Document:

Exhibit
10.69

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

This
Amended and Restated Employment Agreement is made and is effective as of
December 15, 2006, by and between Santa Lucia Bank (“Bank”) and William F.
Filippin (“Executive”) and amends and restates in its entirety that certain
Employment Agreement dated November 11, 2004, between the parties..

WHEREAS,
Executive is currently employed by the Bank in the capacity as Senior Vice
President and Credit Administrator, and Executive’s background, expertise and
efforts have contributed to the success and financial strength of the Bank; and

WHEREAS,
the Bank wishes to assure itself of the continued opportunity to benefit from
Executive’s services for the period provided in this Agreement, and Executive
wishes to serve in the employ of the Bank on a full-time basis solely in
accordance with the terms hereof for such purposes; and

WHEREAS,
the Board of Directors of the Bank (“Board”) has determined that the best
interests of the Bank would be served by Executive’s continued employment with
the Bank under the terms of this Agreement;

NOW,
THEREFORE, in order to effect the foregoing, the parties hereto wish to enter
into an employment agreement on the terms and conditions set forth below.  Accordingly, in consideration of the premises
and the respective covenants and agreements of the parties herein contained,
and intending to be legally bound hereby, the parties hereto agree as follows:

1.             Definitions.

(a)  “Agreement” means this employment
agreement and any amendments hereto complying with Section 13(a) hereof.

(b)  “Board” means the Board of Directors
of the Bank unless the context otherwise requires.

(c)  “Cause” means:

(i)                                     Executive’s
personal dishonesty, incompetence or willful misconduct;

(ii)                                  Executive’s
breach of fiduciary duty involving personal profit;

(iii)          Executive’s intentional failure to
perform Executive’s duties for the Bank after a written demand for performance
is given to Executive by the Board which demand specifically identifies the
manner in which the Board believes that Executive has not performed his duties;

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(iv)          Executive’s willful violation of any
law, rule, regulation or final cease and desist order (other than traffic
violations or similar minor offenses) to the extent detrimental to the Bank’s
business or reputation; or

(v)           Executive’s
material breach of any provision of this Agreement.

(d)  “Change in Control” means a change of
control of the Bank, or  Santa Lucia
Bancorp (“Bancorp”), of a nature that would be required to be reported in response
to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange
Act, whether or not the Bank or Bancorp is then subject to such reporting
requirement; provided, however, that a transaction in which the Bank or Bancorp
is the acquiror regardless of the form of the transaction shall not be a Change
in Control for purposes of this Agreement; provided further however, that
without limitation, a Change in Control shall be deemed to have occurred if:

(i)            there
is a transfer, voluntarily or by hostile takeover, by proxy contest (or similar
action), operation of law, or otherwise, of Control of the Bank or Bancorp;

(ii)           any Person is or becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act
or any successor provisions thereof), directly or indirectly, of securities of
the Bank or Bancorp representing 20% or more of the combined voting power of
the Bank’s or Bancorp’s then outstanding securities (other than in the case of
the ownership by Bancorp of Bank securities);

(iii)          the individuals who were members of
the Board immediately prior to a meeting of the shareholders of the Bank or
Bancorp, which meeting involves a contest for the election of directors, do not
constitute a majority of the Board following such meeting or election;

(iv)          a merger is completed in which the
Bank or Bancorp is not the surviving entity (unless the stockholders of Bank or
Bancorp, as the case may be, immediately before such merger own immediately
after such merger more than a majority of the voting securities of the
surviving entity), a consolidation or sale of all or substantially all of the
assets of the Bank or Bancorp; or

(v)           there is a change, during any period
of two consecutive years, of a majority of the Board or of the board of
directors of Bancorp as constituted as of the beginning of such period, unless
the election of each director who is not a director at the beginning of such
period was approved by a vote of at least two-thirds of the directors then in
office who were directors at the beginning of such period.

(e)   “Code”  shall mean the Internal Revenue Code of 1986,
as amended.

 (f)  “Control”
 means the possession, direct or
indirect, by any Person or “group” (as defined in Section 13(d) of the
Securities Exchange Act) of the power to direct or cause the direction 

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of the management
policies of the Bank or Bancorp, whether through ownership of voting
securities, by contract or otherwise, and in any case means the ability to
determine the election of a majority of the directors of the Bank or Bancorp.

(g)  “Disability” means physical or mental
illness resulting in Executive’s absence on a full-time basis from Executive’s
duties with the Bank or Bancorp for 180 calendar days, subject to the procedure
described in Section 7(a).

(h)  “Expiration” means the termination of
this Agreement (including Executive’s employment hereunder) and of any further
obligations of the parties (except as specified in this Agreement) upon
completion of the Term.

(i) “Person”
means an individual, a group acting in concert, a corporation, a partnership,
an association, a joint stock company, a trust, any unincorporated
organization, a government or political subdivision thereof, or any other
entity whatsoever.

(j)  “Term” means the initial term of this
Agreement and any extensions hereof, as provided in Section 4, prior to a
Change in Control.

(k)  “Termination” or “Terminate(d)” means
the termination of Executive’s employment hereunder for any of the following
reasons unless the context indicates otherwise:

(i)           
Retirement by Executive;

(ii)          
Death of Executive;

(iii)         
Disability;

(iv)         
Expiration;

(v)          
Resignation;

(vi)         
Termination Without Cause; and

(vii)          Termination
for Cause.

(l)  “Termination Without Cause” or “Terminate(d)
Without Cause” means the cessation of Executive’s employment hereunder for
any reason except:

(i)            A
resignation by Executive;

(ii)           Termination
for Cause;

(iii)          Retirement;

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(iv)          Disability;

(v)           Death;
or

(vi)          Expiration.

(m)  “Total Salary” shall mean the total amount of
salary paid Executive in the prior 12 months.

2.             Employment.  The Bank hereby agrees to continue to employ
the Executive, and the Executive hereby agrees to continue to serve the Bank,
for the period stated in Section 4 hereof and upon the terms and conditions set
forth herein.

3.             Position and Responsibilities.  The Executive shall serve as Senior Vice
President and Credit Administrator of the Bank and, subject to the provisions
of Section 5 below, shall have such responsibilities, duties and authority as
are generally associated with such positions and as may from time to time be
assigned to the Executive by the Board that are consistent with such
responsibilities, duties and authority. 
During the Term of this Agreement, the Executive shall devote all his
time, attention, skill and efforts during normal business hours to the business
and affairs of the Bank; provided, however, this provision shall not preclude
Executive from serving as a Director or member of a committee of any other
organization involving no conflict of interests with the interests of the Bank,
from engaging in charitable and community activities and from managing his
personal investments, provided that such activities do not materially interfere
with the regular performance of his duties and responsibilities under this
Agreement.

4.             Term of Agreement.  Subject to the terms and provisions of this
Agreement, this Agreement and the period of Executive’s employment shall be
deemed to have commenced as of December 15, 2006, and shall continue for an
initial term expiring on December 31, 2007, unless extended as provided
herein.  Prior to a Change in Control,
the initial term shall automatically be extended for an additional one (1) full
calendar year without further action by the parties on January 1, 2008, and on
each succeeding January 1 thereafter; provided that each party, Bank or
Executive, may stop an automatic calendar year extension by serving written notice
upon the other within 90 calendar days prior to January 1, 2008, or within 90
calendar days prior to January 1 of any succeeding year, as the case may be, of
such party’s intention that this Agreement shall expire at the end of such
Term.  In the event the Bank retains
Executive as an employee following the expiration of the Term, such employment,
absent a written agreement to the contrary, will be on an at-will basis with
such compensation and upon such terms as the parties may then agree, subject to
termination at any time with or without cause, and without liability.  If the Bank does not retain Executive as an
employee after the Expiration of the Term, Executive’s employment shall cease
without further liability of the parties to each other.  Executive’s employment shall also terminate,
and the Term of this Agreement will expire, upon Executive’s resignation,
retirement, death or Disability, or upon Executive’s Termination for Cause or
Termination Without Cause; provided further that the Term of the Agreement
shall be deemed to have terminated upon a Change in Control and the payment to
Executive of all amounts owed to him upon a Change in Control as provided in
Section 8(e) hereof.

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5.             Additional Duties.  With the approval of the Board, from time to time,
Executive may serve, or continue to serve, on the boards of directors of, and
hold any other offices or positions in, companies or charitable, political or
civic organizations, which, in such Board’s judgment, will not present any
material conflict of interest with the Bank and will not unfavorably affect the
performance of Executive’s duties pursuant to this Agreement.

6.             Salary, Bonus Payments and
Related Matters.

(a)  Salary.  During the period of the Executive’s
employment hereunder, the Bank shall pay to the Executive a base salary of One
Hundred Five Thousand Dollars ($105,000.00) per year, payable at regular
intervals in accordance with the Bank’s normal payroll practices now or
hereafter in effect.  During the period
of the Executive’s employment hereunder, the Executive may receive such
discretionary increases in salary, if any, as may be granted to him from time
to time by the Board.

(b)  Bonus Payments.  During the period of the Executive’s
employment hereunder, the Executive may receive such discretionary bonuses, if
any, as may be granted to him from time to time by the Board.

(c)  Expenses.  During the period of the Executive’s
employment hereunder, the Executive shall be entitled to receive prompt
reimbursement for all reasonable and customary expenses incurred by the
Executive in performing services hereunder in accordance with the general
policies and procedures established by the Bank.

(d)  Employee Benefits and Perks.  During the period of the Executive’s
employment hereunder, the Executive shall be entitled to participate in all
employee benefits plans or arrangements of the Bank on the same basis as other
employees of the Bank including, without limitation, plans or arrangements
providing life insurance, disability insurance, sick leave, or retirement.  During the period of the Executive’s
employment hereunder, the Executive shall also be entitled to (i) the
continuation of an automobile allowance of not less than the monthly amount
paid to Executive on November 1, 2006, (ii) use of the Bank provided credit
card(s), car telephone(s), pagers and such other perks (if such is (are) being
so provided) upon the terms and conditions previously in effect.

7.             Termination.

(a)  Resignation, Retirement, Death or
Disability.  Executive’s employment
hereunder shall cease at any time by Executive’s resignation, retirement, death
or Disability.  Disability shall be
deemed to have occurred only after the following procedure has been
satisfied:  If within 30 days after a written
notice of proposed Termination for Disability is given to Executive by the
Bank, Executive has not returned to the full-time performance of his duties,
the Bank may end Executive’s employment by giving written notice of Termination
for Disability.  Such notice may be given
by the Bank following Executive’s absence from Executive’s duties by reason of
physical or mental disability for one hundred fifty (150) consecutive calendar
days.

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(b)  Termination for Cause.  Executive’s employment shall cease upon a
good faith finding of Cause by the Board; provided, however, that Executive
shall be given written notice of the Board’s finding of conduct by Executive
amounting to Cause for such termination. 
Said notice shall be accompanied by a copy of a resolution duly adopted
by the affirmative vote of not less than a majority of a quorum of the Board at
a duly-noticed meeting of the Board, finding that in the good faith opinion of
the Board, Executive was guilty of conduct amounting to Cause and specifying
the particulars thereof.

(c)  Termination Without Cause.  Executive’s employment may be terminated
Without Cause upon 30 days’ notice for any reason, subject to the payment of
all amounts required by Section 8 hereof.

(d)  Expiration.  Executive’s employment shall cease, or shall
continue on an at-will basis as provided in Section 4 hereof, upon the
expiration of the Term of this Agreement as provided in Section 4 hereof.

(e)  Supervisory Suspension.  If the Executive is suspended and/or
temporarily prohibited from participating in the conduct of the Bank’s affairs
by a notice served under Sections 8(e) or (g) of the Federal Deposit Insurance
Act or similar statute, rule or regulation, the Bank’s obligations under this
Agreement shall be suspended as of the date of service, unless stayed by appropriate
proceedings.  If the charges in the
notice are dismissed, the Bank shall, (i) pay the Executive all or part of the
compensation withheld while its obligations under this Agreement were suspended
and (ii) reinstate (in whole or in part) any of its obligations which were
suspended.

(f)  Regulatory Removal.  If the Executive is removed and/or
permanently prohibited from participating in the conduct of the Bank’s affairs
by an order issued under Sections 8(e) or (g) of the Federal Deposit Insurance
Act or similar statute, rule or regulation, all obligations of the Bank under
this Agreement shall terminate as of the effective date of the order.

8.             Payments to Executive Upon
Termination or Change in Control.

(a)  Death, Disability or Retirement.  In the event of Termination of this Agreement
due to Executive’s death, Disability or retirement, Executive or Executive’s
spouse and/or estate shall be entitled to all benefits generally available to
Bank employees, or their spouses and/or estates, as of the date of such death,
Disability or retirement, without reduction.

(b)  Resignation or Expiration.  In the event of Executive’s resignation, or
upon Expiration, the Bank shall have no further obligations to Executive under
this Agreement or otherwise, except as may be expressly required by law.

(c)  Termination for Cause.  In the event Executive is Terminated for
Cause, the Bank shall have no further obligations to Executive under this
Agreement or otherwise, except as may be expressly required by law.

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(d)  Termination Without Cause Prior to a
Change in Control.  Upon the
occurrence of a Termination Without Cause prior to a Change in Control, the
Bank shall pay to Executive any amounts then owed to him under this Agreement,
within 30 days of the date of the notice required by Section 7(c) hereof.

(e)  Change in Control.  Concurrent with a Change in Control, the Bank
shall pay to Executive a lump sum payment equal to 1 time the amount of the
Total Salary paid to Executive.  Such
lump sum shall be paid concurrent with the Change in Control.

(f)   Source of Payments.  All payments provided in Section 8 shall be
paid in cash from the general funds of the Bank, and no special or separate
fund need be established and no other segregation of assets need be made to
assure payment.

(g)  Consistent Returns.  The Bank and Executive agree that the
payments being made under this Agreement represent reasonable compensation for
services and that neither the Bank nor Executive will file any returns or
reports which take a contrary position.

(h)  Reduction of Payment.  Notwithstanding anything in the foregoing to
the contrary, if the payments made to Executive upon a Change in Control or any
of the other payments provided for in this Agreement, together with any other
payments which Executive has the right to receive from the Bank would
constitute a “parachute payment” (as defined in Section 280G of the Code) the
payments pursuant to this Agreement shall be reduced to the largest amount as
will result in no portion of such payments being subject to the excise tax
imposed by Section 4999 of the Code; provided, however, that the determination
as to whether any reduction in the payments under this Agreement pursuant to
this proviso is necessary shall be made in good faith by the Bank’s independent
auditors or if such firm is no longer providing tax services to Bank to such
other tax advisor as shall be mutually acceptable to Bank and Executive, and
such determination shall be conclusive and binding on the Bank and Executive
with respect to the treatment of the payment for tax reporting purposes.

(i)  Sole Remedy.  The receipt of the amounts described in this
Section 8, and attorneys’ fees  as set
forth in Section 12, if any, shall constitute Executive’s sole remedy for
breach of this Agreement against the Bank and its officers, directors,
employees and agents.

9.             Unauthorized Disclosure.  During the period of his employment hereunder
and for a period of one year following the cessation of such employment
(irrespective of the reason therefor), Executive shall not, except as required
by any court, supervisory authority or administrative agency, without the
written consent of the Board or a person authorized thereby, disclose to any
person, other than an employee of the Bank or a person to whom disclosure is
reasonably necessary or appropriate in connection with the performance by the
Executive of his duties as an employee of the Bank, any confidential
information obtained by him while in the employ of the Bank; provided, however,
that confidential information shall not include any information known generally
to the public (other than as a result of an unauthorized disclosure by the
Executive).

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10.           Waivers not to be Continued.  Any waiver by a party of any breach of this
Agreement by the other party shall not be construed as a continuing waiver or
as a consent to any subsequent breach by the other party.

11.           Notices.  All notices, requests, demands and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered by hand or mailed, certified or registered mail, return
receipt requested, with postage prepaid, to the following addresses or to such
other address as either party may designate by like notice.

A.                                   If
to the Bank, to:

Santa Lucia Bank

7480
El Camino Real

Atascadero,
CA  93422

Attn: Chairman of the
Board

B.            If to Executive, to:

William F. Filippin

Santa Lucia Bank

7480 El Camino Real

Atascadero,
CA  93422

and to such other
or additional person or persons as either party shall have designated to the
other party in writing by like notice.

12.           Arbitration of Claims.  The parties agree that any and all disputes,
controversies or claims of any kind or nature, including but not limited to any
arising out of or in any way related to Executive’s employment with or
separation from the Bank or Bancorp, shall be submitted to binding arbitration
under the auspices and rules of the American Arbitration Association (“AAA”) in
Atascadero, California.  Included within
this provision are any claims alleging fraud in the inducement of this
Agreement, or relating to the general validity or enforceability of this
Agreement, or claims based on a violation of any local, state or federal law,
such as claims for discrimination or civil rights violations under Title VII of
the Civil Rights Act of 1964, the California Fair Employment and Housing Act,
the Age Discrimination in Employment Act and the Americans with Disabilities
Act.  The parties shall each bear their
own costs and attorneys’ fees incurred in conducting the arbitration and,
except for such disputes where Executive asserts a claim under a state or
federal statute prohibiting discrimination in employment (“a Statutory Claim”),
or unless required otherwise by applicable law, shall split equally the fees
and administrative costs charged by the arbitrator and AAA.  In disputes where Executive asserts a
Statutory Claim against the Bank, Executive shall be required to pay only the
AAA filing fee to the extent such filing fee does not exceed the fee to file a
complaint in state or federal court.  The
Bank shall pay the balance of the arbitrator’s fees and administrative
costs.  The prevailing party in the
arbitration, as determined by the arbitrator, shall be entitled to recover his
or its reasonable attorneys’ fees and costs, including the costs or fees
charged by the arbitrator and AAA.  In
disputes where the Executive asserts a Statutory Claim, reasonable attorneys’
fees shall be awarded by the arbitrator based on the same standard as such fees
would be awarded if the Statutory Claim had been asserted in state or federal
court.  

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Judgment upon an
award rendered by the arbitrator may be entered in any competent court having
jurisdiction over the dispute. Executive understands that arbitration is in
lieu of any and all other civil legal proceedings and that he is waiving any
right he may have to resolve disputes through court or trial by jury.

13.           General Provisions.

(a)   Entire Agreement.  This Agreement constitutes the entire
agreement by the parties with respect to the subject matter hereof, and
supersedes and replaces all prior agreements among or between the parties,
unless otherwise provided herein, other than any agreements between Executive
and Bank pursuant to the Bank’s or Bancorp’s Equity Plans and retirement plans
including that certain Salary Continuation Agreement  dated as of May 22, 2001 together with all
subsequent amendments thereto.  No
amendment, waiver or termination of any of the provisions hereof shall be
effective unless in writing and signed by the party against whom it is sought
to be enforced.  Any written amendment,
waiver, or termination hereof executed by the Bank and Executive shall be
binding upon them and upon all other Persons, without the necessity of securing
the consent of any other Person, and no Person shall be deemed to be a
third-party beneficiary under this Agreement.

(b)  Counterparts.  This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same Agreement.

(c)   No Waiver.  Except as otherwise expressly set forth
herein, no failure on the part of any party hereto to exercise and no delay in
exercising any right, power or remedy hereunder shall operate as a waiver
thereof; nor shall any single or partial exercise of any right, power or remedy
hereunder preclude any other or further exercise thereof or the exercise of any
other right, power or remedy.

(d)  Headings.  The headings of the Sections of this
Agreement have been inserted for convenience of reference only and shall in no
way restrict or modify any of the terms or provisions hereof.

(e)   Severability.  If for any reason any provision of this
Agreement is held invalid or unenforceable, such invalidity or unenforceability
shall not affect the validity or enforceability of any other provision of this
Agreement.  If any provision of this
Agreement shall be held invalid or unenforceable in part, such invalidity or
unenforceability shall in no way effect the rest of such provision not held so
invalid, and the rest of such provision, together with all other provisions of
this Agreement, shall to the full extent consistent with law continue in full
force and effect.

(f)  Governing Law.  This Agreement shall be governed and construed
and the legal relationships of the parties determined in accordance with the
laws of the United States and to the extent not inconsistent therewith the laws
of the State of California applicable to contracts executed and to be performed
solely in California.

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(g)  Advice of Counsel.  Executive acknowledges that  (i) the Agreement has been prepared by
Reitner, Stuart & Moore, counsel for the Bank and (ii) he has been
encouraged to consult with legal counsel of his choosing concerning the terms
of this Agreement prior to executing this Agreement.  Any failure by Executive to consult with
competent counsel prior to executing this Agreement shall not be a basis for
rescinding or otherwise avoiding the binding effect of this Agreement.  The parties acknowledge that they are
entering into this Agreement freely and voluntarily, with full understanding of
the terms of this Agreement. 
Interpretation of the terms and provisions of this Agreement shall not
be construed for or against either party on the basis of the identity of the
party who drafted the terms or provisions in question.

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day
and year first above written.

	
  ATTEST:

  	
   

  	
  SANTA LUCIA BANK

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Its: Chairman

  
	
   

  	
   

  	
  Print name:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE EXECUTIVE

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Witness

  	
   

  	
  William F. Filippin

  
					

 

 10Exhibit 10.1

UAL CORPORATION AND
UNITED AIR LINES, INC.

EXECUTIVE
SEVERANCE PLAN

The Human Resources Subcommittee of the Board of
Directors (such subcommittee or any successor committee appointed by the Board
of Directors, the “Committee”) of UAL Corporation, a Delaware
corporation (together with its wholly owned subsidiary, United Air Lines, Inc.,
a Delaware corporation, sometimes referred to herein as, the “Company”)
recognizes the importance to the best interests of the Company and its
stockholders of ensuring that the Company and its subsidiaries have the
continued dedication and leadership of the Company’s key employees.  Therefore, the Committee has decided that it
is in the Company’s best interest to adopt this Executive Severance Plan (this “Plan”)
in order to encourage the retention of key employees.

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

(a)  “Accrued
Rights” shall have the meaning set forth in Section 3(a)(v).

(b)  “Affiliate(s)”
means, with respect to any specified person, any other person that, directly or
indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such specified person.  For purposes of the definition of “Affiliate(s),”
the term “person” has the meaning described in Section 13(d) of the Securities
Exchange Act of 1934, as amended from time to time, or any successor statute
thereto.

(c)  “Annual
Base Salary” means, with respect to any Participant, such Participant’s
annual rate of base salary in effect immediately prior to such Participant’s
Termination Date.

d)  “Annual
Bonus” means, with respect to any Participant, such Participant’s Annual
Base Salary times such Participant’s individual “incentive opportunity”
percentage at “target” under the UAL Corporation Success Sharing Program -
Performance Incentive Plan (or any successor plan in which the Participant
participates immediately prior to the Termination Date) as in effect
immediately prior to such Participant’s Termination Date.

(e)  “Cause”
means, with respect to any Participant, the occurrence of any one of the
following:

(i) the
Participant is convicted of, or pleads guilty or nolo contendere to, any
felony or any other crime involving moral turpitude;

(ii) the
Participant’s misappropriation, embezzlement or misuse of funds or property
belonging to the Company or a Subsidiary;

(iii) the
Participant commits one or more acts or omissions constituting negligence,
fraud or other misconduct that the Company determines has a detrimental effect
on the Company;

(iv) the
Participant continually fails, following notice from the Company, to perform
substantially the Participant’s employment duties (other than as a result of
incapacity due to physical or mental illness); or

(v) the
Participant commits a material violation of any of the Company’s policies
(including the Company’s Code of Business Conduct and Ethics, as in effect from
time to time) that the Company determines is detrimental to the best interests
of the Company.

(f)  “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the
regulations promulgated thereunder.

(g)  “Disability”
means, with respect to any Participant, that such Participant becomes eligible
to receive income replacement benefits under any long-term disability plan
covering employees of the Company or its Subsidiaries.

(h)  “Effective
Date” shall have the meaning set forth in Section 11.

(i)  “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time
to time, or any successor statute thereto.

(j)  “Participant”
shall have the meaning set forth in Section 2.

(k)  “Plan
Administrator” means the Company’s Senior Vice President - General Counsel
or such other person as may be designated by the Company from time to time.

(l)  “Qualifying
Position” shall have the meaning set forth in Section 2.

(m)  “Qualifying
Termination” means, with respect to any Participant, any termination of
such Participant’s employment, other than a voluntary resignation by such
Participant or a termination by the Company for Cause, death or Disability,
that is effective (or with respect to which such Participant is given written
notice) during the period of the Plan’s effectiveness.

(n)  “SAM
Plan” means the United Airlines Salaried and Management Severance Pay Plan
or any successor thereto.

(o)  “Severance
Benefits” shall have the meaning set forth in Section 3(a).

(p)  “Severance
Multiple” means, with respect to any Participant, the number that
corresponds to such Participant’s tier (in each case, as set forth on
Schedule A), based on such Participant’s position with the Company as of
the Termination Date.

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(q)  “Severance
Period” means a number of years (or a portion thereof) equal to the
Severance Multiple.

(r)  “Subsidiary”
means any entity in which the Company, directly or indirectly, possesses 50% or
more of the total combined voting power of all classes of its stock.

(s)  “Termination
Date” means, with respect to any Participant, the date on which the
termination of such Participant’s employment, in accordance with the terms of
this Plan, is effective.

(t)  “Travel
Program” means, with respect to any Participant, the travel program
applicable to such Participant as of such Participant’s Termination Date, or
any successor plan covering similarly situated employees.

(u)  “Years
of Service” means, with respect to any Participant, the number of
consecutive years (including any partial year) that such Participant has been
an employee of the Company or its Subsidiaries as of such Participant’s
Termination Date.  For purposes hereof, “year”
means any period of 12 consecutive calendar months, without regard to any
short-term leave, parental leave or other approved absence.

SECTION 2.  Eligibility.  Participants in this Plan (“Participants”)
are those individuals who are classified as employees of the Company and its
Subsidiaries and who are employed by the Company or its Subsidiaries on or
following the Effective Date in a position that is classified by the Company as
an officer or as having a paygrade of 5 or 6 (any such position, a “Qualifying
Position”), other than any such employee who enters into an individual
agreement with the Company that provides for severance benefits; provided
that unless an individual is employed in a Qualifying Position immediately
prior to termination of employment, upon termination such individual shall be
deemed not to be a Participant and shall not be entitled to Severance Benefits
hereunder, but may be entitled to receive benefits under the SAM Plan in
accordance with its terms.  In no event
will any Participant in this Plan also be a participant in the SAM Plan, and
each Participant shall waive, as a condition to receiving benefits hereunder,
all rights under the SAM Plan.

SECTION 3.  Termination of Employment.  (a)  Qualifying
Termination.  Subject to
Section 3(a)(vi), in the event of a Participant’s Qualifying Termination,
such Participant shall be entitled to the following payments and benefits set
forth in this Section 3(a) (collectively, the “Severance Benefits”):

(i) Severance Pay.  The Company shall pay such Participant an
amount equal to such Participant’s Severance Multiple times the sum of
(A) such Participant’s Annual Base Salary and (B) such Participant’s
Annual Bonus, the sum of such amounts to be paid in equal installments on the
normal payroll cycle over the Severance Period, which shall begin, in
accordance with Section 5, as soon as practicable following the date the
release described in Section 3(a)(vi) becomes effective and irrevocable
(the “Release Effective Date”); provided, however, that
such amount shall be paid in lieu of, and such Participant hereby waives the
right to receive, any other cash severance payment relating to salary or bonus
continuation such Participant is otherwise eligible to receive upon termination
of employment under any severance plan, practice, policy or program of the
Company or any Subsidiary.

 3
 

(ii) Continued Welfare
and Other Employee Benefits.  The
Company shall continue to provide for medical, dental and Travel Program
benefits to such Participant and such Participant’s spouse and dependents (in
each case, as provided in any applicable plan) at least equal to the levels of
benefits provided to other similarly situated active employees of the Company and
its Subsidiaries until the earlier of (A) the end of the Severance Period and
(B) in the case of medical and dental benefits, the date that such Participant
becomes covered under a subsequent employer’s medical and dental plans.

(iii) Retirement Benefits.  For purposes of determining such Participant’s
eligibility to receive benefits under the Company’s post-retirement medical
plan as in effect immediately prior to the Termination Date (or any applicable
plan maintained by a successor company or any of its subsidiaries) and under
the Travel Program as it relates to retired employees, (A) such Participant’s
years of qualifying service shall be computed by adding two years of qualifying
service to such Participant’s actual service as of such Participant’s Termination
Date and (B) such Participant’s age shall be computed by adding two years to
such Participant’s actual age as of such Participant’s Termination Date.

(iv) Outplacement Services.  Commencing on the Termination Date, such
Participant will be provided with outplacement assistance appropriate to the
position held by such Participant immediately prior to such Participant’s
Termination Date as determined from time to time in the Company’s sole
discretion.

(v) Accrued Rights.  Such Participant shall be entitled to
(A) payments of any unpaid Annual Base Salary, commissions, bonuses and
other amounts earned or accrued through such Participant’s Termination Date and
reimbursement for any unreimbursed business expenses incurred through such
Participant’s Termination Date and (B) any payments or benefits explicitly
set forth in any other agreements, benefit plans, practices, policies,
arrangements and programs to which such Participant is a party or in which such
Participant participates (other than severance benefits) (the rights to such
payments, the “Accrued Rights”).

(vi) Release of Claims.  Notwithstanding any provision of this Plan to
the contrary, the Company shall not be obligated to make any payments or
provide any benefits described in this Section 3(a), other than payments
or benefits in respect of the Accrued Rights, unless and until such time as
such Participant has executed and delivered a Separation Agreement and Release
substantially in the form of Exhibit A hereto and such release has become effective
and irrevocable in accordance with its terms.

(b)  Other
Termination.  In the event of any
termination of a Participant’s employment other than a Qualifying Termination,
such Participant shall not be entitled to any additional payments or benefits from
the Company under Section 3(a), other than payments or benefits with
respect to the Accrued Rights.

 4
 

SECTION 4.  Claims Procedure.  (a)  Filing
a Claim.  It is not normally
necessary to file a claim in order to receive benefits under this Plan.  However, if a Participant (the “Claimant”)
feels he or she has been improperly denied severance benefits, any claim for
payment of severance benefits shall be signed, dated and submitted to the
Senior Vice President - General Counsel & Secretary, as set forth in
Section 14.  The Plan Administrator shall
then evaluate the claim and notify the Claimant of the approval or disapproval
in accordance with the provisions of this Plan not later than 90 days after the
Company’s receipt of such claim unless special circumstances require an
extension of time for processing the claims. 
If such an extension of time for processing is required, written notice
of the extension shall be furnished to the Claimant prior to the termination of
the initial 90 day period which shall specify the special circumstances
requiring an extension and the date by which a final decision will be reached
(which date shall not be later than 180 days after the date on which the claim
was filed).  If the Claimant does not
provide all the necessary information for the Plan Administrator to process the
claim, the Plan Administrator may request additional information and set
deadlines for the Claimant to provide that information.

(b)  Notice
of Initial Determination.  The
Claimant shall be given a written notice in which the Claimant shall be advised
as to whether the claim is granted or denied, in whole or in part.  If a claim is denied, in whole or in part,
the Claimant shall be given written notice which shall contain (i) the specific
reasons for the denial, (ii) specific references to pertinent Plan provisions
on which the denial is based, (iii) a description of any additional material or
information necessary to perfect the claim and an explanation of why such
material or information is necessary and (iv) an explanation of this Plan’s
appeal procedures, which shall also include a statement of the Claimant’s right
to bring a civil action under Section 502(a) of ERISA following a denial of the
claim upon review.

(c)  Right to
Appeal.  If a claim for payment of
severance benefits made in accordance with the procedures specified in this
Plan is denied, in whole or in part, the Claimant shall have the right to
request that the Plan Administrator review the denial, provided that the
Claimant files a written request for review with the Plan Administrator within
60 days after the date on which the Claimant received written notification of
the denial.  The Claimant may review or
receive copies, upon request and free of charge, any documents, records or
other information “relevant” (within the meaning of Department of Labor
Regulation 2560.503-1(m)(8)) to the Claimant’s claim.  The Claimant may also submit written
comments, documents, records and other information relating to his or her
claim.

(d)  Review
of Appeal.  In deciding a Claimant’s
appeal, the Plan Administrator shall take into account all comments, documents,
records and other information submitted by the Claimant relating to the claim,
without regard to whether such information was submitted or considered in the
initial review of the claim.  If the
Claimant does not provide all the necessary information for the Plan
Administrator to decide the appeal, the Plan Administrator may request
additional information and set deadlines for the Claimant to provide that
information.  Within 60 days after a
request for review is received, the review shall be made and the Claimant shall
be advised in writing of the decision on review, unless special circumstances
require an extension of time for processing the review, in which case 

 5
 

the Claimant shall be
given a written notification within such initial 60 day period specifying the
reasons for the extension and when such review shall be completed (provided
that such review shall be completed within 120 days after the date on which the
request for review was filed).

(e)  Notice
of Appeal Determination.  The
decision on review shall be forwarded to the Claimant in writing and, in the
case of a denial, shall include (i) specific reasons for the decision, (ii)
specific references to the pertinent Plan provisions upon which the decision is
based, (iii) a statement that the Claimant is entitled to receive, upon request
and free of charge, reasonable access to, and copies of, all documents, records
or other information relevant to the Claimant’s claim and (iv) a statement of
the Claimant’s right to bring a civil action under Section 502(a) of ERISA
following a wholly or partially denied claim for benefits.  The Plan Administrator’s decision on review
shall be final and binding on all persons for all purposes.  If a Claimant shall fail to file a request
for review in accordance with the procedures herein outlined, such Claimant
shall have no right to review and shall have no right to bring an action in any
court, and the denial of the claim shall become final and binding on all
persons for all purposes.  Any notice and
decisions by the Plan Administrator under this Section 4 may be furnished
electronically in accordance with Department of Labor Regulation
2520.104b-1(c)(i), (iii) and (iv).

SECTION 5.  Section 409A; Changes in Law.  (a)  
It is the intention of the Company that the provisions of this Plan
comply with Section 409A of the Code, and all provisions of this Plan shall be
construed and interpreted in a manner consistent with Section 409A of the
Code.  To the extent necessary to avoid
imposition of any additional tax or interest penalties under Section 409A (such
tax and interest penalties, a “Section 409A Tax”), notwithstanding
the timing of payment provided in any other Section of this Plan, the timing of
any payment, distribution or benefit pursuant to this Plan shall be subject to
a six-month delay in a manner consistent with Section 409A(a)(2)(B)(i) of the
Code and the Participant shall not be entitled to the crediting of any interest
in respect of such six-month delay; provided that if a Participant dies
during such six-month period, any such delayed payments shall not be further
delayed, and shall be immediately payable to the Participant’s devisee, legatee
or other designee or, should there be no such designee, to the Participant’s
estate in accordance with the applicable provisions of this Plan.  From and after the Effective Date, (a) the
Company shall administer and operate this Plan in compliance with Section 409A
of the Code and any rules, regulations or other guidance promulgated thereunder
as in effect from time to time and (b) in the event that the Company determines
that any provision of this Plan does not comply with Section 409A of the Code
or any such rules, regulations or guidance and that as a result any Participant
may become subject to a Section 409A Tax, notwithstanding Section 11, the
Company shall amend or modify such provision to avoid the application of such
Section 409A Tax, and in no event shall any Participant’s consent be
required for such amendment or modification. 
Notwithstanding any provision of this Plan to the contrary, the
Participant is solely responsible and liable for the satisfaction of all taxes
and penalties that may arise in connection with amounts payable pursuant to
this Plan (including any taxes arising under Section 409A of the Code), and the
Company shall not have any obligation to indemnify or otherwise hold a
Participant harmless from any or all of such taxes.

 6
 

(b)  In the event that the Company determines that
any provision of this Plan violates, or would result in any material liability
(other than liabilities for Severance Benefits) to the Company under, any law,
regulation, rule or similar authority of any governmental agency (other than
Section 409A of the Code), the Company shall be entitled, notwithstanding
Section 11, to amend or modify such provision as the Company determines in its
discretion to be necessary or desirable to avoid such violation or liability,
and in no event shall any Participant’s consent be required for such amendment
or modification.

SECTION 6.  Offset; No Mitigation.  (a) 
The amount of a Participant’s Severance Benefits shall be reduced to the
extent necessary to defray any outstanding financial obligations that the
Participant may have to the Company or any Affiliate, including but not limited
to, amounts owed under the Company travel program, expense account balances,
overpayment of salary, commissions or bonuses, advances, loans, and the value
of any computer hardware or software, communications equipment or other
property of the Company or any Affiliate assigned to or misappropriated by the
Participant (whether or not in the individual’s possession) that he or she does
not return to the Company or Affiliate. 
Severance Benefits under the Plan shall be reduced by any payments made
or to be made by the Company to the Participant to comply with, or satisfy
liability under, the Worker Adjustment and Retraining Notification Act (“WARN”)
or any other Federal, State, or local law requiring payments in connection with
an involuntary termination of employment, plant shutdown, or workforce
reduction, including, but not limited to, amounts paid in connection with paid
leaves of absence, back pay, benefits, and other payments intended to satisfy
such liability or alleged liability.  

(b)  In no event
shall any Participant be obligated to seek other employment or take any other
action by way of mitigation of the amounts payable to the Participant under any
of the provisions of this Plan and, except as specifically provided in Section
3(a)(ii), such amounts shall not be reduced whether or not the Participant
obtains other employment.

SECTION 7.  Withholding.  The Company may deduct and withhold from any
amounts payable under this Plan such Federal, state, local, foreign or other
taxes as are required to be withheld pursuant to any applicable law or
regulation.

SECTION 8.  Successors.  This Plan shall bind any successor (a “Successor”)
to all or substantially all of the business or assets of the Company (whether
direct or indirect, by purchase, merger, consolidation or otherwise), in the
same manner and to the same extent that the Company would have been obligated
under this Plan if no such succession had taken place.  In the case of any transaction in which a
Successor would not, pursuant to the foregoing provision or by operation of
law, be bound by this Plan, the Company shall require such Successor expressly
and unconditionally to assume and agree to perform the Company’s obligations
under this Plan, in the same manner and to the same extent that the Company
would have been required to perform such obligations if no such succession had
taken place.  The term “Company”, as used
in this Plan, shall mean the Company as hereinbefore defined and any Successor
and any assignee to such business or assets which by reason hereof becomes
bound by this Plan.

 7
 

SECTION 9.  GOVERNING LAW.  THIS PLAN SHALL BE DEEMED TO BE MADE IN THE
STATE OF ILLINOIS, AND, TO THE EXTENT NOT PREEMPTED BY ERISA OR OTHER FEDERAL
LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION AND PERFORMANCE OF THIS PLAN IN
ALL RESPECTS SHALL BE GOVERNED BY THE LAWS OF THE STATE OF ILLINOIS WITHOUT
REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW.

SECTION 10.  No Guarantee of Employment.  This Plan shall not be construed as creating
any contract of employment between the Company, on the one hand, and any
Participant, on the other hand, nor shall this Plan be construed as restricting
in any way the rights of the Company to terminate the employment of any
Participant at any time and for any reason subject, however, to any rights of a
Participant under this Plan.

SECTION 11.  Effective Date, Amendment and Termination
of this Plan.  This Plan shall become
effective on April 1, 2007 (the “Effective Date”).  The Committee may amend, modify or terminate
this Plan at any time; provided, however, that (a) except as
specifically provided in Section 5, no amendment that is materially adverse to
any Participant will be effective without such Participant’s written consent
until one year after its adoption, (b) termination of the Plan will not be
effective until the first anniversary of the date of the relevant corporate
action authorizing the Plan’s termination and (c) no such amendment, modification
or termination shall affect the right to any unpaid Severance Benefits of any
Participant whose Termination Date has occurred prior to such amendment,
modification or termination of this Plan. 
The failure of the Company or a Participant to insist upon strict
adherence to any term of this Plan on any occasion shall not be considered as a
waiver of the Company’s or such Participant’s rights or deprive the Company or such
Participant of the right thereafter to insist upon strict adherence to that
term or any other term of this Plan.  No
failure or delay by the Company or any Participant in exercising any right or
power hereunder will operate as a waiver thereof, nor will any single or
partial exercise of any such right or power, or any abandonment of any steps to
enforce such right or power, preclude any other or further exercise thereof or
the exercise of any other right or power.

SECTION 12.  Severability.  If any term or provision of this Plan is
invalid, illegal or incapable of being enforced by any applicable law or public
policy, all other conditions and provisions of this Plan shall nonetheless
remain in full force and effect.

SECTION 13.  Survival.  The provisions of this Plan, including
Sections  3, 4, 5, 6, 7 and 8 shall survive and remain binding and
enforceable, notwithstanding the expiration or termination of this Plan, the
termination of a Participant’s employment with the Company for any reason or
any settlement of the financial rights and obligations arising from such
Participant’s participation hereunder, to the extent necessary to preserve the
intended benefits of such provisions.

SECTION 14.  Notices.  All notices or other communications required
or permitted by this Plan will be made in writing and all such notices or
communications will be deemed to have been duly given when delivered or (unless
otherwise specified) mailed 

 8
 

by United States
certified or registered mail, return receipt requested, postage prepaid,
addressed as follows:

(a) If to the Company:                  Attention:        Senior
Vice President—General Counsel & Secretary

 

	
  

  	
   

  	
   

  	
  On or prior to April 22, 2007:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  United Airlines - WHQLD

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  P.O. Box 66100

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Chicago, IL 60666

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fax: 847-700-4099

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  On or after April 23, 2007:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  United Air Lines, Inc.

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Attn: Corporate Secretary’s Office

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  77 W. Wacker Drive

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Chicago, Illinois 60601

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Fax: 312-997-8180

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

(b) If to a
Participant, to such Participant’s address as most recently supplied to the
Company and set forth in the Company’s records;

or to such other address
as any party may have furnished to the other in writing in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

SECTION 15.  Headings and References.  The headings of this Plan are inserted for
convenience only and neither constitute a part of this Plan nor affect in any
way the meaning or interpretation of this Plan. 
When a reference in this Plan is made to a Section, such reference shall
be to a Section of this Plan unless otherwise indicated.

SECTION 16.  Interpretation.  For purposes of this Plan, the words “include”
and “including”, and variations thereof, shall not be deemed to be terms of
limitation but rather shall be deemed to be followed by the words “without
limitation”.  The term “or” is not
exclusive.  The word “extent” in the
phrase “to the extent” shall mean the degree to which a subject or other thing
extends, and such phrase shall not mean simply “if”.

*                       *                       *                       *                       *                       *

 9
 

IN WITNESS WHEREOF, the
Company has caused this Executive Severance Plan to be executed on its behalf,
effective as of April 1, 2007, or as otherwise noted herein.

	
   

  	
   

  	
  UAL CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Frederic F.
  Brace                                  

  	
   

  
	
   

  	
   

  	
  Frederic F.
  Brace

  	
   

  
	
   

  	
   

  	
  Executive Vice
  President and

  	
   

  
	
   

  	
   

  	
  Chief Financial
  Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  UNITED AIR
  LINES, INC.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Frederic F.
  Brace                                 

  	
   

  
	
   

  	
   

  	
  Frederic F.
  Brace

  	
   

  
	
   

  	
   

  	
  Executive Vice
  President and

  	
   

  
	
   

  	
   

  	
  Chief Financial
  Officer

  	
   

  

 

 10

SCHEDULE A

 

	
  Position

  	
  Tier

  	
  Severance
  Multiple

  
	
   

  	
   

  	
   

  
	
  Executive Council
  Members

  	
  Tier I

  	
  2

  
	
   

  	
   

  	
   

  
	
  Senior Vice Presidents
  who are not Executive Council Members

  	
  Tier II

  	
  1.5

  
	
   

  	
   

  	
   

  
	
  Vice Presidents

  	
  Tier III

  	
  2 times the Participant’s
  Years of Service, divided by 52 (rounded up to the nearest tenth), with a
  minimum of 1 and a maximum of 1.5 

  
	
   

  	
   

  	
   

  
	
  Managing Directors (or
  any other title at pay grade 5 or 6)

  	
  Tier IV

  	
  2 times the Participant’s
  Years of Service, divided by 52 (rounded up to the nearest tenth), with a
  minimum of 0.5 and a maximum of 1 

  

 

 

EXHIBIT A

 

SEPARATION AGREEMENT AND RELEASE

I.                 Release. 
For good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the undersigned, with the intention of binding
himself/herself, his/her heirs, executors, administrators and assigns, does
hereby release and forever discharge UAL Corporation, a Delaware corporation (“UAL”),
United Air Lines, Inc., a Delaware corporation (“UA”, UAL and UA
sometimes collectively referred to herein as the “Company”), and its
present and former subsidiaries and affiliates, together with their present and
former officers, directors, executives, agents, employees, successors,
predecessors and assigns (collectively, the “Released Parties”), from
any and all claims, actions, causes of action, demands, rights, damages, debts,
accounts, suits, expenses, attorneys’ fees and liabilities of whatever kind or
nature in law, equity, or otherwise, whether now known or unknown
(collectively, the “Claims”), which the undersigned now has, owns or
holds, or has at any time heretofore had, owned or held against any Released
Party, arising out of or in any way connected with the undersigned’s employment
relationship with the Company, its subsidiaries, predecessors or affiliated
entities, or the termination thereof, under any Federal, state or local
statute, rule, or regulation, or principle of common, tort or contract law,
including but not limited to, the Fair Labor Standards Act of 1938, as  amended,
29 U.S.C. §§ 201 et  seq., the Family and Medical Leave Act
of 1993, as  amended (the “FMLA”), 29 U.S.C. §§ 2601 et
seq., Title VII of the Civil Rights Act of 1964, as  amended,
42 U.S.C. §§ 2000e et  seq., the Age Discrimination in
Employment Act of 1967, as  amended, 29 U.S.C. §§ 621 et
seq., the Americans with Disabilities Act of 1990, as  amended,
42 U.S.C. §§ 12101 et  seq., the Worker Adjustment and
Retraining Notification Act of 1988, as  amended, 29 U.S.C.
§§ 2101 et  seq., the Employee Retirement Income Security Act
of 1974, as  amended, 29 U.S.C. §§ 1001 et  seq.,
and any other equivalent or similar Federal, state, or local statute; provided,
however, that nothing herein shall release the Company of its
obligations under that certain Executive Severance Plan of the Company in which
the undersigned participates (including the Accrued Rights (as defined
therein)).  The undersigned understands
that, as a result of executing this Separation Agreement and Release, he/she
will not have the right to assert that the Company or any other Released Party
unlawfully terminated his/her employment or violated any of his/her rights in
connection with his/her employment or otherwise.

The undersigned affirms that he/she has not filed,
caused to be filed, or presently is a party to any Claim, complaint or action
against any Released Party in any forum or form and that he/she knows of no
facts which may lead to any Claim, complaint or action being filed against any
Released Party in any forum by the undersigned or by any agency, group,
etc.  The undersigned further affirms
that he/she has been paid and/or has received all leave (paid or unpaid),
compensation, wages, bonuses, commissions, and/or benefits to which he/she may
be entitled and that no other leave (paid or unpaid), compensation, wages,
bonuses, commissions and/or benefits are due to him/her from the Company and
its subsidiaries, except as specifically provided in this Separation Agreement
and Release.  The undersigned furthermore
affirms that he/she has no known

   
 

workplace injuries or
occupational diseases and has been provided and/or has not been denied any
leave requested under the FMLA.  If any
agency or court assumes jurisdiction of any such Claim, complaint or action
against any Released Party on behalf of the undersigned, the undersigned will
request such agency or court to withdraw the matter.

The undersigned further declares and represents that
he/she has carefully read and fully understands the terms of this Separation
Agreement and Release and that he/she has been advised and had the opportunity
to seek the advice and assistance of counsel with regard to this Separation
Agreement and Release, that he/she may take up to and including 21 days from
receipt of this Separation Agreement and Release, to consider whether to sign
this Separation Agreement and Release, that he/she may revoke this Separation
Agreement and Release within seven calendar days after signing it by delivering
to the Company written notification of revocation, and that he/she knowingly
and voluntarily, of his/her own free will, without any duress, being fully informed
and after due deliberate action, accepts the terms of and signs the same as his
own free act.

II.                Protected Rights.  The Company and the undersigned agree that
nothing in this Separation Agreement and Release is intended to or shall be
construed to affect, limit or otherwise interfere with any non-waivable right
of the undersigned under any Federal, state or local law, including the right
to file a charge or participate in an investigation or proceeding conducted by
the Equal Employment Opportunity Commission (“EEOC”) or to exercise any
other right that cannot be waived under applicable law.  The undersigned is releasing, however,
his/her right to any monetary recovery or relief should the EEOC or any other
agency pursue Claims on his/her behalf. 
Further, should the EEOC or any other agency obtain monetary relief on
his/her behalf, the undersigned assigns to the Company all rights to such
relief.

III.              Noncompetition.  The undersigned agrees that the he/she shall
not, without the prior written consent of the Company, during the Severance
Period (as defined in the Executive Severance Plan), take a Competitive
Position (as defined below) with a Competitor. 
For purposes of this Separation Agreement and Release, (i) “Competitor”
means any airline or air carrier or any company affiliated, directly or
indirectly, with another airline or air carrier, and (ii) “Competitive
Position” means becoming employed by, a member of the board of directors
of, a consultant to, or to otherwise provide services of any nature to, a
Competitor directly or indirectly.

IV.              Nonsolicitation.  The undersigned agrees that the he/she will
not, during the Severance Period, directly or indirectly, for the benefit of
any Competitor of the Company, solicit the employment or services of, hire, or
assist in the hiring of any management employee who is employed by the Company
or any of its subsidiaries on the Termination Date.

V.                Non-Disparagement.  The undersigned further agrees not to make,
or cause to be made, any statement, observation or opinion, or communicate any
information (whether oral or written, directly or indirectly) that (i) accuses
or implies that the Released Parties engaged in any wrongful, unlawful or
improper conduct, whether relating to the undersigned’s employment (or the
termination thereof), the business or

 2
 

operations of the
Company, or otherwise; or (ii) disparages, impugns or in any way reflects
adversely upon the business or reputation of the Released Parties.  Nothing herein will be deemed to preclude the
undersigned from providing truthful testimony or information pursuant to
subpoena, court order or similar legal process, or instituting and pursuing
legal action.

VI.              Third-Party Litigation.  The undersigned agrees to be available to the
Company and its affiliates on a reasonable basis in connection with any pending
or threatened claims, charges or litigation in which the Company or any of its
affiliates is now or may become involved, or any other claims or demands made
against or upon the Company or any of its affiliates, regardless of whether or
not the undersigned is a named defendant in any particular case.

VII.             Return of Property.  The undersigned shall return to the Company
on or before [10 DAYS AFTER TERMINATION DATE], all property of the Company in
the undersigned’s possession or subject to the undersigned’s control, including
without limitation any laptop computers, keys, credit cards, cellular
telephones and files.  The undersigned
shall not alter any of the Company’s records or computer files in any way after
[TERMINATION DATE].

VIII.            Confidential Information.  The undersigned agrees to hold confidential,
and not to disclose to any person, firm, corporation, partnership or agency,
any trade secret or Confidential Information (as defined below) gained in the
course of the undersigned’s employment with the Company concerning the Company
or any of its affiliates, except if such disclosure is required by law or legal
process. “Confidential Information” shall include, without limitation,
information concerning financial affairs, business plans or strategies, product
pricing information, operating policies and procedures, vendor information and
proprietary statistics or reports.  The
undersigned agrees not to remove any Confidential Information from the Company,
not to request that others do so on the undersigned’s behalf and to return any
Confidential Information currently in the undersigned’s possession to the
Company.

IX.              Severability.  If any term or provision of this Separation
Agreement and Release is invalid, illegal or incapable of being enforced by any
applicable law or public policy, all other conditions and provisions of this
Separation Agreement and Release shall nonetheless remain in full force and
effect so long as the economic and legal substance of the transactions
contemplated by this Separation Agreement and Release is not affected in any
manner materially adverse to any party.

X.               GOVERNING LAW.  THIS SEPARATION AGREEMENT AND RELEASE SHALL
BE DEEMED TO BE MADE IN THE STATE OF ILLINOIS, AND, TO THE EXTENT NOT PREEMPTED
BY ERISA OR OTHER FEDERAL LAW, THE VALIDITY, INTERPRETATION, CONSTRUCTION AND
PERFORMANCE OF THIS AGREEMENT IN ALL RESPECTS SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF ILLINOIS WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAW.

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Effective on the
eighth calendar day following the date set forth below.

 

	
   

  	
  UAL CORPORATION,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  UNITED AIR LINES, INC.,

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
  EMPLOYEE,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  [NAME]

  
	
   

  	
   

  	
   

  	
  Date 

  Signed:_________________________

  

 

 4

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