performance of the Executive’s duties; 

  

	 	(iii)	Conviction of, or plea of guilty or nolo contendere, to any felony or a lesser crime or offense which, in the reasonable opinion of the Company, could adversely affect the business or reputation of the Company;

  

	 	(iv)	Willful engagement in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise; 

  

	 	(v)	Willful violation of any provision of the Company’s code of conduct; 

  

	 	(vi)	Willful violation of any of the covenants contained in Article 4 of this Plan, as applicable; 

  

	 	(vii)	Act of dishonesty resulting in, or intended to result in, personal gain at the expense of the Company; or 

  

	 	(viii)	Engaging in any act that is intended to harm, or may be reasonably expected to harm, the reputation, business prospects, or operations of the Company. 

For purposes of this paragraph (d), no act or omission by the Executive shall be considered “willful” unless it is
done or omitted in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company. Any act or failure to act based upon: (i) authority given pursuant to a resolution duly adopted by
the Board; or (ii) advice of counsel for the Company, shall be conclusively presumed to be done or omitted to be done by the Executive in good faith and in the best interests of the Company. 

For purposes of this Plan, there shall be no termination for Cause pursuant to subsections (i) through (viii) above,
unless a written notice, containing a detailed description of the grounds constituting Cause hereunder, is delivered to the Executive stating the basis for the termination. Upon receipt of such notice, the Executive shall be given thirty
(30) days to fully cure (if such violation, neglect, or conduct is capable of cure) the violation, neglect, or conduct that is the basis of such claim. 

  
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	 	(e)	“Code” means the United States Internal Revenue Code of 1986, as amended, and any successors thereto. 

  

	 	(f)	“Committee” means the Compensation Committee of the Board or any other committee appointed by the Board to perform the functions of the Compensation Committee. 

 

	 	(g)	“Company” means Diebold, Incorporated, an Ohio corporation, or any successor thereto as provided in Article 6 herein. 

 

	 	(h)	“Disability” shall have the same meaning ascribed to that word in the long-term disability plan in effect for senior executives of the Company and its Subsidiaries. 

 

	 	(i)	“Effective Date” means the commencement date of this Plan as specified in Section 1.2 of this Plan. 

  

	 	(j)	“Effective Date of Termination” means the date on which a Qualifying Termination occurs, as defined hereunder, which triggers the payment of Severance Benefits hereunder. 

 

	 	(k)	“Good Reason” shall mean the occurrence of any one or more of the following without the Executive’s express written consent: 

 

	 	(i)	The Company materially reduces the amount of the Executive’s then current Base Salary or the target for his annual bonus; or 

  

	 	(ii)	The Company requires the Executive to be based at a location in excess of fifty (50) miles from the location of the Executive’s principal job location or office as of the Effective Date; or 

 

	 	(iii)	The failure of the Company to obtain in writing the obligation to perform or be bound by the terms of this Plan by any successor to the Company or a purchaser of all or substantially all of the assets of the Company; or

  

	 	(iv)	Any other action or inaction by the Company that constitutes a material breach by the Company of the terms and conditions of this Plan. 

For purposes of this Plan, neither the change in the Executive’s title, authority, duties, or responsibilities nor the
assignment of duties to the Executive that are inconsistent with his position shall constitute “Good Reason” and further, the Executive is not entitled to assert that his termination is for Good Reason unless the Executive gives the
Company written notice of the event or events that are the basis for such claim within ninety (90) days after the event or events occur, describing such claim in reasonably sufficient detail to allow the Company to address the event or events
and a period of not less than thirty (30) days after to cure the alleged condition. 
  

	 	(l)	“Notice of Termination” shall mean a written notice that shall indicate the specific termination provision in this Plan relied upon, and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Executive’s employment under the provision so indicated. 

  
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	 	(m)	“Qualifying Termination” means a termination of employment under the following circumstances: 

  

	 	(i)	An involuntary termination of the Executive’s employment by the Company for reasons other than Cause pursuant to a Notice of Termination delivered to the Executive by the Company; or 

 

	 	(ii)	A voluntary termination by the Executive for Good Reason pursuant to a Notice of Termination delivered to the Company by the Executive. 

Termination of employment shall have the same meaning as “separation from service” within the meaning of Treasury
Regulation §1.409A-1(h). 
  

	 	(n)	“Severance Benefits” means the payment of severance compensation as provided in Article 3 herein. 

Article 3. Severance Benefits 
 3.1
Right to Severance Benefits and Impact on Long-Term Incentives. 
  

	 	(a)	Severance Benefits. The Executive shall be entitled to receive from the Company Severance Benefits, as described in Section 3.2 or, if applicable, Section 3.4 herein, if a Qualifying Termination of the
Executive’s employment has occurred. 

  

	 	(b)	No Severance Benefits. The Executive shall not be entitled to receive Severance Benefits if the Executive’s employment with the Company ends for reasons other than a Qualifying Termination.

  

	 	(c)	General Release and Acknowledgement of Restrictive Covenants. As a condition to receiving Severance Benefits under Section 3.2 or, if applicable, Section 3.4 herein, no later than sixty (60) days
after the date of the Executive’s Qualifying Termination, (i) the Executive shall be obligated to execute a general release of claims in favor of the Company, its current and former affiliates and stockholders, and the current and former
directors, officers, employees, and agents of the Company in a form acceptable to the Company, (ii) the Executive must execute a notice acknowledging the restrictive covenants in Article 4, and (iii) the Executive’s general release
shall have become irrevocable. 

 3.2 Description of Severance Benefits. In the event the Executive becomes entitled to
receive Severance Benefits as provided in Section 3.1(a) herein, the Company shall provide the Executive with the following, subject to Section 3.2(g) herein: 
  

	 	(a)	A lump-sum amount, paid sixty (60) calendar days following the Effective Date of Termination, equal to the Executive’s unpaid Base Salary, accrued vacation pay,
unreimbursed business expenses, and all other items earned by and owed to the Executive through and including the Effective Date of Termination; provided that if the sixty (60) day period begins in an Executive’s taxable year and ends in
the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. 

  

	 	(b)	 A lump-sum amount, paid within the sixty (60) calendar days
following the Effective Date of Termination, equal to: (i) two (2) for Grade 100 and 90 Executives regardless of date of hire, (ii) one and one-half (1.5) for Grade 85 Executives regardless
of date of hire, (iii) one and one-quarter for Grade 80 Executives with a date of hire after September 1, 2014, (iv) one and one-half (1.5) for Grade 80 Executives with a date of hire prior to August 31, 2014, and
(v) one (1) for Grade 75 and 70 Executives regardless of date of hire, multiplied by the sum of the following: (A) the Executive’s Base Salary, and (B) the Executive’s annual target bonus

  
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opportunity in the year of termination, with the exception of Grade 70 with a date of hire after September 1, 2014 which is one (1) times (A) the Executive’s Base Salary only.
Provided that if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. 

 

	 	(c)	A lump-sum amount, if any, paid within two and one-half (2  1⁄2) months after the end of the calendar year that includes the Effective Date of Termination, equal to the actual bonus that would have been payable to the Executive for the calendar year that includes the
Effective Date of Termination based on actual performance if the Executive had remained employed through the end of such calendar year; provided however, that such amount shall be adjusted on a pro rata basis based on the number of days the
Executive was actually employed during the bonus plan year in which the Qualifying Termination occurs. 

  

	 	(d)	Continuation of the Executive’s medical, dental, vision, and Company-paid basic life insurance coverage for: (i) one hundred and four weeks (104) for Grade 100 and 90 Executives regardless of date of
hire, or (ii) seventy-eight (78) weeks for Grade 85 and 80 Executives, (iii) sixty-five (65) weeks for Grade 80 Executives with a date of hire after September 1, 2014, and (iv) fifty-two (52) weeks for Grade 75 and
70 Executives. These benefits shall be provided by the Company to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be provided to the Executive at the same coverage level and cost to the Executive as in
effect immediately prior to the Executive’s Effective Date of Termination. Notwithstanding the foregoing, if the Executive is a “specified employee” within the meaning of Section 409A of the Code, then the benefits provided under
this Section 3.2(d) which the Company determines constitute the payment of deferred compensation (within the meaning of Section 409A of the Code) shall be provided at the Executive’s sole cost during the six (6) month period
immediately after the Effective Date of Termination, and as soon as administratively practicable following the expiration of such six (6) month period, the Company shall reimburse the Executive for the portion of such costs payable by the
Company hereunder. 

 Notwithstanding the above, these medical, dental, vision and Company-paid basic life
insurance benefits shall be discontinued prior to the end of the stated continuation period in the event the Executive receives substantially similar benefits from a subsequent employer, as determined solely by the Company in good faith. For
purposes of enforcing this offset provision, the Executive shall be deemed to have a duty to keep the Company informed as to the terms and conditions of any subsequent employment and the corresponding benefits earned from such employment, and shall
provide, or cause to provide, to the Company in writing correct, complete, and timely information concerning the same. 
  

	 	(e)	Treatment of outstanding long-term incentives shall be in accordance with Section 3.3 herein. 

 

	 	(f)	The Company will assist the Executive in finding other employment opportunities by providing to him, at the Company’s limited expense, professional outplacement services through the provider of the Company’s
choice. Such outplacement services shall terminate when the Executive finds other employment. However, in no event shall such outplacement services continue for more than two (2) years following the Effective Date of Termination.

  

	 	(g)	 Notwithstanding anything in this Plan to the contrary, if the Executive constitutes a “specified
employee” as defined and applied in Section 409A of the Code, as of the Effective Date of Termination, to the extent payments made under Sections 3.2(a), (b), or (c) constitute deferred compensation (after taking into account any
applicable exemptions from Section 409A of the Code), and to the extent required by Section 409A of the Code, payments may not commence to be paid to Executive until the earlier of: (i) the first day following the six (6) month
anniversary of the Executive’s Effective Date of Termination, or (ii) the Executive’s date of death; provided, however, that any payments delayed during this six (6) month period

  
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shall be paid in a lump sum as soon as administratively practicable following the six (6) month anniversary of the Executive’s Effective Date of Termination. For purposes of
Section 409A of the Code, each payment due under Sections 3.2(a), (b), and (c) immediately above shall be considered a separate payment. 

For purposes of the preceding paragraph, and to the extent permitted by Section 409A of the Code, during the six
(6) months following the Executive’s Effective Date of Termination, the Company shall pay any amounts required to be paid by this Section 3.2 in accordance with the payment schedules specified in this Section 3.2 to the extent
that such payments would not exceed the limitations of the “short-term deferral” and “separation pay plan” exceptions provided by Treasury Regulations and other guidance issued with respect
to Code Section 409A. Any payments in excess of these limitations shall be paid after the six (6) month period described in accordance with the preceding paragraph. 

3.3 Impact on Long-Term Incentives. Upon a Qualifying Termination that entitles the Executive
to Severance Benefits as provided in Section 3.1(a) herein: 
  

	 	(a)	All outstanding and unvested stock options and stock appreciation rights (“SARs”) shall immediately vest and shall remain exercisable for a period of twelve (12) months from the Effective Date of
Termination or the last day of the option term, whichever occurs first. Additionally, from time to time, the Company may declare “blackout” periods with respect to Executive and/or designated employees of the Company during which Executive
and/or such employees are prohibited from engaging in certain transactions in Company securities. The scheduled expiration date of stock options and SARs pursuant to this subsection shall automatically, and without further notice to the option/SAR
holder, be extended by one business day for each business day of the blackout period applied to the option/SAR holder, but in no case longer than the option term. 

 

	 	(b)	All restrictions on unvested shares of restricted stock and unvested restricted stock units shall immediately lapse, with such shares and units becoming nonforfeitable on a pro rata basis, as determined under this
subparagraph (b). The pro rata award shall equal the product of (x) and (y) where (x) is the number of restricted stock shares or units subject to the award, and (y) is a fraction, the numerator of which is the number of calendar
months that the Executive was employed by the Company during the restriction period (with any partial months counting as a full month for this purpose) and the denominator of which is the number of months in the restriction period.

  

	 	(c)	Unearned performance shares and performance units shall be paid out on a pro rata basis, as determined under this subparagraph (c). The pro rata award shall equal the product of (x) and (y) where (x) is
the award the Executive would have earned based on actual performance measured as of the end of the respective performance period and (y) is a fraction, the numerator of which is the number of calendar months that the Executive was employed by
the Company during the performance period (with any partial month counting as a full month for this purpose) and the denominator of which is the number of months in the performance period. 

If there is any inconsistency between the terms of the Plan and the terms of a separate outstanding award agreement, the Plan’s terms
shall completely supersede and replace the conflicting terms of the underlying award agreement. 
 3.4 Executives with less than one year
of Service 
 Notwithstanding anything to the contrary in this Plan, with respect to any Executive hired on or after December 31,
2013, the Severance Benefits that such Executive may be entitled to upon a Qualifying Termination shall be limited as set forth in this Section 3.4 in 

  
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the event the Effective Date of Termination for such Executive occurs prior to the first anniversary of the date on which such Executive became an employee of the Company. In the event the
Executive under the circumstances described in the preceding sentence becomes entitled to receive Severance Benefits as provided in Section 3.1(a) herein, the provisions of Section 3.2 and Section 3.3 shall not apply, and instead the
Company shall provide the Executive with the following, subject to Section 3.4(g) herein: 
  

	 	(a)	A lump sum amount, paid within sixty (60) calendar days following the Effective Date of Termination, equal to the Executive’s unpaid Base Salary, accrued vacation pay, unreimbursed business expenses, and all
other items earned by and owed to the Executive through and including the Effective Date of Termination; provided that if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable
year, the payment will be made in the subsequent taxable year. 

  

	 	(b)	A lump sum amount, paid within sixty (60) calendar days following the Effective Date of Termination, equal to: (i) the number of full calendar months from the date on which the Executive became an
employee of the Company until the Effective Date of Termination (but in any event, no less than three (3) months), multiplied by (ii) an amount equal to (A) the sum of (x) the Executive’s Base Salary, and (y) the
Executive’s annual target bonus opportunity in the year of termination, divided by (B) twelve (12) with the exception that Executives at a Grade 70 with a date of hire after September 1, 2014 receive one (1) times the
Executive’s monthly base salary only multiplied by the number of full calendar months from the date on which the Executive became an employee of the Company until the Effective Date of Termination (but in any event, no less than
(3) months); in all instances, if the sixty (60) day period begins in an Executive’s taxable year and ends in the Executive’s subsequent taxable year, the payment will be made in the subsequent taxable year. 

 

	 	(c)	[Intentionally omitted.] 

  

	 	(d)	Continuation of the Executive’s medical, dental, and vision insurance coverage for a period of time equal to the number of full calendar months from the date on which the Executive became an employee of the Company
until the Effective Date of Termination (but in any event, no less than three (3) months). These benefits shall be provided by the Company to the Executive beginning immediately upon the Effective Date of Termination. Such benefits shall be
provided to the Executive at the same coverage level and cost to the Executive as in effect immediately prior to the Executive’s Effective Date of Termination. Notwithstanding the foregoing, if the Executive is a “specified employee”
within the meaning of Section 409A of the Code, then the benefits provided under this Section 3.4(d) which the Company determines constitute the payment of deferred compensation (within the meaning of Section 409A of the Code) shall
be provided at the Executive’s sole cost during the six (6) month period immediately after the Effective Date of Termination, and as soon as administratively practicable following the expiration of such six (6) month period, the
Company shall reimburse the Executive for the portion of such costs payable by the Company hereunder. 

  
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 Notwithstanding the above, these medical, dental, and vision insurance benefits
shall be discontinued prior to the end of the stated continuation period in the event the Executive receives substantially similar benefits from a subsequent employer, as determined solely by the Company in good faith. For purposes of enforcing this
offset provision, the Executive shall be deemed to have duty to keep the Company informed as to the terms and conditions of any subsequent employment and the corresponding benefits earned from such employment, and shall provide, or cause to provide,
to the Company in writing correct, complete, and timely information concerning the same. 
  

	 	(e)	Treatment of outstanding long-term incentives shall be in accordance with the terms and conditions of the award agreements and plan pursuant to which the incentive was granted. Section 3.3 shall have no
applicability. 

  

	 	(f)	[Intentionally omitted.] 

  

	 	(g)	Notwithstanding anything in this Plan to the contrary, if the Executive constitutes a “specified employee” as defined and applied in Section 409A of the Code, as of the Effective Date of Termination, to
the extent payments made under Sections 3.4(a) or (b) constitute deferred compensation (after taking into account any applicable exemptions from Section 409A of the Code), and to the extent required by Section 409A of the Code,
payments may not commence to be paid to Executive until the earlier of: (i) the first day following the six (6) month anniversary of the Executive’s Effective Date of Termination or, (ii) the Executive’s date of death;
provided, however, that any payments delayed during this six (6) month period shall be paid in a lump sum as soon as administratively practicable following the six (6) month anniversary of the Executive’s Effective Date of
Termination. For purposes of Section 409A of the Code, each payment due under Section 3.4(a) and (b) immediately above shall be considered a separation payment. 

For purposes of the preceding paragraph, and to the extent permitted by Section 409A of the Code, during the six (6) months
following the Executive’s Effective Date of Termination, the Company shall pay any amounts required to be paid by this Section 3.4 in accordance with the payment schedules specified in this Section 3.4 to the extent that such payments
would not exceed the limitations of the “short-term deferral” and “separation pay plan” exceptions provided by Treasury Regulations and other guidance issued with respect to Code Section 409A. Any payments in excess of these
limitations shall be paid after the six (6) month period described in accordance with the preceding paragraph. 
 Article 4. Confidentiality and
Noncompetition 
 In the event the Executive becomes entitled to receive Severance Benefits as provided in Section 3.2 or, if
applicable, Section 3.4, herein, the following shall apply: 
  

	 	(a)	 Noncompetition. During the Executive’s Employment and for a period of: (i) two (2) years
for Grade 100 and 90 Executives regardless of date of hire, or (ii) one and one-half (1.5) years for Grade 85 and 80 Executives, (iii) one and one-quarter (1.25) years for Grade 80 Executives with a date of hire after
September 1, 2014, and (iv) one (1) year for Grade 75 and 70 Executives after the Effective Date of Termination, the Executive shall not: (A) directly or indirectly act in concert or conspire with any person employed by the
Company in order to engage in or prepare to engage in or to have a financial or other interest in any business or any activity that he knows (or reasonably should have known) to be directly competitive with the business of the Company as then being
carried on; or (B) serve as an employee, agent, partner, shareholder, director, or consultant for, or in any other capacity participate, engage, or have a financial or other interest in any business or any activity that he knows (or

  
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	 	reasonably should have known) to be directly competitive with the business of the Company as then being carried on (provided, however, that notwithstanding anything to the contrary contained in this Plan, the Executive
may own up to two percent (2%) of the outstanding shares of the capital stock of a company whose securities are registered under Section 12 of the Securities Exchange Act of 1934). 

 

	 	(b)	Confidentiality. The Company has advised the Executive and the Executive acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information (as defined below), and
that Protected Information has been and will be developed at substantial cost and effort to the Company. The Executive shall not at any time, directly or indirectly, divulge, furnish, or make accessible to any person, firm, corporation, association,
or other entity (otherwise than as may be required in the regular course of the Executive’s employment), nor use in any manner, either during the Executive’s employment or after termination for any reason, any Protected Information, or
cause any such Protected Information of the Company to enter the public domain. 

 For purposes of this Plan, “Protected
Information” means trade secrets, confidential and proprietary business information of the Company, and any other information of the Company, including, but not limited to, customer lists (including potential customers), sources of supply,
processes, plans, materials, pricing information, internal memoranda, marketing plans, internal policies, and products and services that may be developed from time to time by the Company and its agents or employees, including the Executive;
provided, however, that information that is in the public domain (other than as a result of a breach of this Plan), approved for release by the Company or lawfully obtained from third parties who are not bound by a confidentiality agreement with the
Company, is not Protected Information. 
  

	 	(c)	Nonsolicitation. During the Executive’s employment and for a period of: (i) three (3) years for Grade 100 and 90 Executives (ii) two and one-half (2
 1⁄2) years for Grade 85 and 80 Executives, and (iii) two (2) year for Grade 75 and 70 Executives after the Effective Date of Termination, the
Executive shall not: (A) employ or retain or solicit for employment or arrange to have any other person, firm, or other entity employ or retain or solicit for employment or otherwise participate in the employment or retention of any person who
is an employee or consultant of the Company; or (B) solicit suppliers or customers of the Company or induce any such person to terminate his, her, or its relationship with the Company. 

 

	 	(d)	Cooperation. Executive agrees to cooperate with the Company and its attorneys in connection with any and all lawsuits, claims, investigations, or similar proceedings that have been or could be asserted at any
time arising out of or related in any way to Executive’s employment by the Company or any of its subsidiaries. 

  

	 	(e)	Nondisparagement. At all times, the Executive agrees not to disparage the Company or otherwise make comments harmful to the Company’s reputation. 

 

	 	(f)	Severability. If any provision of Article 4 is held to be unenforceable, then this Agreement will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of Article
4, valid and enforceable. If a court declines to amend the provisions of Article 4 as provided herein, the invalidity or unenforceability of any provision in Article 4 shall not affect the validity or enforceability of the remaining provisions in
Article 4, which shall be enforced as if the offending provision had not been included in this Plan. 

 Article 5. Legal Fees and Notice

 5.1 Payment of Legal Fees. Except as otherwise agreed to by the parties, the Company shall pay the Executive for costs of
litigation or other disputes including, without limitation, reasonable attorneys’ fees incurred by the Executive in asserting any claims or defenses under this Plan, except that the Executive shall bear his own costs of such litigation or
disputes (including, without limitation, attorneys’ fees) if the court (or arbitrator) finds in favor of the Company with respect to any claims or defenses asserted by the Executive. 

  
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 5.2 Notice. Any notices, requests, demands, or other communications provided for by this
Plan shall be sufficient if in writing and if sent by registered or certified mail to the Executive at the last address he or she has filed in writing with the Company or, in the case of the Company, at its principal offices. 

Article 6. Successors and Assignment 

6.1 Successors to the Company. The Company shall require any successor (whether direct or indirect, by purchase, merger, reorganization,
consolidation, acquisition of property or stock, liquidation, or otherwise) of all or a significant portion of the assets of the Company by agreement, in form and substance satisfactory to the Executive, to expressly assume and agree to perform
under this Plan in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. Regardless of whether such agreement is executed, the terms of this Plan shall be binding upon any
successor in accordance with the operation of law and such successor shall be deemed the “Company” for purposes of this Plan. 

6.2 Assignment by the Executive. This Plan shall inure to the benefit of and be enforceable by the Executive’s personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees. If the Executive dies while any amount would still be payable to him or her hereunder had he continued to live, all such amounts, unless otherwise
provided herein, shall be paid in accordance with the terms of this Plan to the Executive’s Beneficiary. If the Executive has not named a Beneficiary, then such amounts shall be paid to the Executive’s devisee, legatee, or other
designee, or if there is no such designee, to the Executive’s estate. 
 Article 7. Miscellaneous 

7.1 Employment Status. Except as may be provided under any other agreement between the Executive and the Company, the employment of the
Executive by the Company is “at will” and may be terminated by either the Executive or the Company at any time, subject to applicable law. 

7.2 Entire Plan. Except for any change in control related separation or severance pay plans, agreements, or understandings, oral or
written, between the parties hereto, this Plan supersedes all other separation or severance pay plans, prior agreements, or understandings, oral or written, between the parties hereto, with respect to the subject matter hereof, and constitutes the
entire agreement of the parties with respect thereto. The Severance Benefits provided under Section 3.2 or, if applicable, Section 3.4 herein, are not intended to duplicate severance benefits (including change in control related severance
benefits) under any other severance plan, arrangement, or employment agreement maintained by the Company. In the event an Executive qualifies for benefits under this Plan and under any other severance plan, arrangement, or employment agreement of
the Company, the Severance Benefits under this Plan shall be reduced dollar for dollar by the amount or single-sum value of the severance benefits under any other such severance plan, arrangement, or agreement. 

The Company reserves the right to provide additional benefits to the Executive outside of the Plan. Any such additional benefits will not be
considered provided pursuant to this Plan, but unless expressly provided otherwise, any such additional benefits will offset and reduce the Severance Benefits provided under this Plan. 

The amount of any reduction or offset under this Section 7.2 shall not change after a change in control except to the extent that such
change does not change the time or form of payment of “deferred compensation” within the meaning of Section 409A of the Code. 

7.3 Severability. In the event that any provision or portion of this Plan shall be determined to be invalid or unenforceable for any
reason, the remaining provisions of this Plan shall be unaffected thereby and shall remain in full force and effect. 

  
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 7.4 Tax Withholding. The Company may withhold from any benefits payable under this Plan
all federal, state, city, or other taxes as may be required pursuant to any law or governmental regulation or ruling. 
 7.5
Beneficiaries. The Executive may designate one (1) or more persons or entities as the primary and/or contingent beneficiaries of any amounts to be received under this Plan. Such designation must be in the form of a signed writing acceptable
to the Board or the Board’s designee. The Executive may make or change such designation at any time. 
 7.6 Payment Obligation
Absolute. The Company’s obligation to make the payments provided for herein shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense,
or other right which the Company may have against the Executive or anyone else. 
 Except as provided in Section 3.2(d) of this Plan,
the Executive shall not be obligated to seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Plan, and the obtaining of any such other employment shall in no event effect any reduction of the
Company’s obligations to make the payments and arrangements required to be made under this Plan. 
 7.7 Contractual Rights to
Benefits. Subject to approval and ratification by the Board of Directors, this Plan establishes and vests in the Executive a contractual right to the benefits to which he or she is entitled hereunder. However, nothing herein contained shall
require or be deemed to require, or prohibit or be deemed to prohibit, the Company to segregate, earmark, or otherwise set aside any funds or other assets, in trust or otherwise, to provide for any payments to be made or required hereunder. 

7.8 Modification. No provision of this Plan may be modified, waived, or discharged unless such modification, waiver, or discharge is
agreed to in writing and signed by each and every Executive then covered by the Plan and by an authorized member of the Committee, or by the respective parties’ legal representatives and successors. 

7.9 Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the feminine;
the plural shall include the singular and the singular shall include the plural. 
 7.10 Section 409A of the Code. This Plan is
intended to comply with, or be exempt from, Section 409A of the Code (to the extent applicable). This Plan shall be interpreted and administered consistent with this intent. No reimbursement or in-kind benefit shall be subject to liquidation or
exchange for another benefit and the amount available for reimbursement, or in-kind benefits to be provided, during any calendar year shall not affect the amount available for reimbursement, or in-kind benefits to be provided, in a subsequent
calendar year. Any reimbursement to which the Executive is entitled hereunder shall be made no later than the last day of the calendar year following the calendar year in which such expenses were incurred. 

7.11 Applicable Law. To the extent not preempted by the laws of the United States, the laws of the state of Ohio shall be the
controlling law in all matters relating to this Plan. 

  
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 Exhibit C to Offer Letter 

 

 GENERAL RELEASE AND ACKNOWLEDGEMENT OF RESTRICTIVE 

COVENANTS 
 This
General Release and Acknowledgement of Restrictive Covenants (this “Release and Acknowledgement”) is entered into by and between Diebold Nixdorf, Incorporated (the “Company”) located at 5995 Mayfair Road, North Canton, Ohio 44720
and Gerrard Schmid (“Executive”). 
 WITNESSETH: 

WHEREAS, effective on
                                 (the “Separation Date”), Executive was
separated from his employment with the Company as its Chief Executive Officer and from any and all other offices of the Company, and from any other position with any other entity for which Executive was serving at the request of the Company; and

 WHEREAS, the ending of Executive’s employment is a Qualifying Termination for purposes of the Company’s Senior
Leadership Severance Plan dated July 24, 2015 (the “Severance Plan”), the terms of which were modified solely with respect to Executive and the incorporated by reference into the offer of employment letter agreement from the Company
to the Executive, dated February <>, 2018 (the “Offer Letter”); 
 WHEREAS, in accordance with the
Section 3.1(c) of the Severance Plan and the Severance Benefits Section of the Offer Letter, to receive Severance Benefits: within 60 days after a Qualifying Termination, (i) the Executive must enter into a general release of claims in
favor of the Company, its current and former affiliates and stockholders, and the current and former directors, officers, employees and agents of the Company in a form acceptable to the Company, and (ii) the Executive must execute a notice
acknowledging the restrictive covenants in Article 4 of the Severance Plan. 
 WHEREAS, this Release and Acknowledgement referenced
in Section 3.1 (c) of the Severance Plan and the Severance Benefits Section of the Offer Letter. 
 NOW, THEREFORE, in
consideration of the promises and agreements contained herein and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, including receipt of the Severance Benefits (as defined in Offer Letter) the
Company and Executive hereby agree as follows: 
 1. Separation. Effective on the Separation Date, Executive’s employment
with the Company, its subsidiaries and related or affiliated companies, and his position shall terminate. If, or to the extent, Executive has not already resigned, Executive will further resign, effective seven (7) days from the date Executive
executes this Release and Acknowledgement(the “Effective Date”): (a) from all other offices of the Company to which he has been elected by the Board of Directors of the Company (the “Board”), or to which he has otherwise
been appointed; (b) from all offices of any entity that is a subsidiary of, or is otherwise related to or affiliated with, the Company; (c) from all administrative, fiduciary or other positions he may hold with respect to arrangements or
plans for, of or relating to the Company; and (d) from any other directorship, office, or 

  
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 Exhibit C to Offer Letter 

 

 
position of any corporation, partnership, joint venture, trust or other enterprise (each, an “Other Entity”) insofar as Executive is serving in the directorship, office, or position of
the Other Entity at the request of the Company. The Company hereby consents to and accepts said resignations. Executive shall promptly execute all necessary documents to effectuate such resignations and shall promptly complete and execute any
necessary documentation requested by the Company or any entity that is a subsidiary of, or is otherwise related to or affiliated with, the Company, required to be filed with any governmental authority in furtherance of a resignation or in
furtherance of operations. 
 2. Separation from Service. For purposes of Section 409A of the Internal Revenue Code of
1986, as amended (the “Code”), Executive shall incur a separation of service, within the meaning of Section 409A of the Code (a “Separation from Service”), on the Separation Date. 

3. Notice Acknowledging the Restrictive Covenants. The Executive hereby acknowledges that the restrictive covenants in Article 4
of the Severance Plan (“the Article 4 Restrictive Covenants”) continue to be in full force and effect in accordance with their terms. Executive further acknowledges and agree that the opportunity for the Severance Benefits is contingent on
Executive’s agreement to and compliance with the Article 4 Restrictive Covenants. Executive further acknowledges and agrees that the confidentiality and noncompetition agreements are for the benefit of the Company and its affiliates and the
Company acknowledges and agrees that Executive shall not be subject to any other noncompetition and confidentiality obligations with respect to the Company and its affiliates. 
  

	 	a.	Exceptions. The disclosure of Protected Information (as defined in the Article 4 Restrictive Covenants) by Executive, if done in strict compliance with one of the exceptions described in this Section 3(a),
shall not constitute a breach of the Article 4 Restrictive Covenants, so long as the permitted disclosure of Protected Information is made by Executive in a manner that is reasonably designed to limit its dissemination to the limited purpose(s)
permitted herein: 

  

	 	(i)	Executive may disclose Protected Information if compelled to do so by a subpoena or a valid order of any government officer or agency or of a court of competent jurisdiction, specifically directing Executive to disclose
the Protected Information, provided that Executive shall attempt to avoid or resist such subpoena or order and, in any event, shall notify the Company in writing of such subpoena or order not less than five (5) days prior to any such
disclosure, or as soon in advance as possible. 

  

	 	(ii)	 Nothing in this Release and Acknowledgement is intended to or shall prevent, impede or interfere with
Executive’s non-waivable right, without prior notice to the Company, to provide information to the government, participate in investigations, file a complaint, testify in proceedings regarding the Company’s past or future conduct, or
engage in any future activities protected under the whistleblower statutes administered by any government agency, or to receive and fully retain a monetary award from 

  
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 Exhibit C to Offer Letter 

 

	 	
a government-administered whistleblower award program for providing information directly to any government agency, including, but not limited to the Occupational Safety and Health Administration
(“OSHA”) and the U.S. Securities and Exchange Commission (“SEC”). 

  

	 	(iii)	Executive shall not be held criminally or civilly liable under Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government
official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. Furthermore, in the event Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of the law, Executive may disclose the trade secret to Executive’s attorney and may use
the trade secret information in the court proceeding, if Executive files any document containing the trade secret under seal, and does not disclose the trade secret, except pursuant to court order. 

 

	 	(iv)	Any other disclosure that is specifically authorized in writing in advance of such disclosure, by the Chief Legal Officer of the Company. 

4. Release by Executive. 
  

	 	a.	Executive, for himself and his dependents, successors, assigns, heirs, executors and administrators (and his and their legal representatives of every kind), hereby releases, dismisses, and forever discharges the
Company, its predecessors, successors, assigns, acquirers, parents, direct and indirect subsidiaries, affiliates, and all such entities’ officers, directors, agents, representatives, partners, shareholders, insurers, attorneys, and employees
(both current and former) (all released entities are collectively referred to as the “Released Parties”) from, any and all arbitrations, claims (including claims for attorney’s fees), demands, damages, suits, proceedings, actions
and/or causes of action of any kind and every description (collectively, “Claims”), whether known or unknown, which Executive now has or may have had for, upon, or by reason of any cause whatsoever, including but not limited to:

  

	 	(i)	any and all Claims, directly or indirectly, arising out of or relating to: (A) Executive’s employment with the Company; and (B) Executive’s separation from employment as the Company’s Chief
Executive Officer and any other position described in Section 1 of this Agreement; 

  

	 	(ii)	 any and all claims of discrimination, including but not limited to claims of discrimination on the basis of sex,
race, age, national origin, marital status, religion, sexual orientation, veteran status or disability arising under any federal, state, or local statute, ordinance, order or law, including, specifically, but without limiting the generality of the
foregoing, any claims under the Age Discrimination in Employment Act, as amended (the 

  
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 Exhibit C to Offer Letter 

 

	 	
“ADEA”), Older Workers Benefit Protection Act (“OWBPA”), Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act of 1990, the Family and
Medical Leave Act of 1993, and Ohio Revised Code Chapter 4112; 

  

	 	(iii)	any and all claims of wrongful or unjust dismissal or breach of any contract or promise, express or implied; 

  

	 	(iv)	any and all claims under or relating to any and all employee compensation, employee benefit, employee severance or employee incentive bonus plans and arrangements; provided that he shall remain entitled to the Severance
Benefits; and 

  

	 	(v)	any and all claims under any employment or severance agreement, including any agreement that may provide for benefits upon a change in control provided that a change in control has not occurred within the three year
period prior to the Separation Date and provided further that he shall remain entitled to the Severance Benefits. 

  

	 	b.	Limitations on scope of the release in Section 4(a): 

  

	 	(i)	The foregoing release does not waive rights or claims that may arise after the date this Release and Acknowledgement is executed or that cannot be waived as a matter of law. The foregoing release does not waive any
rights to vested benefits under any of the Retirement Plans and the Diebold Nixdorf Incorporated Retirement Plan for Salaried Employees, and does not waive any breach or violation of this Release and Acknowledgement by the Company.

  

	 	(ii)	Nothing in any part of this Release and Acknowledgement is intended to, or shall, interfere with Executive’s right to file or otherwise participate in a charge, investigation, or proceeding conducted by the Equal
Employment Opportunity Commission or any other federal, state, or local government agency, including, but not limited to, the National Labor Relations Board (“NLRB”), OSHA or the SEC. Executive shall not, however, be entitled to any
relief, recovery, or monies in connection with any such matter brought against any of the Released Parties, regardless of who filed or initiated any such charge, investigation, or proceeding. Executive agrees that Executive will neither seek nor
accept, from any source whatsoever, any further benefit, payment, or other consideration relating to any rights or claims that have been released in this Release and Acknowledgement. The prohibitions against further recovery in this paragraph
4(b)(ii) shall not apply to any monetary award from a government-administered whistleblower award program for providing information directly to a government agency. 

  
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 Exhibit C to Offer Letter 

 

	 	(iii)	Nothing in any part of this Release and Acknowledgement is intended to, or shall, waive, release or otherwise interfere with Executive’s rights to indemnification under the by-laws, certificate of incorporation or
other organizing document of the Company or any affiliate or any rights to insurance coverage under any directors and officers or other liability insurance policy. 

 

	 	(iv)	Nothing in any part of this Release and Acknowledgement is intended to, or shall, waive, release or otherwise interfere with Executive’s equity interests and related rights as set forth in the Offer Letter, the
inducement award agreement attached the Offer Letter, and/or all subsequent award agreements relating to the Executive’s equity interests with respect to the Company or any affiliate. 

 

	 	c.	Subject to Section 4(b), Executive understands and acknowledges that the consideration provided under this Release and Acknowledgement is made for the purpose of settling and extinguishing all claims and rights
(and every other similar or dissimilar matter) that Executive ever had or now may have or ever will have against the Released Parties to the extent provided in this Section 4. 

 

	 	d.	Executive further understands and acknowledges that: 

  

	 	(i)	The release provided for in this Section 4 including claims under the ADEA and OWBPA to and including the date of this Agreement, is in exchange for the additional consideration, to which consideration he was not
heretofore entitled; 

  

	 	(ii)	He has been advised by the Company to consult with legal counsel prior to executing this Release and Acknowledgement and the release provided for in this Section 4, has had an opportunity to consult with and to be
advised by legal counsel of his choice, fully understands the terms of this Agreement, and enters into this Release and Acknowledgement freely, voluntarily and intending to be bound; 

 

	 	(iii)	He has been given a period of fifty-two (52) days to review and consider the terms of this Release and Acknowledgement and the release contained herein, and that he may use as much of the fifty-two (52) day
period as he desires; 

  

	 	(iv)	He may, within seven (7) days after execution, revoke this Agreement. Revocation shall be made by delivering a written notice of revocation to Jonathan B. Leiken, Chief Legal Officer at Diebold Nixdorf
Incorporated, 5995 Mayfair Rd., N. Canton, OH 44720-8077. For such revocation to be effective, written notice must be actually received by him at the Company no later than the close of business on the seventh day after Executive executes this
Agreement. If Executive does exercise his right to revoke this Agreement, all of the terms and conditions of the Release and Acknowledgement shall be of no force and effect, and the Company shall have no obligation to provide the Severance Benefits;
and 

  
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 Exhibit C to Offer Letter 

 

	 	(v)	In the event that Executive exercises his right to revoke this Agreement, the Company’s sole obligation shall be limited to compliance with the minimum requirements of the Offer Letter and applicable employment
standards legislation. 

  

	 	e.	Executive agrees that he waives any claim that he might have to reemployment with the Company, and agrees not to seek future employment with the Company. Executive agrees that the Company has no obligation to employ,
hire, or rehire him, or to consider him for hire, and that this right of the Company is purely contractual and is in no way discriminatory or retaliatory. 

  

	 	f.	Executive affirms that, as of the date of execution of this Agreement, he has filed no lawsuit, charge, claim, or complaint with any governmental agency or in any court against the Company or Released Parties.

 5. Disclosure. From the date of this Release and Acknowledgement through the end of the Restricted Period,
Executive will communicate the contents of the Article 4 Restrictive Covenants to any person, firm, association, or corporation which he intends to be employed by, associated in business with, or represent. The Company agrees that Executive may
satisfy the requirements of this Section 5 by providing the third party a copy of the Article 4 Restrictive Covenants, and such disclosure is not a violation of this Agreement. 

6. Successors and Binding Agreement. 
  

	 	a.	This Release and Acknowledgement, and all obligations of the Company and Executive hereunder, shall be binding upon and inure to the benefit of, as applicable, any of their heirs, successors and assigns, including,
without limitation, any persons acquiring, directly or indirectly, all or substantially all of the business and/or assets of the Company whether by purchase, merger, consolidation, reorganization, or otherwise (and such successor shall thereafter be
deemed included in the definition of “the Company” for purposes of this Agreement) but shall not be otherwise assignable or delegable by the Company. 

  

	 	b.	This Release and Acknowledgement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators, successors, heirs, distributees, and/or legatees.

  

	 	c.	This Release and Acknowledgement is personal in nature. None of the parties hereto shall, without the consent of the other parties, assign, transfer or delegate this Release and Acknowledgement or any rights or
obligations hereunder except as expressly provided in Section 6(a) or 6(b). Further, no third party shall have any rights hereunder except as provided in Section 6(a) or 6(b). 

  
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 Exhibit C to Offer Letter 

 

 7. Notice. For all purposes of this Release and Acknowledgement (unless
otherwise indicated herein), all communications provided for herein shall be in writing and shall be deemed to have been duly given when delivered by registered or certified mail, addressed to the Company to the attention of Jonathan B. Leiken,
Chief Legal Officer, at Diebold Nixdorf, Incorporated, 5995 Mayfair Road, North Canton, Ohio 44720-8077 and to Executive at his principal residence, as set forth in the employment records of the Company, or to such other address as any party may
have furnished to the other in writing and in accordance herewith. Notices of change of address shall be effective only upon receipt. 
 8.
Miscellaneous. No provision of this Release and Acknowledgement may be modified, waived or discharged unless such modification, waiver or discharge is agreed to in writing signed by Executive and the Chief Legal Officer or the Chief
Human Resources Officer of the Company. No waiver by either party hereto at any time of any breach by the other party hereto or compliance with any condition or provision of this Release and Acknowledgement to be performed by such other party shall
be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 9. No
Representations. No agreements or representations, promises or inducements, oral or otherwise, expressed or implied with respect to the subject matter covered by this Release and Acknowledgement have been made by any of the parties that are
not set forth expressly in this Release and Acknowledgement and every one of them (if, in fact, there have been any) is hereby terminated without liability or any other legal effect whatsoever. 

10. Entire Agreement. This Release and Acknowledgement shall constitute the entire Release and Acknowledgement among the parties
hereto with respect to the subject matter hereof and shall supersede all prior verbal or written agreements, covenants, communications, understandings, commitments, representations or warranties, whether oral or written, by any party hereto or any
of its representatives pertaining to such subject matter; provided, however, the Retirement Plans, the CEO Inducement Award Agreement, any other plans including equity plans, and any prior agreements pertaining to stock options, restricted
stock unit grants, performance unit grant, bonuses, incentive or other forms of compensation, and any corresponding rights of the Company for breach of any such obligations (subject to the modifications pursuant to the Offer Letter), shall remain in
full force and effect in accordance with their terms. Notwithstanding the foregoing, any change in control agreement, or employment agreement to which Executive and the Company are parties shall terminate as of the Separation Date. 

11. Governing Law. Any dispute, controversy, or claim of whatever nature arising out of or relating to this Release and
Acknowledgement or breach thereof shall be governed by and under the laws of the State of Ohio. 
 12. Counterparts. This
Release and Acknowledgement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same Agreement. 

  
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 Exhibit C to Offer Letter 

 

 13. Captions and Paragraph Headings. Captions and paragraph headings used
herein are for convenience and are not part of this Release and Acknowledgement and shall not be used in construing it. 
 14. Further
Assurances. Each party hereto shall execute such additional documents, and do such additional things, as may reasonably be requested by the other party to effectuate the purposes and provisions of this Agreement. 

15. No Admission. Each party hereto understands and acknowledges that this Release and Acknowledgement shall in no way be
construed as an admission by either party that it has acted wrongfully or engaged in any violation of law, liability or invasion of any of right, and further that any such violation, liability or invasion is expressly denied by each party. 

IN WITNESS WHEREOF, the parties have executed and delivered this Release and Acknowledgement as of the date set forth below. 

 

			
	DIEBOLD NIXDORF, INCORPORATED

 
			
		
	By:	 	 

  

			
	Date:	 	 

  

			
	EXECUTIVE

 
			
		
	Date:	 	 

  
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 Exhibit D to the Offer Letter 

AGREEMENT 
 This AGREEMENT
(“Agreement”), dated as of February 21, 2018, by and between DIEBOLD NIXDORF, INCORPORATED, an Ohio corporation (the “Company”), and Gerrard Schmid (the “Employee”). 

WHEREAS, the Company develops, manufactures, sells, installs, operates, and monitors various products, systems, and services, including
software solutions; 
 WHEREAS, the Company wishes to employ the Employee or, if the Employee is already employed by the Company, the
Company wishes to continue to employ the Employee; 
 WHEREAS, the Company desires to set forth the general terms of the Employee’s
employment with the Company in connection with a Change in Control (as defined below); 
 WHEREAS, the Company and the Employee entered in
the an offer letter agreement dated February 21, 2018 (the “Offer Letter”) 
 WHEREAS, the Employee is a key employee who is
expected to make, or continue to make, major contributions to the profitability, growth and financial strength of the Company and its Subsidiaries (as that term is hereafter defined); 

WHEREAS, the Company recognizes that, as is the case for most publicly held companies, the possibility of a Change in Control (as that term is
hereafter defined) exists; 
 WHEREAS, the Company desires to assure itself and its Subsidiaries of both present and future continuity of
management in the event of a Change in Control and desires to establish certain minimum compensation rights for key employees, including the Employee, applicable in the event of a Change in Control; 

WHEREAS, the Company wishes to ensure that key employees are not practically disabled from discharging their duties upon a Change in Control;
and 
 WHEREAS, the Employee is willing to render services on the terms and subject to the conditions set forth in this Agreement; 

NOW, THEREFORE, in consideration of the premises, the Company and the Employee agree as follows. 

NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: 
  

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

 

	 	(a)	“Board” means the board of directors of the Company. 

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	 	(b)	“Cause” means that, prior to any termination pursuant to Section 5(b) hereof for “Cause”, the Employee shall have committed: 

 

	 	(1)	an intentional act of fraud, embezzlement or theft in connection with his or her duties or in the course of his or her employment with the Company or any Subsidiary; 

 

	 	(2)	intentional wrongful damage to property of the Company or any Subsidiary; 

  

	 	(3)	intentional wrongful disclosure of secret processes or confidential information of the Company or any Subsidiary; or 

  

	 	(4)	intentional wrongful engagement in any competitive activity which would constitute a material breach of the duty of loyalty (“Competitive Activity”); 

and any such act shall have been materially harmful to the Company and its Subsidiaries taken as a whole. For purposes of this Agreement, no
act, or failure to act, on the part of the Employee shall be deemed “intentional” if it was due primarily to an error in judgment or negligence, but shall be deemed “intentional” only if done, or omitted to be done, by the
Employee not in good faith and without reasonable belief that his or her action or omission was in or not opposed to the best interest of the Company and its Subsidiaries. 

Notwithstanding the foregoing, the Employee shall not be deemed to have been terminated for “Cause” hereunder unless and until there
shall have been delivered to the Employee a copy of a resolution duly adopted by the affirmative vote of not less than three-quarters of the Board then in office at a meeting of the Board called and held for such purpose (after reasonable notice to
the Employee and an opportunity for the Employee, together with his or her counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Employee had committed an act set forth above in this Section 1(b) and
specifying the particulars thereof in detail. Nothing herein shall limit the right of the Employee or his or her beneficiaries to contest the validity or propriety of any such determination. 

 

	 	(c)	“Change in Control” means the occurrence of any of the following during the Term: 

  

	 	(1)	 the acquisition by any 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”)) (a “Person”) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of thirty percent (30%) or more
of either: (A) the then-outstanding shares of common stock of the Company (the “Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (“Voting Stock”); provided, however, that for purposes of this subsection (1), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the
Company, (ii) any acquisition by the 

  
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Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Subsidiary, or (iv) any acquisition by any Person pursuant
to a transaction which complies with clauses (A), (B) and (C) of subsection (3) below; or 

  

	 	(2)	individuals who, as of the date hereof, constitute the Board (as modified by this subsection (2), the “Incumbent Board”), cease for any reason (other than death or disability) to constitute at least a
majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a
majority of the directors then comprising the Incumbent Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without objection to such nomination) 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 an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 

  

	 	(3)	consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless,
following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Company Common Stock and Voting Stock immediately prior to such Business Combination
beneficially own, directly or indirectly, more than fifty percent (50%) 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 entity resulting from such Business Combination (including, without limitation, an entity which as a result of such transaction owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially the same proportions relative to each other as their ownership, immediately prior to such Business Combination, of the Company Common Stock and Voting Stock of the Company,
as the case may be, (B) no Person (excluding any entity resulting from such Business Combination or any employee benefit plan (or related trust) sponsored or maintained by the Company or such entity resulting from such Business Combination)
beneficially owns, directly or indirectly, thirty percent (30%) or more of, respectively, the then-outstanding shares of common stock of the entity resulting from such Business Combination, or the combined voting power of the then-outstanding
voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (C) at least a majority of the members of the board of directors of the corporation resulting from such Business
Combination were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board providing for such Business Combination; or 

  
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	 	(4)	approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 

A “Change in Control” will be deemed to occur (i) with respect to a Change in Control pursuant to subsection (1) above, on
the date that any Person becomes the beneficial owner of thirty percent (30%) or more of either the Company Common Stock or the Voting Stock, (ii) with respect to a Change in Control pursuant to subsection (2) above, on the date the
members of the Incumbent Board first cease for any reason (other than death or disability) to constitute at least a majority of the Board, (iii) with respect to a Change in Control pursuant to subsection (3) above, on the date the
applicable transaction closes and (iv) with respect to a Change in Control pursuant to subsection (4) above, on the date of the shareholder approval. Notwithstanding the foregoing provisions, a “Change in Control” shall not be
deemed to have occurred for purposes of this Agreement solely because of a change in control of any Subsidiary by which the Employee may be employed. 
  

	 	(d)	“Date of Termination” means the date on which the Employee incurs a “separation from service,” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended
(“Code”), with the Company and its Subsidiaries. 

  

	 	(e)	“Disabled” means the Employee has become permanently disabled within the meaning of, and begins actually to receive disability benefits pursuant to, the long-term disability plan in effect immediately
prior to the Change in Control for key employees of the Company and its Subsidiaries. 

  

	 	(f)	“Good Reason” means: 

  

	 	(1)	failure to elect, reelect or otherwise maintain the Employee in the offices or positions in the Company or any Subsidiary which the Employee held immediately prior to a Change in Control, or the removal of the Employee
as a director of the Company (or any successor thereto) if the Employee shall have been a director of the Company immediately prior to the Change in Control; 

  

	 	(2)	a material reduction in the nature or scope of the responsibilities or duties attached to the position or positions with the Company and its Subsidiaries which the Employee held immediately prior to the Change in
Control, a material reduction in the aggregate of the Employee’s Base Pay (as that term is hereafter defined) and Incentive Pay (as that term is hereafter defined) opportunity received from the Company, or the termination of the Employee’s
rights to any material Employee Benefits (as that term is hereafter defined) to which he or she was entitled immediately prior to the Change in Control or a material reduction in scope or value thereof without the prior written consent of the
Employee; 

  
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	 	(3)	the liquidation, dissolution, merger, consolidation or reorganization of the Company or transfer of all or a significant portion of its business and/or assets, unless the successor or successors (by liquidation, merger,
consolidation, reorganization or otherwise) to which all or a significant portion of its business and/or assets have been transferred (directly or by operation of law) shall have assumed all duties and obligations of the Company under this Agreement
pursuant to Section 13 hereof; 

  

	 	(4)	the Company shall relocate its principal executive offices, or the Company or any Subsidiary shall require the Employee to have his or her principal location of work changed, to any location which is in excess of 50
miles from the location thereof immediately prior to the Charge in Control or the Company or any Subsidiary shall require the Employee to travel away from his or her office in the course of discharging his or her responsibilities or duties hereunder
significantly more (in terms of either consecutive days or aggregate days in any calendar year) than was required of him or her prior to the Change in Control without, in either case, the Employee’s prior written consent; or 

 

	 	(5)	without limiting the generality or the effect of the foregoing, any material breach of this Agreement by the Company or any successor thereto. 

The Employee is not entitled to assert that his or her termination is for Good Reason unless the Employee gives the Company written notice of
the event or events that are the basis for such claim within ninety (90) days after the event or events occur, describing such claim in reasonably sufficient detail to allow the Company to address the event or events and a period of not less
than thirty (30) days after to cure the alleged condition. 
  

	 	(g)	“Subsidiary” means a corporation, company or other entity (i) more than fifty percent (50%) of whose outstanding shares or securities (representing the right to vote for the election of
directors or other managing authority) are, or (ii) which does not have outstanding shares or securities (as may be the case in a partnership, joint venture or unincorporated association), but more than fifty percent (50%) of whose
ownership interest representing the right generally to make decisions for such other entity is, now or hereafter owned or controlled, directly or indirectly, by the Company, but such corporation, company or other entity shall be deemed to be a
Subsidiary only so long as such ownership or control exists. 

  

	 	(h)	 “Term” means the period commencing as of the date hereof and expiring as of the close of
business two years from the date of the agreement, provided, however, that (i) commencing on January 1, 2017 and each January 1 thereafter, the Term shall automatically be extended for an additional year unless, not later than
September 30 of the year immediately preceding such January 1, the Company or 

  
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the Employee shall have given notice that it or he/she, as the case may be, does not wish to have the Term extended and (ii) upon a Change in Control, the Term shall be extended to the third
anniversary of such Change in Control. Notwithstanding the foregoing, subject to Section 11 hereof, if, at any time prior to a Change in Control, the Employee for any reason is no longer an employee of the Company or a Subsidiary, thereupon the
Term shall be deemed to have expired. 

  

	2.	Acknowledgment of Consideration. The Employee agrees that this Agreement was entered into for good and valuable consideration, including, but not limited to the Company’s employment or continued employment
of the Employee, the Company’s provision of Protected Information (as that term is hereafter defined) to the Employee, and the compensation and benefits associated with that employment. 

 

	3.	Employment Prior to a Change in Control. Prior to a Change in Control, the following terms shall govern the Employee’s employment. 

 

	 	(a)	Employment. The Employee is employed on an indefinite term contract subject to the terms of the Offer Letter. The Employee understands and agrees that nothing in this Agreement constitutes an express or implied
contract, or any promise or commitment, guaranteeing continued employment with the Company. 

  

	 	(b)	General Employment Duties. The Employee agrees to diligently perform his or her job duties as may be assigned by the Company to the best of his or her ability. The Employee will keep informed of the
Company’s policies, procedures, and practices, and will comply with them at all times. The Employee also agrees that, while employed by the Company, the Employee shall not engage in any activity that might impair or otherwise interfere with the
proper performance of the Employee’s duties or responsibilities. 

  

	4.	Employment Following a Change in Control. Effective only upon a Change in Control, the following terms shall apply: 

  

	 	(a)	The Employee shall devote substantially all of his or her time during normal business hours (subject to vacations, sick leave and other absences in accordance with the policies of the Company and its Subsidiaries as in
effect for key employees immediately prior to the Change in Control) to the business and affairs of the Company and its Subsidiaries, but nothing in this Agreement shall preclude the Employee from devoting reasonable periods of time during normal
business hours to (i) serving as a director, trustee or member of or participant in any organization or business so long as such activity is not directly competitive with the business of the Company as then being carried on, (ii) engaging
in charitable and community activities, or (iii) managing his or her personal investments. 

  
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	 	(b)	For his or her services pursuant to Section 4(a) hereof, the Employee shall (i) be paid an annual base salary at a rate not less than the Employee’s annual fixed or base compensation (payable monthly or
otherwise as in effect for key employees of the Company immediately prior to the occurrence of a Change in Control) or such higher rate as may be approved from time to time by the Board, the Compensation Committee thereof or management (which base
salary at such rate is herein referred to as “Base Pay”) and (ii) have a bona fide opportunity to earn an annual amount equal to not less than the annual bonus, incentive or other opportunity for payments of cash compensation
in addition to the amounts referred to in clause (i) above made or to be made in regard to services rendered in any calendar year during the year in which the Change in Control occurred pursuant to any bonus, incentive, profit-sharing,
performance, discretionary pay or similar policy, plan, program or arrangement of the Company or any Subsidiary or any successor thereto providing an annual cash bonus opportunity at least equal to the cash bonus opportunity payable thereunder (in
both value and achievability) prior to a Change in Control (“Incentive Pay”); provided, however, that with the prior written consent of the Employee, nothing herein shall preclude a change in the mix between Base Pay
and Incentive Pay so long as the aggregate annual cash compensation opportunity for the Employee in any one calendar year is not reduced in connection therewith or as a result thereof; and provided further, however, that in no
event shall any increase in the Employee’s aggregate cash compensation or any portion thereof in any way diminish any other obligation of the Company under this Agreement. 

 

	 	(c)	For his or her services pursuant to Section 4(a) hereof, the Employee shall be a full participant in, and shall be entitled to the perquisites, benefits and service credit for benefits as provided under, any and
all employee retirement, income and welfare benefit policies, plans, programs or arrangements in which key employees of the Company or its Subsidiaries participate, including without limitation any stock option, stock purchase, stock appreciation,
restricted stock grant, savings, pension, supplemental retirement or other retirement, income or welfare benefit, deferred compensation, group and/or executive life, health, medical/hospital or other insurance (whether funded by actual insurance or
self-insured by the Company or any Subsidiary), disability, salary continuation, expense reimbursement and other employee benefit policies, plans, programs or arrangements that may now exist or any equivalent successor policies, plans, programs, or
arrangements that may be adopted hereafter by the Company or any Subsidiary providing perquisites, benefits and service credit for benefits at least equal to those provided or are payable thereunder prior to a Change in Control (collectively,
“Employee Benefits”); provided, however, that except as expressly provided in, and subject to the terms of, Section 6(a)(1)(B) hereof, the Employee’s rights thereunder shall be governed by the terms thereof
and shall not be enlarged hereunder or otherwise affected hereby. Subject to the proviso in the immediately preceding sentence, if and to the extent such perquisites, benefits or service credit for benefits are not payable or provided under any such
policy, plan, program or arrangement as a result of the amendment or termination thereof, then the Company shall itself pay or provide therefor. Nothing in this Agreement shall preclude improvement or enhancement of any such Employee Benefits,
provided that no such improvement shall in any way diminish any other obligation of the Company under this Agreement. 

  
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	5.	Termination of Employment Following a Change in Control. 

  

	 	(a)	Death or Disability. The Employee’s employment shall terminate automatically if the Employee dies or becomes Disabled following a Change in Control. 

 

	 	(b)	Cause. The Company may terminate the Employee’s employment for Cause or without Cause following a Change in Control. 

  

	 	(c)	Good Reason. The Employee’s employment may be terminated by the Employee for Good Reason or by the Employee voluntarily without Good Reason following a Change in Control. 

 

	 	(d)	Notice of Termination. Any termination by the Company for Cause, or by the Employee for Good Reason, shall be communicated by Notice of Termination to the other party hereto given in accordance with
Section 13(b). “Notice of Termination” means a written notice that (1) indicates the specific termination provision in this Agreement relied upon, (2) to the extent applicable, sets forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision so indicated, and (3) if the termination date is other than the date of receipt of such notice, specifies the termination
date (which termination date shall be not more than thirty (30) days after the giving of such notice). The failure by the Employee or the Company to set forth in the Notice of Termination any fact or circumstance that contributes to a showing
of Good Reason or Cause shall not waive any right of the Employee or the Company, respectively, hereunder or preclude the Employee or the Company, respectively, from asserting such fact or circumstance in enforcing the Employee’s or the
Company’s respective rights hereunder. 

  

	6.	Exclusive Obligations of the Company upon Certain Terminations Following a Change in Control. 

  

	 	(a)	Good Reason; Other Than for Cause. If, during the three (3) year period following a Change in Control, (X) the Company terminates the Employee’s employment other than for Cause, death, or
Disability or (Y) the Employee resigns for Good Reason: 

  

	 	(1)	the Company shall pay to the Employee (or the Employee’s estate or beneficiary, in the event of the Employee’s death after the Date of Termination), at the time specified herein (except as otherwise provided
by Section 13(d)), the following amounts: 

  

	 	(A)	a lump sum payment equal to the sum of (i) two times the Base Pay of the Employee plus (ii) two times the target annual Incentive Pay of the Employee, in lieu of any further payments to the Employee for
periods subsequent to the Date of Termination (collectively, the “Severance Payment”), payable within six (6) business days following the Date of Termination, provided all conditions to payment have been satisfied;

  
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	 	(B)	the Company will pay you a lump sum amount, paid without 60 days of the Date of Termination of the annual incentive award at the grater of (i) target or (ii) actual performance, for the calendar year that
includes the Date of Termination; provided such amount shall be adjusted on a prorated basis, 

  

	 	(C)	commencing on the Date of Termination and continuing until the earlier of (i) the expiration of the two year anniversary of the Date of Termination, (ii) the Employee’s death, or (iii) the
Employee’s attainment of age 65 (such time period, the “Benefits Period”), the Company shall continue to provide the Employee (and the Employee’s eligible dependents and beneficiaries) with medical, dental, vision, and
prescription drug benefits (collectively “health benefits”) and life insurance benefits substantially similar to those which the Employee was receiving or entitled to receive immediately prior to the Date of Termination (and if and
to the extent that such benefits shall not or cannot be paid or provided under any policy, plan, program or arrangement of the Company or its Subsidiaries solely in order to comply with applicable law or due to the fact that the Employee is no
longer an officer or employee of the Company and its Subsidiaries, then the Company shall itself pay or provide for the payment to the Employee (and the Employee’s eligible dependents and beneficiaries) such health benefits and life insurance
benefits). The Employee shall pay the cost, on an after-tax basis, for the continued health benefits coverage, on or about January 31 of the year following the year in which the Date of Termination occurs and continuing on or about each
January 31 until January 31 of the year following the last year of the Benefits Period, and concurrently therewith (and no later than March 15 following each such January 31) the Company will make a lump sum payment to the
Employee such that, after payment of all taxes incurred by the Employee as a result of the Employee’s receipt of the continued health benefits coverage and payment by the Company, the Employee retains an amount equal to the amount the Employee
paid during the immediately preceding calendar year for the health benefits coverage described in this Section 6(a)(1)(B). Without otherwise limiting the purposes or effect of Section 7 hereof, benefits provided or payable to the Employee
pursuant to this Section 6(a)(1)(B) by reason of any “welfare benefit plan” of the Company (as the term “welfare benefit plan” is defined in Section 3(1) of the Employee Retirement Income Security Act of 1974, as
amended) shall be reduced to the extent comparable welfare benefits are actually received by the Employee from another employer during the Benefits Period; and 

  
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	 	(D)	a lump sum payment in an amount equal to the additional benefits that the Employee would have accrued under each qualified or nonqualified pension, profit sharing, deferred compensation or supplemental plan maintained
by the Company for the Employee’s benefit had the Employee continued his or her employment with the Company for one additional year following his or her Date of Termination, provided that the Employee was fully vested under such plans
immediately prior to his or her Date of Termination, payable within six (6) business days following the Date of Termination, provided all conditions to payment have been satisfied. 

Without limiting the rights of the Employee at law or in equity, if the Company fails to make any payment required to be made under Sections 4
and 6 of this Agreement on a timely basis, the Company shall pay interest on the amount thereof to the Employee until the date such payment is made at an annualized rate of interest equal to twelve percent (12%). 

 

	 	(b)	Release. As a condition to receiving payments under this Section 6, no later than forty five (45) days after having been presented such release by the Company, the Employee shall have executed and
delivered to the Company a general release of claims in favor of the Company, its current and former Subsidiaries, affiliates and stockholders, and the current and former directors, officers, employees and agents of the Company in a form acceptable
to the Company, and the Employee’s general release shall have become irrevocable. 

  

	7.	No Set-Off; Company’s Obligations; Mitigation. The Company’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by
any set-off, counterclaim, recoupment, defense, or other claim, right or action that the Company may have against the Employee or others. In no event shall the Employee be obligated to seek other employment or take any other action by way of
mitigation of the amounts payable to the Employee under any of the provisions of this Agreement, and such amounts shall not be reduced whether or not the Employee obtains other employment. 

 

	8.	 Indemnification of Legal Fees. Effective only upon a Change in Control, it is the intent of the Company
that the Employee not be required to incur the expenses associated with the enforcement of his or her rights under this Agreement following such a Change in Control by litigation or other legal action because the cost and expense thereof would
substantially detract from the benefits and payments intended to be extended to the Employee hereunder following a Change in Control. Accordingly, following a Change in Control if it should appear to the Employee that the Company has failed to
comply with any of its obligations under this Agreement which arose following a Change in Control or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any litigation
designed to deny, or to recover from, the Employee the benefits intended to be provided to the Employee hereunder, the Company irrevocably authorizes the Employee from time to time to retain

  
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counsel of his or her choice, at the expense of the Company as hereafter provided, to represent the Employee in connection with the initiation or defense of any litigation or other legal action
with respect to this Agreement, whether by or against the Company, or any Subsidiary, director, officer, stockholder or other person affiliated with the Company. Notwithstanding any existing or prior attorney-client relationship between the Company
and such counsel, the Company irrevocably consents to the Employee’s entering into an attorney-client relationship with such counsel, and in that connection the Company and the Employee agree that a confidential relationship shall exist between
the Employee and such counsel. Following a Change in Control, the Company shall pay or cause to be paid and shall be solely responsible for any and all attorneys’ and related fees and expenses incurred by the Employee as a result of the
Company’s failure to perform this Agreement or any provision hereof or as a result of the Company or any person contesting the validity or enforceability of this Agreement or any provision hereof as aforesaid, provided any such reimbursement of
attorneys’ and related fees and expenses shall be made not later than December 31 of the year following the year in which the Employee incurred the expense. 

 

	9.	Section 280G. 

  

	 	(a)	In the event that any payment or benefit received or to be received by the Employee (including any payment or benefit received in connection with a Change in Control or the termination of the Employee’s employment
pursuant to the terms of this Agreement) (all such payments and benefits, together, the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any successor provision
thereto (the “Excise Tax”), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other plan, program, arrangement or agreement, the Company will reduce the
Total Payments to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero); provided, however, that the Total Payments will only be reduced if (i) the net
amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income taxes on such reduced Total Payments and after taking into account the phase out of itemized deductions and personal
exemptions attributable to such reduced Total Payments), is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after subtracting the net amount of federal, state, municipal and local income taxes on
such Total Payments and the amount of Excise Tax to which the Employee would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such
unreduced Total Payments. 

  

	 	(b)	 In the case of a reduction in the Total Payments, the Total Payments will be reduced in the following order:
(i) payments that are payable in cash that are valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and
benefits due in respect of any equity valued at full value under Treasury Regulation Section 1.280G-1, Q&A 24(a), with the highest values 

  
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reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; (iii) payments that are payable in cash that are valued at
less than full value under Treasury Regulation Section 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (iv) payments and benefits due in respect of any equity valued at less than full value
under Treasury Regulation Section 1.280G-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24) will next be reduced; and (v) all other non-cash
benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata. Any reductions made pursuant to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash payment
and payments and benefits due in respect of any equity not subject to Section 409A of the Code, and second, a pro-rata reduction of cash payments and payments and benefits due in respect of any equity subject to Section 409A of the Code as
deferred compensation. 

  

	 	(c)	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 the Employee 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 will be taken into account; (ii) no portion of the Total Payments will be taken into account which, in the
opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Employee and selected by the accounting firm which was, immediately prior to the Change of Control, the Company’s independent auditor (the
“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 will 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 set forth in Section 280G(b)(3) of the Code) that is 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 will be
determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 

  

	 	(d)	At the time that payments are made under this Agreement, the Company will provide the Employee with a written statement setting forth the manner in which such payments were calculated and the basis for such
calculations, including any opinions or other advice the Company received from Tax Counsel, the Auditor, or other advisors or consultants (and any such opinions or advice which are in writing will be attached to the statement). All such calculations
and opinions shall be binding on the Company and the Employee. 

  
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	10.	Covenants of Employee. 

  

	 	(a)	Non-Competition and Non-Solicitation. 

  

	 	(1)	Purpose and Definition. To protect the Protected Information the Employee receives, and in consideration of receiving that Protected Information and compensation and benefits from the Company, and for other
valuable consideration, the Employee agrees to the following non-competition and non-solicitation covenants. 

  

	 	(2)	As used in this Agreement, “Protected Information” means information possessed by the Company or a parent, predecessor, Subsidiary, joint venture, or partnership of the Company, or any other entity
whose assets, stock, or business activities have been acquired by the Company (collectively, the “Related Companies”), whether developed by the Employee or otherwise, that is not generally known publicly and that has value, gives
the Company or its Related Companies a competitive advantage or otherwise qualifies as a “trade secret” under applicable laws. Protected Information includes information that has been provided to the Company or its Related Companies
by a third party and that is subject to restrictions on disclosure and/or use. Protected Information will generally include, but is not limited to, research, software, engineering drawings, service documentation, competitive intelligence, supplier
names and data, customer information, business strategies, planned acquisitions or divestitures, quotations, discounts, data compilations, items marked as “confidential”, “secret”, “proprietary” or
“privileged”, and any other information the Company has not publicly or lawfully obtained from third parties who are not bound by a confidentiality agreement with the Company, is not Protected Information. In the event the Employee is
unsure if something is to be treated as Protected Information, the Employee shall treat it as such until expressly advised otherwise by an officer of the Company. 

 

	 	(3)	Noncompetition. During the Employee’s employment and for a period of one (1) year after the Date of Termination, the Employee shall not: (A) directly or indirectly act in concert or conspire with
any person employed by the Company in order to engage in or prepare to engage in or to have a financial or other interest in any business or any activity that the Employee knows (or reasonably should have known) to be directly competitive with the
business of the Company as then being carried on; or (B) serve as an employee, agent, partner, shareholder, director, or consultant for, or in any other capacity participate, engage, or have a financial or other interest in any business or any
activity that the Employee knows (or reasonably should have known) to be directly competitive with the business of the Company as then being carried on (provided, however, that notwithstanding anything to the contrary contained in this
Agreement, the Employee may own up to two percent (2%) of the outstanding shares of the capital stock of a company whose securities are registered under Section 12 of the Securities Exchange Act of 1934). 

  
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	 	(4)	Confidentiality. The Company has advised the Employee and the Employee acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information, and that Protected
Information has been and will be developed at substantial cost and effort to the Company. The Employee shall not at any time, directly or indirectly, divulge, furnish, or make accessible to any person, firm, corporation, association, or other entity
(otherwise than as may be required in the regular course of the Employee’s employment), nor use in any manner, either during the Employee’s employment or after termination for any reason, any Protected Information, or cause any such
Protected Information of the Company to enter the public domain. 

  

	 	(5)	Nonsolicitation. During the Employee’s employment and for a period of one (1) year after the Date of Termination, the Employee shall not: (A) employ or retain or solicit for employment or arrange
to have any other person, firm, or other entity employ or retain or solicit for employment or otherwise participate in the employment or retention of any person who is an employee or consultant of the Company; or (B) solicit suppliers or
customers of the Company or induce any such person to terminate his, her, or its relationship with the Company. 

  

	 	(6)	Cooperation. Employee agrees to cooperate with the Company and its attorneys in connection with any and all lawsuits, claims, investigations, or similar proceedings that have been or could be asserted at any time
arising out of or related in any way to Employee’s employment by the Company or any of its Subsidiaries. 

  

	 	(7)	Nondisparagement. At all times, the Employee agrees not to disparage the Company or otherwise make comments harmful to the Company’s reputation. 

 

	 	(8)	California Law. To the extent that California law is deemed to govern this Agreement, the restrictions set forth in Sections 10(a)(3) (with respect to post-employment competition) and (5) (with respect to
post-employment solicitation) of this Agreement do not apply to the Employee. 

  

	 	(b)	Reasonableness of Restrictions. The Employee acknowledges that he or she has carefully considered the nature and extent of the restrictions upon him or her, and the rights and remedies conferred upon the Company
in this Agreement, and acknowledges and agrees that the same: (i) are reasonable in scope, territory, and duration; (ii) are designed to eliminate competition which otherwise would be unfair to the Company; (iii) do not stifle his or
her inherent skill and experience; (iv) would not operate as a bar to his or her sole means of support; (v) are fully required to protect the legitimate interests of the Company; and (vi) do not confer a benefit upon the Company
disproportionate to the detriment of the Employee. 

  
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	11.	Employment Rights. Nothing expressed or implied in this Agreement shall create any right or duty on the part of the Company or the Employee to have the Employee remain in the employment of the Company or any
Subsidiary prior to or after any Change in Control; provided, however, that any termination of employment of the Employee or the removal of the Employee from such Employee’s office or position (other than a termination by the
Company for Cause, or termination for death or Disability) in the three (3) month period preceding a Change in Control shall be deemed to be a termination or removal of the Employee after a Change in Control for purposes of this Agreement.

  

	12.	Successors. 

  

	 	(a)	The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation, reorganization or otherwise) to all or substantially all of the business and/or assets of the Company, by
agreement in form and substance satisfactory to the Employee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent the Company would be required to perform if no such succession had taken place. This
Agreement shall be binding upon and inure to the benefit of the Company and any successor to the Company, including without limitation any persons acquiring directly or indirectly all or substantially all of the business and/or assets of the Company
whether by purchase, merger, consolidation, reorganization or otherwise (and such successor shall thereafter be deemed the “Company” for the purposes of this Agreement), but shall not otherwise be assignable, transferable or delegable by
the Company. 

  

	 	(b)	This Agreement shall inure to the benefit of and be enforceable by the Employee’s personal or legal representatives, executors, administrators, successors, heirs, distributees and/or legatees. 

 

	 	(c)	This Agreement is personal in nature and neither of the parties hereto shall, without the consent of the other, assign, transfer or delegate this Agreement or any rights or obligations hereunder except as expressly
provided in Section 12(a) hereof. Without limiting the generality of the foregoing, the Employee’s right to receive payments hereunder shall not be assignable, transferable or delegable, whether by pledge, creation of a security interest
or otherwise, other than by a transfer by his or her will or by the laws of descent and distribution and, in the event of any attempted assignment or transfer contrary to this Section 12(c), the Company shall have no liability to pay any amount
so attempted to be assigned, transferred or delegated. 

  

	 	(d)	The Company and the Employee recognize that each party will have no adequate remedy at law for breach by the other of any of the agreements contained herein and, in the event of any such breach, the Company and the
Employee hereby agree and consent that the other shall be entitled to a decree of specific performance, mandamus or other appropriate remedy to enforce performance of this Agreement. 

  
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	13.	Miscellaneous. 

  

	 	(a)	This Agreement and all matters relating to Employee’s employment shall be governed by and construed in accordance with the laws of the State of Ohio, without regard to conflicts of laws principles thereof. Each
party to this Agreement (i) consents to the personal jurisdiction of the state and federal courts having jurisdiction in Summit County, Ohio, (ii) stipulates that the proper, exclusive, and convenient forum and venue for legal adjudication
of any issue arising out of this Agreement or relating to claims between the parties is Summit County, Ohio for state court proceedings, and the Northern District of Ohio, Akron location, for federal district court proceedings, and (iii) waives
any defense, whether asserted by a motion or pleading, that Summit County, Ohio, or the Northern District of Ohio, Akron location, is an improper or inconvenient venue. 

 

	 	(b)	Any notices, requests, demands, or other communications provided for by this Agreement shall be sufficient if in writing and if sent by registered or certified mail to the Employee at the last address he or she has
filed in writing with the Company or, in the case of the Company, at its principal offices. 

  

	 	(c)	The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. Any invalid or unenforceable provision shall be deemed
severed from this Agreement to the extent of its invalidity or unenforceability, and this Agreement shall be construed and enforced as if the Agreement did not contain that particular provision to the extent of its invalidity or unenforceability,
provided that in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be
possible and be valid and enforceable. 

  

	 	(d)	 The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the
Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith. Notwithstanding any provisions of this Agreement to the contrary, to the
extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A of the Code, the Employee shall not be considered to have terminated employment with the Company for purposes of this Agreement and no payments shall
be due to the Employee under Section 6 of this Agreement until the Employee would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. For purposes of this
Agreement, each amount to be paid or benefit to be provided shall be construed as a separate identified payment for purposes of Section 409A of the Code, and any payments that are due within the “short term deferral period” as defined
in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. To the extent required to avoid an accelerated or additional

  
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tax under Section 409A of the Code, amounts reimbursable to the Employee under this Agreement shall be paid to the Employee on or before the last day of the year following the year in which
the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to the Employee) during any one year may not affect amounts reimbursable or provided in any subsequent year; provided,
however, that with respect to any reimbursements for any taxes which the Employee would become entitled to under the terms of the Agreement, the payment of such reimbursements shall be made by the Company no later than the end of the calendar
year following the calendar year in which the Employee remits the related taxes were incurred. Notwithstanding any provisions of this Agreement to the contrary, if the Employee is a “specified employee” (within the meaning of
Section 409A of the Code and determined pursuant to any policies adopted by the Company consistent with Section 409A of the Code (a “Specified Employee”)), at the time of the Employee’s separation from service and if
any portion of the payments or benefits to be received by the Employee upon separation from service would be considered deferred compensation under Section 409A of the Code and cannot be paid or provided to the Employee during the six-month
period immediately following the Employee’s separation from service without the Executive incurring taxes, interest or penalties under Section 409A of the Code, such amounts that would otherwise be payable pursuant to this Agreement and
benefits that would otherwise be provided pursuant to this Agreement, in each case, during the six-month period immediately following the Employee’s separation from service will instead be paid or made available on the earlier of (i) first
business day after the date that is six (6) months following the Employee’s separation from service and (ii) the Executive’s death. 

  

	 	(e)	The Company may withhold from any amounts payable under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or government regulation or ruling. 

 

	 	(f)	Treatment of outstanding long-term equity incentive awards shall be in accordance with the terms and conditions of the award agreements and plan pursuant to which the incentives were granted. 

 

	 	(g)	To the extent consistent with state law, the Employee authorizes the Company to conduct drug tests and background checks on the Employee during the Employee’s employment with the Company at times determined by the
Company. Failure to successfully complete or pass each drug test and background check is reason for immediate termination. 

  

	 	(h)	No provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the Employee and the Company. No waiver by either party hereto at any
time of any breach by the other party hereto or compliance with any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior
or subsequent time. 

  
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	 	(i)	The Employee and the Company acknowledge that, except as provided in any other written agreement between the Employee and the Company, the employment of the Employee by the Company is “at will” and, prior to
or after the occurrence of a Change in Control, the Employee’s employment may be terminated by either the Employee or the Company at any time. This Agreement represents the entire agreement between the parties relating to the subject matter
hereof and replaces any and all prior agreements pertaining thereto between the Employee and the Company, provided the Offer Letter shall be in full force and effect and to the extent there are inconsistences between this Agreement and the Offer
Letter, the terms that are more favorable to the Employee shall control. No agreements or representations, oral or otherwise, expressed or implied with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement or the Offer Letter. 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed and delivered as of the date first above written. 
  

			
	DIEBOLD NIXDORF, INCORPORATED:
		
		 	 
	By:
	Title:

  

			
	EMPLOYEE:
		
		 	 

  
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