Document:

First Amendment to the Annual Incentive Program

 Exhibit 10.47 
 FIRST AMENDMENT TO 
 UNITED CONTINENTAL HOLDINGS, INC. 

ANNUAL INCENTIVE PROGRAM 
 WHEREAS, the United Continental Holdings, Inc. Annual Incentive Program (the “Program”) has heretofore been adopted by the Compensation Committee (the “Committee”) of the Board
of Directors of United Continental Holdings, Inc. to implement in part the Performance Award provisions of the United Continental Holdings, Inc. Incentive Plan 2010, as amended from time to time; and 

WHEREAS, the Committee is authorized to amend the Program; and 

WHEREAS, the Committee desires to amend the Program in certain respects; 

NOW, THEREFORE, the Program shall be amended as follows, effective with respect to fiscal years of the Company beginning on or
after January 1, 2012: 
 1. Section 3(b) of the Program shall be deleted and the following shall be substituted
therefor: 
 “(b) “Annual Incentive Payment” means, with respect to a Participant for a
fiscal year, the dollar amount calculated by multiplying such Participant’s Target Opportunity with respect to such fiscal year by: (1) if the Pre-tax Income with respect to such fiscal year is less than the Entry Level Pre-tax Income with
respect to such fiscal year, zero percent (0%); or (2) if the Pre-tax Income with respect to such fiscal year is equal to or greater than the Entry Level Pre-tax Income with respect to such fiscal year, the percentage determined in accordance
with the following table (the Administrator may provide for varying percentages (including through straight line interpolation) between levels): 
  

			
	 Level of Pre-tax Income Achieved
	  	 Percentage of Participant’s

Target Opportunity

	Entry Level Pre-tax Income	  	Participant’s Entry Incentive Percentage
	Target Level Pre-tax Income	  	Participant’s Target Incentive Percentage
	Stretch Level Pre-tax Income (or higher)	  	Participant’s Stretch Incentive Percentage”

 2. The following new paragraph shall be added to the end of Section 3 of the Program: 

“(t) “Target Opportunity” means, with respect to a Participant for a fiscal year, a dollar amount
established by the Administrator as the Target Opportunity for such Participant with respect to such fiscal year (which, in the discretion of the Administrator, may be expressed as a percentage of such Participant’s Base Salary for such fiscal
year (or different percentages of such Participant’s Base Salary with respect to different portions of such fiscal year)).” 

 3. The last sentence of Section 4(b) of the Program shall be deleted and the following
shall be substituted therefor: 
 “At the time the Committee makes the designations described in the first sentence of this
Section 4(b) with respect to a fiscal year, the Committee may designate a maximum reduction percentage (which may range from 0% to 100%) that may be applied by the Administrator to an Annual Incentive Payment for such fiscal year pursuant to
Section 5(b)(ii). At the time a Participant receives an award under the Program for a fiscal year, the Administrator shall determine the manner in which such Participant’s Base Salary and Target Opportunity for such fiscal year shall be
determined.” 
 4. Section 5(b) of the Program shall be deleted and the following shall be substituted therefor:

 “(b) (i) Notwithstanding the provisions of Section 5(a) and, except as provided in the last sentence
of this subparagraph, notwithstanding the provisions of Section 6(a), the Committee shall have the right, in its sole discretion, to reduce or eliminate any Annual Incentive Payment with respect to a fiscal year that is otherwise payable
pursuant to such Sections if the Committee determines in its discretion that such reduction or elimination is appropriate and in the best interest of the Company based on the Company’s unrestricted cash, cash equivalents, and short term
investments and cash readily accessible under the Company’s unused lines of credit as of the end of such fiscal year; provided, however, that any such reduction or elimination shall apply in a uniform and nondiscriminatory manner to all
Participants who are, but for the application of this paragraph, entitled to receive an Annual Incentive Payment under such Sections with respect to such fiscal year. The Committee shall not have the right under this subparagraph to reduce or
eliminate any Annual Incentive Payment that is payable pursuant to Section 6(b), Section 7 or, following a Change of Control, Section 6(a). 
 (ii) Notwithstanding the provisions of Section 5(a), in addition to any reduction to an Annual Incentive Payment that may be required pursuant to the provisions of Section 5(b)(i), the
Administrator shall have the right, in its sole discretion, to reduce the Annual Incentive Payment of a Participant with respect to a fiscal year that is otherwise payable to such Participant pursuant to Section 5(a); provided, however, that
such reduction shall not be greater than the Annual Incentive Payment that would have otherwise been payable (determined prior to any reduction pursuant to Section 5(b)(i)) multiplied by the maximum reduction percentage, if any, for the
applicable fiscal year as determined pursuant to Section 4(b). Any action by the Administrator pursuant to this subparagraph may vary among individual Participants. The Administrator shall not have the right under this subparagraph to reduce
any Annual Incentive Payment that is payable pursuant to Section 6 or Section 7.” 

  
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 5. The following new paragraph shall be added to the end of Section 8 of the Program:

 “(h) Notwithstanding any provision in Sections 5(c), 6 or 7 to the contrary, if a Participant’s
Annual Incentive Payment for a fiscal year is to be prorated pursuant to the terms of the Program and if such Participant’s Target Opportunity for such fiscal year changed during such fiscal year, then any such proration shall be subject to
adjustment by the Administrator in an equitable and appropriate manner to the extent necessary to reflect such change in such Participant’s Target Opportunity and to prevent the enlargement of the benefit intended to be provided to the
Participant under the Program for such fiscal year; provided, however, that no such adjustment shall result in a greater payment to the Participant for such fiscal year than the payment that would otherwise have been made to the Participant under
the Program for such fiscal year without such adjustment.” 
 6. As amended hereby, the Program is specifically ratified and
reaffirmed. 

  
 -3-First Amendment to the Long-Term Relative Performance Program

 Exhibit 10.49 
 FIRST AMENDMENT TO 
 UNITED CONTINENTAL HOLDINGS, INC. 

LONG-TERM RELATIVE PERFORMANCE PROGRAM 
 WHEREAS, the United Continental Holdings, Inc. Long-Term Relative Performance Program (the “Program”) has heretofore been adopted by the Compensation Committee (the “Committee”)
of the Board of Directors of United Continental Holdings, Inc. to implement in part the Performance Award provisions of the United Continental Holdings, Inc. Incentive Plan 2010, as amended from time to time; and 

WHEREAS, the Committee is authorized to amend the Program; and 

WHEREAS, the Committee desires to amend the Program in certain respects; 

NOW, THEREFORE, the Program shall be amended as follows, effective with respect to Performance Periods (as such term is defined in
the Program) beginning on or after January 1, 2012: 
 1. Sections 2.1(d) and 2.1(e) of the Program shall be deleted and the
following shall be substituted therefor: 
 “(d) [Reserved.] 

(e) [Reserved.]” 
 2. The term “Base Amount” shall be deleted from each place such term appears in Sections 2.1(u) and 3.1 of the Program and the term “Target Opportunity” shall be substituted therefor.

 3. Section 2.1(v) of the Program shall be deleted and the following shall be substituted therefor: 

“(v) “Payout Percentage” means, with respect to each Participant for a Performance Period for which
the Performance Target is satisfied, a percentage, determined in accordance with the following table (the Administrator may provide for varying percentages (including through straight line interpolation) between levels) as of the earlier of
(i) the last day of such Performance Period, (ii) the date of such Participant’s death or Disability, or (iii) the day immediately preceding the date upon which a Change of Control occurs: 

 

			
	 Level of Pre-tax Margin Achieved
	  	 Percentage

	Entry Pre-tax Margin	  	Participant’s Entry Level LTIP Percentage
	Target Pre-tax Margin	  	Participant’s Target Level LTIP Percentage
	Stretch Pre-tax Margin (or higher)	  	Participant’s Stretch Level LTIP Percentage”

 4. The words “(which may be 0%)” shall be deleted from each of Sections 2.1(ee)
and 2.1(hh) of the Program. 
 5. The following new paragraph shall be added to the end of Section 2.1 of the Program:

 “(jj) “Target Opportunity” means, with respect to a Participant for a Performance
Period, a dollar amount established by the Administrator as the Target Opportunity for such Participant with respect to such Performance Period (which, in the discretion of the Administrator, may be expressed as a percentage of such
Participant’s base annual salary payable by the Company or a Subsidiary).” 
 6. The words “Base Amount Multiple
(if other than 100%)” shall be deleted from Section 3.1 of the Program and the term “Target Opportunity” shall be substituted therefor. 
 7. The term “Base Amount Multiples” shall be deleted from Section 3.2(e) of the Program and the term “Target Opportunities” shall be substituted therefor. 

8. The term “Base Amount Multiple” shall be deleted from Section 4.2(c) of the Program and the term “Target
Opportunity” shall be substituted therefor. 
 9. As amended hereby, the Program is specifically ratified and reaffirmed.

  
 -2-Form of Annual Incentive Program Award Notice

 Exhibit 10.51 
 ANNUAL INCENTIVE AWARD NOTICE 
 to [NAME] 

Pursuant to the United Continental Holdings, Inc. 
 Annual Incentive Program 
 Fiscal Year 20[    ]

 1. The Program. This document constitutes your formal notice (the “Notice”) of a Performance
Award under the United Continental Holdings, Inc. Annual Incentive Program (as amended from time to time, the “Program”) adopted under the United Continental Holdings, Inc. Incentive Plan 2010 (as amended from time to time, the
“Incentive Plan 2010”). This Notice evidences your right to participate in the Program with respect to the period commencing on January 1, 20[    ] and ending on December 31,

20[    ] (the “Fiscal Year”), subject to the terms of the Program and the Incentive Plan 2010. The effective date of your commencement in the Program with respect to this award is
[            , 20    ]. 
 2. The Goals.
The Compensation Committee of the Board of Directors of the Company (the “Committee”) has established the following goal for the Fiscal Year, which must be met in order for you to receive an Annual Incentive Payment: 

(a) The Performance Target must be achieved. Achievement of the Performance Target means that the Company’s Pre-tax
Income with respect to the Fiscal Year equals or exceeds the Entry Level Pre-tax Income. The following are the levels of Pre-tax Income set by the Committee for the Fiscal Year: 

i. Entry Level Pre-tax Income of $[            ]; 

ii. Target Level Pre-tax Income of $[            ]; and

 iii. Stretch Level Pre-tax Income of
$[            ]. 
 (b) If a Change of Control occurs
during the Fiscal Year, then the Pre-tax Income for the Fiscal Year will be deemed to be equal to $            . 
 In order to receive an Annual Incentive Payment for the Fiscal Year, the Program also requires that a payment must have been or will be made under the Company’s broad-based profit sharing plan to the
participants in that plan with respect to the Fiscal Year (the “Broad Based Payment”). 
 3. Payment upon
Achievement of the Goals. Your Target Opportunity for the Fiscal Year is [            % of your Base Salary] [            %
of your Base Salary from             to             and             %
of your Base Salary from             to             ]
[$            ]. If (i) the Committee certifies in writing that the Performance Target has been met as of the end of the Fiscal Year, (ii) the Broad Based Payment has been or will
be paid for the Fiscal Year, and (iii) you remain continuously employed by the Company or its subsidiaries through the last day of the Fiscal Year, then you will receive an Annual Incentive Payment as soon as reasonably practicable after the
applicable certification by the Committee (but in no event later than March 15 of the year following the Fiscal Year) in an amount equal to the product of (a) your Target Opportunity multiplied by (b) a percentage that depends on the
level of Pre-tax Income achieved by the Company for the Fiscal Year, which percentage shall be determined in accordance with the following table [(straight line interpolation will be used between levels)]: 

  

			
	 Level of Pre-tax Income Achieved
	  	 Percentage of Target Opportunity

	Entry Level Pre-tax Income	  	    % (Entry Incentive Percentage)
	Target Level Pre-tax Income	  	    % (Target Incentive Percentage)
	Stretch Level Pre-tax Income (or higher)	  	    % (Stretch Incentive Percentage)

 4. Continuous Employment Requirement. Receipt of an Annual Incentive Payment is conditioned on
your continuous employment with the Company or its subsidiaries through the last day of the Fiscal Year (with limited exceptions, as described in the Program). 
 5. Pro-Rated Payment. Your Annual Incentive Payment may be prorated as provided in the Program under certain circumstances. 
 6. Negative Discretion. In general, and subject to limited exceptions (as described in the Program), (a) the Committee will have the right to reduce or eliminate the Annual Incentive
Payment that would otherwise be payable for the Fiscal Year if the Committee determines in its discretion that such reduction or elimination is appropriate and in the best interest of the Company based on the Company’s unrestricted
cash, cash equivalents, and short term investments and cash readily accessible under the Company’s unused lines of credit as of the end of the Fiscal Year; provided, however, that any such reduction or elimination shall apply in a uniform and
nondiscriminatory manner to all Participants who are otherwise entitled to receive an Annual Incentive Payment with respect to the Fiscal Year, and (b) the Administrator has the discretion to reduce the Annual Incentive Payment that would
otherwise be payable to you for the Fiscal Year based on your individual performance. 
 7. Program and Incentive Plan 2010
Control. Capitalized terms used in this Notice are defined in the Program. The Program and the Incentive Plan 2010 are hereby incorporated into this Notice by reference. All statements in this Notice are qualified in their entirety by reference
to the Program and the Incentive Plan 2010. If you have any questions, or wish to obtain a copy of the Program or the Incentive Plan 2010, please contact             . 

  
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