Document:

Exhibit

Exhibit 4.6

ATHENE HOLDING LTD.  
2017 EMPLOYEE STOCK PURCHASE PLAN
The following constitute the provisions of the 2017 Employee Stock Purchase Plan of Athene Holding Ltd.
1.    Purpose.  The purpose of the Plan (as defined below) is to provide Employees (as defined below) of the Company (as defined below) and its Designated Parents or Subsidiaries (as defined below) with an opportunity to purchase Common Shares (as defined below) of the Company through accumulated payroll deductions.  It is the intention of the Company to have the Plan qualify as an “employee stock purchase plan” under Section 423 of the Code (as defined below) and the applicable regulations thereunder.  The provisions of the Plan, accordingly, will be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code.
2.    Definitions.  As used herein, the following definitions apply:
(a)    “Administrator” means either the Board or a committee of the Board that is responsible for the administration of the Plan as is designated from time to time by resolution of the Board.
(b)    “Applicable Laws” means the legal requirements relating to the administration of employee stock purchase plans, if any, under applicable provisions of federal securities laws, state corporate and securities laws, the Code and the applicable regulations thereunder, the rules of any applicable stock exchange or national market system, and the rules of any foreign jurisdiction applicable to participation in the Plan by residents therein.
(c)    “Board” means the Board of Directors of the Company.
(d)    “Brokerage Account” means the brokerage account at a brokerage firm which the Company may designate and in which the shares purchased on behalf of a Participant are deposited.
(e)    “Code” means the Internal Revenue Code of 1986, as amended.
(f)    “Common Shares” means the Class A common shares of the Company, par value $0.001 per share.
(g)    “Company” means Athene Holding Ltd., a Bermuda exempted company limited by shares.
(h)    “Compensation” means, unless otherwise determined by the Administrator, an Employee’s base salary from the Company or one or more Designated Parents or Subsidiaries, including such amounts of base salary as are deferred by the Employee:  (i) under a qualified cash or deferred arrangement described in Section 401(k) of the Code; or (ii) to a plan qualified under Section 125 of the Code.  Unless otherwise determined by the Administrator, “Compensation” does not include overtime, bonuses, annual awards, other 

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incentive payments, reimbursements or other expense allowances, fringe benefits (cash or non-cash), moving expenses, deferred compensation, contributions (other than contributions described in the first sentence) made on the Employee’s behalf by the Company or one or more Designated Parents or Subsidiaries under any employee benefit or welfare plan now or hereafter established, and any other payments not specifically referenced in the first sentence.
(i)    “Corporate Transaction” means any of the following transactions, provided, however, that the Administrator will determine under parts (iv) and (v) whether multiple transactions are related, and its determination is final, binding and conclusive:
(i)    a merger or consolidation of the Company in which the Company is not the surviving entity, except for a transaction the principal purpose of which is to change the state or other jurisdiction in which the Company is incorporated;
(ii)    the sale, transfer or other disposition of all or substantially all of the assets of the Company;
(iii)    the complete liquidation or dissolution of the Company;
(iv)    any reverse merger or series of related transactions culminating in a reverse merger (including, but not limited to, a tender offer followed by a reverse merger) in which the Company is the surviving entity but (A) the Common Shares outstanding immediately prior to such merger are converted or exchanged by virtue of the merger into other property, whether in the form of securities, cash or otherwise, or (B) in which securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities are transferred to a person or persons different from those who held such securities immediately prior to such merger or the initial transaction culminating in such merger, but excluding any such transaction or series of related transactions that the Administrator determines is not a Corporate Transaction; or
(v)    acquisition in a single or series of related transactions by any person or related group of persons (other than the Company or by a Company-sponsored employee benefit plan) of beneficial ownership (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing more than fifty percent (50%) of the total combined voting power of the Company’s outstanding securities but excluding any such transaction or series of related transactions that the Administrator determines is not a Corporate Transaction.
(j)    “Designated Parents or Subsidiaries” means the Parents or Subsidiaries, which have been designated by the Administrator from time to time as eligible to participate in the Plan.  Unless otherwise determined by the Administrator, Athene USA Corporation and any United States or Bermuda Subsidiary are Designated Subsidiaries under this Plan.
(k)    “Effective Date” means March 8, 2017.  However, should any Parent or Subsidiary become a Designated Parent or Subsidiary after such date, then the Administrator, in its discretion, will designate a separate Effective Date with respect to the employee-participants of such Designated Parent or Subsidiary.

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(l)    “Employee” means any individual, including an officer or director, who is an employee of the Company or a Designated Parent or Subsidiary for purposes of Section 423 of the Code.  For purposes of the Plan, the employment relationship will be treated as continuing intact while the individual is on sick leave or other leave of absence approved by the individual’s employer.  Where the period of leave exceeds three (3) months and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on the day that is three (3) months and one (1) day following the start of such leave, for purposes of determining eligibility to participate in the Plan.
(m)    “Exchange Act” means the Securities Exchange Act of 1934, as amended.
(n)    “Exercise Date” means the last day of each Purchase Period.
(o)    “Fair Market Value” means, as of any date, the value of a Common Share determined as follows:
(i)    If the Common Shares are listed on one or more established stock exchanges, including without limitation, the New York Stock Exchange, its Fair Market Value will be the closing sales price for such shares (or the closing bid, if no sales were reported) as quoted on the principal exchange or system on which the Common Shares are listed (as determined by the Administrator) on the date of determination (or, if no closing sales price or closing bid was reported on that date, as applicable, on the last trading date such closing sales price or closing bid was reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable;
(ii)    In the absence of an established market for the Common Shares of the type described in (i) above, if the Common Shares are regularly quoted on an automated quotation system (including the OTC Bulletin Board) or by a recognized securities dealer, but selling prices are not reported, its Fair Market Value will be the mean between the high bid and low asked prices for a Common Share on the date of determination (or, if no such prices were reported on that date, on the last date such prices were reported), as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or
(iii)    In the absence of an established market for the Common Shares of the type described in (i) and (ii), above, its Fair Market Value thereof will be determined by the Administrator in good faith.
(p)    “New Exercise Date” has the meaning set forth in Section 18(b).
(q)    “Offer Period” means an Offer Period established pursuant to Section 4 hereof.
(r)    “Offering” means an offer under this Plan of an Option that may be exercised during an Offer Period.  For purposes of the Plan, all Employees eligible to participate pursuant to Section 3 will be deemed to participate in the same Offering unless the Administrator otherwise determines that Employees of the Company or one or 

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more Designated Parents or Subsidiaries will be deemed to participate in separate Offerings, in which case the Offerings will be considered separate even if the dates of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.  To the extent permitted by Section 1.423-2(a)(1) of the Treasury regulations issued under Section 423 of the Code, the terms of each Offering need not be identical provided that the terms of the Plan and the Offering together satisfy Sections 1.423-2(a)(2) and (a)(3) of such Treasury regulations.
(s)    “Offering Date” means the first day of each Offer Period.
(t)    “Option” means, with respect to each Purchase Period, a right to purchase Common Shares on the Exercise Date for such Purchase Period in accordance with the terms and conditions of the Plan.
(u)    “Parent” means a “parent corporation” of the Company within the meaning of Section 424(e) of the Code.1 
(v)    “Participant” means an Employee of the Company or Designated Parent or Subsidiary who has enrolled in the Plan as set forth in Section 5(a).
(w)    “Plan” means this Employee Stock Purchase Plan.
(x)    “Purchase Period” means, unless otherwise determined by the Administrator, a period of approximately three (3) months.
(y)    “Purchase Price” means an amount equal to eighty-five percent (85%) of the Fair Market Value of a Common Share (i) on the Exercise Date or, if applicable, (ii) on the Offering Date or on the Exercise Date, whichever is lower.  Unless determined otherwise by the Administrator, the Purchase Price will be eighty-five percent (85%) of the Fair Market Value of a Common Share on the Exercise Date.
(z)    “Required Holding Period” means any holding period established by the Company during which a Participant may not sell, transfer or otherwise dispose of shares purchased under the Plan.  Unless otherwise determined by the Administrator, the Required Holding Period shall be twelve (12) months following the Exercise Date.
(aa)    “Reserves” means, as of any date, the sum of:  (1) the number of Common Shares covered by each then outstanding Option under the Plan which has not yet been exercised; and (2) the number of Common Shares which have been authorized for issuance under the Plan but are not then subject to an outstanding Option.
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 1As of the date hereof, a “parent corporation” generally means any corporation in an unbroken chain of corporations ending with the Company if, at the time of the granting of the Option, each of the corporations other than the Company owns stock possessing 50 percent or more of the total combined voting power of all class of stock in one of the other corporations in such chain.

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(bb)     “Subsidiary” means a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code.2 

3.    Eligibility.
(a)    General.  Subject to the further limitations in Sections 3(b) and 3(c), any individual who is an Employee on a given Offering Date will be eligible to participate in the Plan for the Offer Period commencing with such Offering Date.  No individual who is not an Employee will be eligible to participate in the Plan.
(b)    Limitations on Grant and Accrual.  Notwithstanding any provisions of the Plan to the contrary, no Employee will be granted an Option under the Plan:  (i) if, immediately after the grant, such Employee (taking into account stock owned by any other person whose stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/or hold outstanding options to purchase stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary; or (ii) which permits the Employee’s rights to purchase stock under all employee stock purchase plans of the Company and its Parents or Subsidiaries to accrue at a rate which exceeds Twenty-Five Thousand Dollars (US$25,000) worth of stock (determined at the Fair Market Value of the shares at the time such Option is granted) for each calendar year in which such Option is outstanding at any time.  The determination of the accrual of the right to purchase stock will be made in accordance with Section 423(b)(8) of the Code and the regulations thereunder.
(c)    Other Limits on Eligibility.  Notwithstanding Subsection (a), above, unless otherwise determined prior to the applicable Offer Date, the following Employees will not be eligible to participate in the Plan for any relevant Offer Period:  (i) Employees whose customary employment is 20 hours or less per week; (ii) Employees whose customary employment is for not more than 5 months in any calendar year; and (iii) Employees who are citizens or residents of a non-U.S. jurisdiction (without regard to whether such an Employee is also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if his or her participation is prohibited under the laws of the applicable non-U.S. jurisdiction or if complying with the laws of the applicable non-U.S. jurisdiction would cause the Plan or an Offering to violate Section 423 of the Code.  In addition, the Administrator may determine that Employees who have not been employed for a continuous period (of less than 2 years) preceding the Offering Date will not be eligible to participate in the Plan for any relevant Offer Period.  Notwithstanding the foregoing, unless determined otherwise by the Administrator, Employees who have not been employed continuously for the one (1) month period preceding an Offering Date will not be eligible to participate in the Plan for the Offer Period corresponding to such Offering Date.
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2As of the date hereof, a “subsidiary corporation” generally means any corporation in an unbroken chain of corporations beginning with the Company if, at the time of the granting of the Option, each of the corporations other than the relevant subsidiary corporation in the unbroken chain owns stock possessing 50 percent or more of the total combined voting power of all classes of stock in one of the other corporations in the chain.

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4.    Offer Periods.
(a)    The Plan will be implemented through overlapping or consecutive Offer Periods until such time as (i) the maximum number of Common Shares available for issuance under the Plan have been purchased or (ii) the Plan has been sooner terminated in accordance with Section 19 hereof.  The maximum duration of an Offer Period is twenty-seven (27) months.  Unless otherwise determined by the Administrator, the Plan will initially be implemented through consecutive Offer Periods of three (3) months’ duration.
(b)    A Participant will be granted a separate Option for each Offer Period in which he or she participates.  The Option will be granted on the Offering Date and will be automatically exercised in successive installments on the Exercise Dates ending within the Offer Period.
(c)    If on the first day of any Purchase Period in an Offer Period in which an Employee is a Participant, the Fair Market Value of the Common Shares is less than the Fair Market Value of the Common Shares on the Offering Date of the Offer Period (after taking into account any adjustment during the Offer Period pursuant to Section 18(a)), the Offer Period will be terminated automatically and the Participant will be enrolled automatically in the new Offer Period which has its first Purchase Period commencing on that date, provided the Employee is eligible to participate in the Plan on that date and has not elected to terminate participation in the Plan.
(d)    Except as specifically provided herein, the acquisition of Common Shares through participation in the Plan for any Offer Period will neither limit nor require the acquisition of Common Shares by a Participant in any subsequent Offer Period.
5.    Participation.
(a)    An eligible Employee may become a Participant in the Plan by submitting an authorization of payroll deduction (using such form or method (including electronic forms) as the Administrator may designate from time to time) as of a date in advance of the Offering Date for the Offer Period in which such participation will commence, as required by the Administrator for all eligible Employees with respect to a given Offer Period.
(b)    Payroll deductions for a Participant will commence with the first partial or full payroll period beginning on the Offering Date and will end on the last complete payroll period during the Offer Period, unless sooner terminated by the Participant as provided in Section 10.
6.    Payroll Deductions.
(a)    At the time a Participant enrolls in the Plan, the Participant will elect to have payroll deductions made during the Offer Period in amounts between one percent (1%) and not exceeding fifteen percent (15%) of the Compensation which the Participant receives during the Offer Period.

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(b)    All payroll deductions made for a Participant will be credited to the Participant’s account under the Plan and will be withheld in whole percentages only.  A Participant may not make any additional payments into such account.
(c)    A Participant may discontinue participation in the Plan as provided in Section 10, or may increase or decrease the rate of payroll deductions during the Offer Period by submitting notice of a change of status (using such form or method (including electronic forms) as the Administrator may designate from time to time) authorizing an increase or decrease in the payroll deduction rate.  Any increase or decrease in the rate of a Participant’s payroll deductions will be effective as soon as administratively practicable following the date of the request.  A Participant’s payroll deduction authorization (as modified by any change of status notice) will remain in effect for successive Offer Periods unless terminated as provided in Section 10.  The Administrator will be authorized to limit the number of payroll deduction rate changes (including to zero) during any Offer Period.
(d)    Notwithstanding the foregoing, to the extent necessary to comply with Section 423(b)(8) of the Code and Sections 3(b) and 7 herein, a Participant’s payroll deductions will be decreased to zero percent (0%).  Payroll deductions will recommence at the rate provided in such Participant’s payroll deduction authorization, as amended, when permitted under Section 423(b)(8) of the Code and Sections 3(b) and 7, unless such participation is sooner terminated by the Participant as provided in Section 10.
7.    Grant of Option.  On the Offering Date, each Participant will be granted an Option to purchase (at the applicable Purchase Price) Common Shares; provided:  (i) that such Option is subject to the limitations set forth in Sections 3(b), 6 and 12; (ii) until otherwise determined by the Administrator, the maximum number of Common Shares a Participant will be permitted to purchase in any Offer Period is 1,000 shares, subject to adjustment as provided in Section 18; and (iii) that such Option is subject to such other terms and conditions (applied on a uniform and nondiscriminatory basis), as the Administrator determines from time to time.  Exercise of the Option will occur as provided in Section 8, unless the Participant has withdrawn pursuant to Section 10, and the Option, to the extent not exercised, will expire on the last day of the Offer Period with respect to which such Option was granted.  Notwithstanding the foregoing, shares subject to the Option may only be purchased with accumulated payroll deductions credited to a Participant’s account in accordance with Section 6.  In addition, to the extent an Option is not exercised on each Exercise Date, the Option will lapse and thereafter cease to be exercisable.
8.    Exercise of Option.  Unless a Participant withdraws from the Plan as provided in Section 10, the Participant’s Option for the purchase of Common Shares will be exercised automatically on each Exercise Date, by applying the accumulated payroll deductions in the Participant’s account to purchase the number of whole shares subject to the Option by dividing such Participant’s payroll deductions accumulated prior to such Exercise Date and retained in the Participant’s account as of the Exercise Date by the applicable Purchase Price.  No fractional shares will be purchased; any payroll deductions accumulated in a Participant’s account which are not sufficient to purchase a whole share will be carried over to the next Purchase Period or 

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Offer Period, whichever applies, or returned to the Participant, if the Participant withdraws from the Plan.  In addition, any amount remaining in a Participant’s account following the purchase of shares on the Exercise Date due to the application of Section 423(b)(8) of the Code, or Sections 3 or 7, will be returned to the Participant and will not be carried over to the next Offer Period or Purchase Period.  During a Participant’s lifetime, a Participant’s Option to purchase shares hereunder is exercisable only by the Participant.
9.    Delivery.  Subject to Section 12(d), upon receipt of a request from a Participant after each Exercise Date on which a purchase of shares occurs, the Company will arrange for the delivery to such Participant, as soon as administratively practicable, of the shares purchased upon exercise of the Participant’s Option.
10.    Withdrawal; Termination of Employment.
(a)    A Participant may, by giving notice to the Company (using such form or method (including electronic forms) as the Administrator may designate from time to time), either:  (i) withdraw all but not less than all the payroll deductions credited to the Participant’s account and not yet used to exercise the Participant’s Option under the Plan; or (ii) terminate future payroll deductions, but allow accumulated payroll deductions to be used to exercise the Participant’s Option under the Plan at any time.  If the Participant elects withdrawal alternative (i) described above, all of the Participant’s payroll deductions credited to the Participant’s account will be paid to such Participant as soon as administratively practicable after receipt of notice of withdrawal, such Participant’s Option for the Offer Period will be automatically terminated, and no further payroll deductions for the purchase of shares will be made during the Offer Period.  If the Participant elects withdrawal alternative (ii) described above, no further payroll deductions for the purchase of shares will be made during the Offer Period, all of the Participant’s payroll deductions credited to the Participant’s account will be applied to the exercise of the Participant’s Option on the next Exercise Date (subject to Sections 3(b), 6, 7 and 12), and after such Exercise Date, such Participant’s Option for the Offer Period will be automatically terminated and all remaining accumulated payroll deduction amounts will be returned to the Participant.  If a Participant withdraws from an Offer Period, payroll deductions will not resume at the beginning of the succeeding Offer Period unless the Participant enrolls in such succeeding Offer Period.  The Administrator may, in its discretion and on a uniform and nondiscriminatory basis, specify further procedures for withdrawal.
(b)    Upon termination of a Participant’s employment relationship (as described in Section 2(k)) prior to the next scheduled Exercise Date, the payroll deductions credited to such Participant’s account during the Offer Period but not yet used to exercise the Option will be returned to such Participant or, in the case of his/her death, to the person or persons entitled thereto under Section 14, and such Participant’s Option will be automatically terminated without exercise of any portion of such Option.
11.    Interest.  No interest will accrue on the payroll deductions credited to a Participant’s account under the Plan.

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12.    Stock.
(a)    Subject to adjustment upon changes in capitalization of the Company as provided in Section 18, the maximum number of Common Shares which will be made available for sale under the Plan is 3,800,000 shares.  If the Administrator determines that on a given Exercise Date the number of shares with respect to which Options are to be exercised may exceed:  (x) the number of shares then available for sale under the Plan; or (y) the number of shares available for sale under the Plan on the Offering Date(s) of one or more of the Offer Periods in which such Exercise Date is to occur, the Administrator may make a pro rata allocation of the shares remaining available for purchase on such Offering Dates or Exercise Date, as applicable, and will either continue the Offer Period then in effect or terminate any one or more Offer Periods then in effect pursuant to Section 19, below.  Such allocation method will be “bottom up,” with the result that all Option exercises for one (1) share will be satisfied first, followed by all exercises for two (2) shares, and so on, until all available shares have been exhausted.  Any amount remaining in a Participant’s payroll account following such allocation will be returned to the Participant and will not be carried over to any future Purchase Period or Offer Period, as determined by the Administrator.
(b)    A Participant will have no interest, dividend or voting right in shares covered by the Participant’s Option until such shares are actually purchased on the Participant’s behalf in accordance with the applicable provisions of the Plan.  No adjustment will be made for dividends, distributions or other rights for which the record date is prior to the date of such purchase.
(c)    Shares to be delivered to a Participant under the Plan will be registered in the name of the Participant.
(d)    Unless the Administrator determines otherwise, shares purchased on behalf of each Participant shall initially be deposited into a Brokerage Account and may not be transferred from the Brokerage Account or sold or otherwise disposed of during the Required Holding Period.
13.    Administration.  The Plan will be administered by the Administrator, which will have full and exclusive discretionary authority to construe, interpret and apply the terms of the Plan, to determine eligibility, to determine, with respect to each Offer Period, whether the Purchase Price will be determined as of (i) the Exercise Date or (ii) as of the Offering Date or the Exercise Date (whichever is lower), to adjudicate all disputed claims filed under the Plan, and to designate separate Offerings for the eligible Employees of the Company and one or more Designated Parents or Subsidiaries, in which case the Offerings will be considered separate even if the dates of each such Offering are identical and the provisions of the Plan will separately apply to each Offering.  Every finding, decision and determination made by the Administrator will, to the full extent permitted by Applicable Law, be final and binding upon all persons.

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14.    Designation of Beneficiary.
(a)    Each Participant will file a designation (using such form or method (including electronic forms) as the Administrator may designate from time to time) of a beneficiary who is to receive any shares and cash, if any, from the Participant’s account under the Plan in the event of such Participant’s death.  If a Participant is married and the designated beneficiary is not the spouse, spousal consent will be required for such designation to be effective.
(b)    Such designation of beneficiary may be changed by the Participant at any time by written notice.  If a Participant is married, spousal consent will also be required for such change of designation to be effective.  In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is living (or in existence) at the time of such Participant’s death, the Company will deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or administrator has been appointed (to the knowledge of the Administrator), the Administrator will deliver such shares and/or cash to the spouse (or domestic partner, as determined by the Administrator) of the Participant, or if no spouse (or domestic partner) is known to the Administrator, then to the issue of the Participant, such distribution to be made per stirpes (by right of representation), or if no issue are known to the Administrator, then to the heirs at law of the Participant determined in accordance with Section 27.
15.    Transferability.  No payroll deductions credited to a Participant’s account, Options granted hereunder, or any rights with regard to the exercise of an Option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and distribution, or as provided in Section 14) by the Participant.  Any such attempt at assignment, transfer, pledge or other disposition will be without effect, except that the Administrator may, in its sole discretion, treat such act as an election to withdraw funds from an Offer Period in accordance with Section 10.
16.    Use of Funds.  All payroll deductions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company will not be obligated to segregate such payroll deductions or hold them exclusively for the benefit of Participants.  All payroll deductions received or held by the Company may be subject to the claims of the Company’s general creditors.  Participants will have the status of general unsecured creditors of the Company.  Any amounts payable to Participants pursuant to the Plan will be unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974, as amended.  The Company will retain at all times beneficial ownership of any investments which the Company may make to fulfill its payment obligations hereunder.  Any investments or the creation or maintenance of any trust or any Participant account will not create or constitute a trust or fiduciary relationship between the Administrator, the Company or any Designated Parent or Subsidiary and a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of the Company or a Designated Parent or Subsidiary.  The Participants will have 

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no claim against the Company or any Designated Parent or Subsidiary for any changes in the value of any assets that may be invested or reinvested by the Company with respect to the Plan.
17.    Reports.  Individual account records will be maintained for each Participant in the Plan.  Statements of account will be given to Participants at least annually, which statements will set forth the amounts of payroll deductions, the Purchase Price, the number of shares purchased and the remaining cash balance, if any.
18.    Adjustments Upon Changes in Capitalization; Corporate Transactions.
(a)    Adjustments Upon Changes in Capitalization.  Subject to any required action by the stockholders of the Company, the Administrator, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the Reserves, the Purchase Price, the maximum number of shares that may be purchased in any Offer Period or Purchase Period, as well as any other terms that the Administrator determines require adjustment, for:  (i) any increase or decrease in the number of issued Common Shares resulting from a stock split, reverse stock split, stock dividend, combination or reclassification of the Common Shares; (ii) any other increase or decrease in the number of Common Shares effected without receipt of consideration by the Company; or (iii) as the Administrator may determine in its discretion, any other transaction with respect to Common Shares, including a corporate merger, consolidation, acquisition of property or stock, separation (including a spin-off or other distribution of stock or property), reorganization, liquidation (whether partial or complete) or any similar transaction; provided, however, that conversion of any convertible securities of the Company will not be deemed to have been “effected without receipt of consideration.”  Such adjustment, if any, will be made by the Administrator and its determination will be final, binding and conclusive.  Except as the Administrator determines, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, will affect, and no adjustment by reason hereof will be made with respect to, the Reserves and the Purchase Price.
(b)    Corporate Transactions.  In the event of a Corporate Transaction, each Option under the Plan will be assumed by such successor corporation or a parent or subsidiary of such successor corporation, unless the Administrator, in the exercise of its sole discretion and in lieu of such assumption, determines to shorten the Offer Period then in progress by setting a new Exercise Date (the “New Exercise Date”).  If the Administrator shortens the Offer Period then in progress in lieu of assumption in the event of a Corporate Transaction, the Administrator will notify each Participant in writing at least ten (10) business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that either:
(i)    the Participant’s Option will be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offer Period as provided in Section 10; or
(ii)    the Company will pay to the Participant on the New Exercise Date an amount in cash, cash equivalents, or property as determined by the Administrator that is equal 

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to the excess, if any, of (x) the Fair Market Value of the shares subject to the Option over (y) the Purchase Price due had the Participant’s Option been exercised automatically under Subsection (b)(i) above.  
In addition, all remaining accumulated payroll deduction amounts will be returned to the Participant.
(c)    For purposes of Section 18(b), an Option granted under the Plan will be deemed to be assumed if, in connection with the Corporate Transaction, the Option is replaced with a comparable Option with respect to shares of capital stock of the successor corporation or Parent thereof.  The determination of Option comparability will be made by the Administrator prior to the Corporate Transaction and its determination will be final, binding and conclusive on all persons.
19.    Amendment or Termination.
(a)    The Administrator may at any time and for any reason terminate or amend the Plan.  Except as provided in Section 18, no such termination can adversely affect Options previously granted, provided that the Plan or any one or more Offer Periods then in effect may be terminated by the Administrator on any Exercise Date or by the Administrator establishing a new Exercise Date with respect to any Offer Period and/or Purchase Period then in progress if the Administrator determines that the termination of the Plan or one or more Offer Periods is in the best interests of the Company and its shareholders.  Except as provided in Section 18 and this Section 19, no amendment may make any change in any Option theretofore granted which adversely affects the rights of any Participant without the consent of affected Participants.  To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other Applicable Law), the Company will obtain shareholder approval of any amendment in such a manner and to such a degree as required.
(b)    Without stockholder consent and without regard to whether any Participant rights may be considered to have been “adversely affected,” the Administrator will be entitled to limit the frequency and/or number of changes in the amount withheld during Offer Periods, change the length of Purchase Periods within any Offer Period, determine the length of any future Offer Period, determine whether future Offer Periods will be consecutive or overlapping, establish the exchange ratio applicable to amounts withheld in a currency other than U.S. dollars, establish or change Plan or per Participant limits on share purchases, establish additional terms, conditions, rules or procedures to accommodate the rules or laws of applicable foreign jurisdictions, permit payroll withholding in excess of the amount designated by a Participant in order to adjust for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Shares for each Participant properly correspond with amounts withheld from the Participant’s Compensation, and establish such other limitations or procedures as the Administrator determines in its sole discretion advisable and which are consistent with the Plan, in each case to the extent consistent with the requirements of Code Section 423 and other Applicable Laws.

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20.    Notices.  All notices or other communications by a Participant to the Company under or in connection with the Plan will be deemed to have been duly given when received in the form specified by the Administrator at the location, or by the person, designated by the Administrator for the receipt thereof.
21.    Conditions Upon Issuance of Shares.  Shares will not be issued with respect to an Option unless the exercise of such Option and the issuance and delivery of such shares pursuant thereto will comply with all Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance.  As a condition to the exercise of an Option, the Company may require the Participant to represent and warrant at the time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the aforementioned Applicable Laws or is otherwise advisable.  In addition, no Options will be exercised or shares issued hereunder before the Plan has been approved by stockholders of the Company as provided in Section 23.
22.    Term of Plan.  The Plan will become effective upon the earlier to occur of its adoption by the Board or its approval by the stockholders of the Company.  It will continue in effect for a term of ten (10) years unless sooner terminated under Section 19.
23.    Shareholder Approval.  Continuance of the Plan will be subject to approval by the shareholders of the Company within twelve (12) months before or after the date the Plan is adopted.  Such shareholder approval will be obtained in the degree and manner required under Applicable Laws.
24.    No Employment Rights.  The Plan does not, directly or indirectly, create any right for the benefit of any employee or class of employees to purchase any shares under the Plan, or create in any employee or class of employees any right with respect to continuation of employment by the Company or a Designated Parent or Subsidiary, and it will not be deemed to interfere in any way with such employer’s right to terminate, or otherwise modify, an employee’s employment at any time.
25.    No Effect on Retirement and Other Benefit Plans.  Except as specifically provided in a retirement or other benefit plan of the Company or a Designated Parent or Subsidiary, participation in the Plan will not be deemed compensation for purposes of computing benefits or contributions under any retirement plan of the Company or a Designated Parent or Subsidiary, and will not affect any benefits under any other benefit plan of any kind or any benefit plan subsequently instituted under which the availability or amount of benefits is related to level of compensation.  The Plan is not a “Retirement Plan” or “Welfare Plan” under the Employee Retirement Income Security Act of 1974, as amended.
26.    Effect of Plan.  The provisions of the Plan will, in accordance with its terms, be binding upon, and inure to the benefit of, all successors of each Participant, including, without limitation, such Participant’s estate and the executors, administrators or trustees thereof, heirs and legatees, and any receiver, trustee in bankruptcy or representative of creditors of such Participant.

13

27.    Governing Law.  The Plan is to be construed in accordance with and governed by the internal laws of the State of Delaware without giving effect to any choice of law rule that would cause the application of the laws of any jurisdiction other than the internal laws of the State of Delaware to the rights and duties of the parties, except to the extent the internal laws of the State of Delaware are superseded by the laws of the United States.  Should any provision of the Plan be determined by a court of law to be illegal or unenforceable, the other provisions will nevertheless remain effective and will remain enforceable.
28.    Dispute Resolution.  The provisions of this Section 28 will be the exclusive means of resolving disputes arising out of or relating to the Plan.  The Company and the Participant, or their respective successors (the “parties”), will attempt in good faith to resolve any disputes arising out of or relating to the Plan by negotiation between individuals who have authority to settle the controversy.  Negotiations will be commenced by either party by notice of a written statement of the party’s position and the name and title of the individual who will represent the party.  Within thirty (30) days of the written notification, the parties will meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to resolve the dispute.  If the dispute has not been resolved by negotiation, the parties agree that any suit, action, or proceeding arising out of or relating to the Plan must be brought in the United States District Court for Delaware (or should such court lack jurisdiction to hear such action, suit or proceeding, in a Delaware state court) and that the parties will submit to the jurisdiction of such court.  The parties irrevocably waive, to the fullest extent permitted by law, any objection the party may have to the laying of venue for any such suit, action or proceeding brought in such court.  THE PARTIES ALSO EXPRESSLY WAIVE ANY RIGHT THEY HAVE OR MAY HAVE TO A JURY TRIAL OF ANY SUCH SUIT, ACTION OR PROCEEDING.  If any one or more provisions of this Section 28 are for any reason held invalid or unenforceable, it is the specific intent of the parties that such provisions be modified to the minimum extent necessary to make it or its application valid and enforceable.

14EX-10.3

 Exhibit 10.3 

CONFIDENTIAL MATERIAL APPEARING IN THIS DOCUMENT HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION IN ACCORDANCE WITH THE
SECURITIES ACT OF 1933, AS AMENDED, AND RULE 24B-2 PROMULGATED THEREUNDER. OMITTED INFORMATION HAS BEEN REPLACED WITH ASTERISKS. 

Supplemental Agreement No. 8 

to 
 Purchase Agreement
No. 03776 
 between 
 The
Boeing Company 
 and 
 United
Airlines, Inc. 
 Relating to Boeing Model 737-9 Aircraft 

THIS SUPPLEMENTAL AGREEMENT, entered into as of June 7 , 2017, by and between THE BOEING COMPANY (Boeing) and UNITED AIRLINES,
INC. (Customer); 
 WHEREAS, the parties hereto entered into Purchase Agreement No. 3776 dated July 12, 2012, as amended
and supplemented (Purchase Agreement), relating to the purchase and sale of Boeing model 737-9 aircraft (Aircraft). This Supplemental Agreement is an amendment to the Purchase Agreement; 

WHEREAS, Boeing and Customer agree to *** 737-9 Aircraft as follows 
  

							
	 	  	 Manufacturer Serial Number
	  	 ***
	  	 ***

	***	  	***	  	***	  	***

 WHEREAS, Customer and Boeing have previously executed documents reflecting Customer Configuration Changes (as
that term is defined in Letter Agreement UAL-PA-03776-LA-1207643 entitled “Open Matters” (Open Matters Letter)) effected through Customer’s acceptance of Customer Specific Option Selection Packages A through E for
specified Boeing Model 737-9 aircraft (Customer Configured Aircraft). 
 WHEREAS, Customer and Boeing now desire to conform and
further amend the Purchase Agreement to reflect the following: 
  

	 	(i)	all Customer Configuration Changes; 

  

	 	(ii)	revise Table 1 to reflect such Customer Configuration Changes; and 

  

	 	(iii)	replace existing Exhibit A-1 with a revised Exhibit A-1 reflecting the Customer Configuration Changes; 

WHEREAS, Customer and Boeing agree to incorporate certain *** into the Purchase Agreement; 

  

					
	UAL-PA-03776	  	SA-8	  	Page 1

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Supplemental Agreement No. 8 to 

Purchase Agreement No. 03776 
 WHEREAS, Customer
and Boeing agree to incorporate certain revisions to the Letter Agreement UAL-PA-3776-LA-1606848 entitled “*** Special MAX9 Aircraft” (*** Letter Agreement) including a *** (as that term is defined in the *** Letter Agreement) to a
***. 
 NOW THEREFORE, in consideration of the mutual covenants herein contained, the parties agree to amend the Purchase Agreement as
follows: 
  

	1.	Table of Contents. 

 The “Table of Contents” is deleted in its entirety and
replaced with the attached “Table of Contents” (identified by “SA-8”). 
  

	2.	Tables.  

 Table 1 entitled “737-9 Aircraft Delivery, Description, Price and
***” is deleted in its entirety and replaced with the attached similarly titled “Table 1” (identified by “SA-8”). 
  

	3.	Exhibit. 

 Exhibit A-1 is replaced in its entirety with a revised Exhibit A-1
(identified by “SA-8) to incorporate the Customer Configuration Changes for each Customer Configured Aircraft. 
  

	4.	Letter Agreements. 

 4.1. Letter Agreement UAL-PA-03776-LA-1207637 entitled “***
Matters” is deleted in its entirety and replaced with Letter Agreement UAL-PA-03776-LA-1207637R1 (identified by “SA-8”). 

4.2. Letter Agreement UAL-PA-03776-LA-1208157 entitled “***” is deleted in its entirety and replaced with Letter Agreement
UAL-PA-03776-LA-1208157R1 (identified by “SA-8”) to ***. 
 4.3. Letter Agreement UAL-PA-03776-LA-1207650R1 entitled “Special
Matters” is deleted in its entirety and replaced with Letter Agreement UAL-PA-03776-LA-1208157R1 (identified by “SA-8”) to *** the Special 737 MAX ***. 

4.4. The *** Letter Agreement is deleted in its entirety and replaced with Letter Agreement UAL-PA-3776-LA-1606848R1 (identified by
“SA-8”) to revise certain terms therein including the ***. 
  

	5.	Miscellaneous. 

 Boeing and Customer agree that the applicable amount from Figure 1 is
*** as the *** under this Supplemental Agreement No. 8. Such *** will be *** to Boeing upon execution of this Supplemental Agreement No. 8. 

Figure 1 
  

			
	***	  	***

  

					
	UAL-PA-03776	  	SA-8	  	Page 2

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Supplemental Agreement No. 8 to 

Purchase Agreement No. 03776 
 The Purchase Agreement will be
deemed supplemented to the extent provided herein as of the date hereof and as so supplemented will continue in full force and effect. 

The rest of this page is left intentionally blank. 

  

					
	UAL-PA-03776	  	SA-8	  	Page 3

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Supplemental Agreement No. 8 to 

Purchase Agreement No. 03776 
 EXECUTED IN DUPLICATE as of the
day and year first written above. 
  

			
	THE BOEING COMPANY	  	UNITED AIRLINES, INC.
		
	 /s/ Irma L Krueger
	  	 /s/ Gerald Laderman

	                        Signature	  	                            Signature
		
	 Irma L Krueger
	  	 Gerald Laderman

	                    Printed Name	  	Printed Name
		
	 
Attorney-in-Fact
	  	 Senior Vice President Finance, 
Procurement and Treasurer

	Title	  	Title

  

					
	UAL-PA-03776	  	SA-8	  	Page 4

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 TABLE OF CONTENTS 

 

					
	ARTICLES	  	SA 
 NUMBER

	Article 1.	  	Quantity, Model and Description	  	
	Article 2.	  	Delivery Schedule	  	
	Article 3.	  	Price	  	
	Article 4.	  	Payment	  	
	Article 5.	  	Additional Terms	  	
			
	TABLE	  		  	
	1.	  	 737-9 Aircraft Delivery, Description,

      Price and ***
	  	SA-8
			
	EXHIBITS	  		  	
			
	A-1	  	737-9 & *** 737-9Aircraft Configuration	  	SA-8
	A-2	  	737-8 Aircraft Configuration	  	
	A-3	  	737-7 Aircraft Configuration	  	
	B.	  	Aircraft Delivery Requirements and Responsibilities	  	
	SUPPLEMENTAL EXHIBITS	  		  	
	AE1.	  	Escalation Adjustment/Airframe and ***	  	
	BFE1.	  	BFE Variables	  	SA-7
	CS1.	  	Customer Support Variables	  	
	EE1.	  	Engine Warranty and ***	  	
	SLP1.	  	Service Life Policy Components	  	
			
	LETTER AGREEMENTS	  		  	
			
	UAL-PA-03776-LA-1207637R1	  	*** Matters	  	SA-8
	UAL-PA-03776-LA-1207638	  	***	  	
	UAL-PA-03776-LA-1207640	  	Demonstration Flight Waiver	  	
	UAL-PA-03776-LA-1207643	  	Open Matters	  	
	UAL-PA-03776-LA-1207644R1	  	*** Aircraft	  	SA-7
		  	*** Aircraft—Attachment A	  	SA-6
	UAL-PA-03776-LA-1207646	  	Promotional Support	  	
	
	TABLE OF CONTENTS, CONTINUED
		
	LETTER AGREEMENTS, continued	  	SA
 NUMBER

		  		  	
	UAL-PA-03776-LA-1207647	  	Seller Purchased Equipment	  	

  

					
	UAL-PA-03776	  	TABLE OF CONTENTS 	  	SA-8, Page 1 of 2

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

					
	UAL-PA-03776-LA-1207649	  	Spare Parts Initial Provisioning	  	
	UAL-PA-03776-LA-1207650R1	  	Special Matters	  	SA-8
	UAL-PA-03776-LA-1208055R1	  	***	  	SA-7
	UAL-PA-03776-LA-1208122	  	***	  	
	UAL-PA-03776-LA-1208123	  	*** Matters	  	
	UAL-PA-03776-LA-1208157	  	***	  	SA-8
	UAL-PA-03776-LA-1208234	  	Privileged and Confidential Matters	  	
	UAL-PA-03776-LA-1208596	  	AGTA Matters	  	
	UAL-PA-03776-LA-1208238	  	Assignment Matters	  	
	UAL-PA-03776-LA-1208869	  	Delivery *** Matters	  	
	UAL-PA-03784-LA-1207869	  	737 Production Adjustments	  	
	UAL-PA-3776-LA-1606848R1	  	*** Special MAX9 Aircraft	  	SA-8

  

					
	 SUPPLEMENTAL AGREEMENTS
	  	DATED AS OF	 
	Supplemental Agreement No. 1	  	 	June 17, 2013	 
	Supplemental Agreement No. 2	  	 	January 14, 2015	 
	Supplemental Agreement No. 3	  	 	May 26, 2015	 
	Supplemental Agreement No. 4	  	 	June 12, 2015	 
	Supplemental Agreement No. 5	  	 	January 20, 2016	 
	Supplemental Agreement No. 6	  	 	February 8, 2016	 
	Supplemental Agreement No. 7	  	 	December 27, 2016	 
	Supplemental Agreement No. 8	  	 	June 7, 2017	 

  

					
	UAL-PA-03776	  	 TABLE OF CONTENTS
	  	SA-8, Page 2 of 2 

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Table 1 To Purchase Agreement No. 03776 

737-9 Aircraft Delivery, Description, Price and *** 
  

									
	Airframe Model/MTOW: 737-9	  	*** pounds	  	Detail Specification:	  	***        	  	
		  		  		  		  	
	Engine Model/Thrust:***	  	*** pounds	  	Airframe Price Base Year/Escalation Formula:	  	***	  	***
		  		  		  		  	
	Airframe Price:	  	$                   ***	  	Engine Price Base Year/Escalation Formula:	  	***	  	***
	Optional Features:	  	$                   ***	  		  		  	
		  	  
	  		  		  	
		  		  		  		  	
	Sub-Total of Airframe and Features:	  	$                   ***	  	Airframe Escalation Data:	  		  	
		  		  		  		  	
	Engine Price (Per Aircraft):	  	$                   ***	  	Base Year Index (ECI):	  	***	  	
		  	  
	  		  		  	
		  		  		  		  	
	Aircraft Basic Price (Excluding BFE/SPE):	  	$                   ***	  	Base Year Index (CPI):	  	***	  	
		  	  
	  		  		  	
		  		  		  		  	
	Buyer Furnished Equipment (BFE) Estimate:	  	$                   ***	  		  		  	
		  		  		  		  	
	Seller Purchased Equipment (SPE) Estimate:	  	$                   ***	  		  		  	
		  		  		  		  	
	Deposit per Aircraft:	  	$                   ***	  		  		  	

  

																					
	 # of Aircraft
	  	 Delivery Date
	  	Number of
Aircraft	  	Escalation
Factor
(Airframe)	  	Manufacturer
Serial Number	  	Actual or Nominal
Delivery Month*	  	Escalation Estimate
*** Base Price Per
A/P	  	*** Per Aircraft (Amts. Due/*** Prior to Delivery):
	  	  	  	  	  	  	  	***
***	  	***
***	  	***
***	  	***
***
	***	  	***	  	***	  	***	  	***	  	***	  	$***	  	$***	  	$***	  	$***	  	$***
											
		  	Total:	  	***	  		  		  		  		  		  		  		  	

 * Nominal delivery month, *** pursuant to Letter Agreement number UAL-PA-03776-LA-1207643. 

Note: Serial Numbers are provided as guidance only and are subject to change. 

*** 

  

					
	UAL-PA-03776 APR: 105435.TXT	  		  	Table 1 per SA-8, Page 1

 Boeing / United Airlines, Inc. Proprietary 

 AIRCRAFT CONFIGURATION 

between 
 THE BOEING
COMPANY 
 and 

United Airlines, Inc. 

Exhibit A to Purchase Agreement Number PA-03776 

  

			
	UAL-PA-03776-EXA	  	SA-8

 Page 1 

BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Exhibit A-1 

AIRCRAFT CONFIGURATION 

relating to 
 BOEING
MODEL 737-9 AIRCRAFT 
 The Detail Specification is Boeing document number *** (the designator is *** due to the Detail
Specification being aligned by manufacturer serial number, e.g., for the *** aircraft, the Detail Specification is projected to be *** Rev ***, dated ***). Such Detail Specification will be comprised of Boeing configuration specification document
number ***, Rev ***, dated ***, as amended to incorporate the optional features (Options) listed below, including the effects on Manufacturer’s Empty Weight (MEW) and Operating Empty Weight (OEW). As soon as practicable,
Boeing will furnish to Customer copies of the Detail Specification, which copies will reflect such Options. The Aircraft Basic Price reflects and includes all effects of such Options, except such Aircraft Basic Price does not include the price
effects of any Buyer Furnished Equipment or In-Flight Entertainment. 

  

					
	UAL-PA-03776-EXA	  		  	 SA-8
  

Page 2

 BOEING /
UNITED AIRLINES, INC. PROPRIETARY 

							
	 Option Number
	  	 Title
	  	***
MAX9 Aircraft
*** Price Per
A/C	  	***
MAX9 Aircraft
*** Price Per
A/C
	***	  	***	  	***	  	***
	OPTIONS: ***	  	TOTALS:	  	***	  	***

  

  

					
	UAL-PA-03776-EXA	  		  	 SA-8
  

Page 3

 BOEING /
UNITED AIRLINES, INC. PROPRIETARY 

					
	

	  	 	  	The Boeing Company
	  	  	P.O. Box 3707
	  	  	Seattle, WA 98124-2207

  

UAL-PA-03776-LA-1207637R1 
 United Airlines, Inc. 

233 South Wacker Drive 
 Chicago, Illinois 60606 

 

			
	Subject:	  	*** Matters
		
	Reference:	  	Purchase Agreement No. PA-03776 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used
but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. This Letter Agreement supersedes and replaces in its entirety Letter Agreement UCH-PA-03776-LA-1207646 dated July 12, 2012. 

The Purchase Agreement incorporates the terms and conditions of AGTA/UAL between Boeing and Customer. This Letter Agreement modifies certain
terms and conditions of the AGTA with respect to the Aircraft. 
  

	1.	***. 

  

	2.	*** on ***. 

 *** will be *** on the ***. In the event that *** chooses to *** from a
third party where such third party requires a *** in the *** as *** that this *** will not be available or provided to such third party without the prior written consent of ***, provided that *** agrees to use commercially reasonable efforts to
assist ***. 
  

	3.	*** Rights. 

 3.1 Customer agrees that ***. 

3.2 In the event Boeing *** Customer *** pursuant to Article 3.1, absent instruction from Boeing to the contrary, Customer shall, *** the
Purchase Agreement as amended by this Letter Agreement. Customer will ***. 

  

			
	UAL-PA-03776-LA-1207637R1	  	SA-8
		
	 *** Matters
	  	Page 1

 BOEING/UNITED AIRLINES, INC. PROPRIETARY 

 

 
 3.3 For all purposes of this paragraph 3, including without limitation, notice, *** or any other
application, ***. Boeing expressly reserves all of its rights and remedies under any agreement and applicable law. 
  

	4.	Confidentiality. 

 Customer and Boeing understand that certain commercial and financial
information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-03776-LA-1208234. 

 

	5.	Assignment. 

 Except as provided in Letter Agreement No. UAL-PA-03776-LA-1208238, the
rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s becoming the operator of the Aircraft and cannot be assigned in whole or, in part. 

If the foregoing correctly sets forth your understanding of our agreement with respect to the matters treated above, please indicate your
acceptance and approval below. 
 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By:	 	 /s/ Irma L Krueger

		
	Its:	 	 Attorney-in-Fact

  

			
	UAL-PA-03776-LA-1207637R1	  	SA-8
		
	 *** Matters
	  	Page 2

 BOEING / UNITED AIRLINES, INC. PROPRIETARY

 

 
  

			
	ACCEPTED AND AGREED TO this
		
	Date:	 	 June 7, 2017

	
	UNITED AIRLINES, INC.
		
	By:	 	 /s/ Gerald Laderman

		
	Its:	 	 Senior Vice President Finance, Procurement and Treasurer

  

			
	UAL-PA-03776-LA-1207637R1	  	SA-8
		
	 *** Matters
	  	Page 3

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

			
	

	 	 The Boeing Company
 P.O. Box 3707

Seattle,WA 98124-2207

  

UAL-PA-03776-LA-1207650R2 
 United Airlines, Inc. 

233 South Wacker Drive 
 Chicago, Illinois 60606 

Subject:   Special Matters – 737 MAX Aircraft 
  

	References: 1)	Purchase Agreement No. PA-03776 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft); and

  

	                    2)	Letter Agreement UAL-PA-03776-1207638 entitled *** 

 This letter agreement (Letter
Agreement) amends and supplements the Purchase Agreement. All terms used but not defined in this Letter Agreement shall have the same meaning as in the Purchase Agreement. This Letter Agreement supersedes and replaces in its entirety Letter
Agreement UAL-PA-0 3776-LA-1207650R1 dated December 27, 2016. 
  

	1.	***. 

 1.1 ***. At the *** of each 737-9 Aircraft, Boeing *** to Customer *** in
an *** the 737-9 ***. 
 1.2 ***. At the *** of each 737-9 Aircraft, Boeing *** to Customer *** in an *** the 737-9 ***. Boeing
represents that *** of this *** is consistent with the terms of Letter Agreement 6-1162-KKT-080, as amended. 

1.3 ***. Pursuant to the ***, Customer may *** of ***. At the time of ***, Boeing *** to Customer ***. 

1.4 ***. Pursuant to the ***, Customer may *** of ***. At the time of ***, Boeing *** Customer *** the ***. 

1.5 *** and ***. 
 The
parties agree to the following *** which will *** Special MAX9 Aircraft (Limited 737-9 Aircraft). 
 1.5.1 At the time *** of each
applicable *** 737-9 Aircraft, Boeing *** to Customer *** to be used solely for the *** of Boeing *** and *** and shall not be applied to *** or ***. 

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
		
	 Special Matters
	  	Page 1

 BOEING / UNITED AIRLINES PROPRIETARY 

 

 
 1.5.2 Boeing and Customer will work together to assess and agree to determine whether and how ***
established in Attachment 1 is *** provided in Attachment 2 to this Letter Agreement. Such assessment will incorporate the methodology and .assumptions incorporated in development of Attachment 1 to this Letter Agreement including *** to the
effective date of Supplemental Agreement No. 7 to the 787 Purchase Agreement No. 3860 and *** in Attachment 1 to this Letter Agreement. 
  

	2.	*** of ***. 

 Unless otherwise noted, the *** stated in Paragraphs 1.1 through 1.5
*** are in *** year dollars and *** to the scheduled month of the respective Aircraft delivery pursuant to the *** formula set forth in the Purchase Agreement applicable to the Aircraft. The *** may, at the election of Customer, be *** Boeing ***
and *** (but shall not be applied to advance payments). 
  

	3.	***. 

 Boeing agrees to make the 737 *** available for the 737-9 through Boeing’s
***. In the event that Boeing *** the 737 ***, then *** will provide *** at delivery of each 737-9 equal to *** for *** in the *** in the *** with the 737 *** as set forth in Attachment 1 to this Letter Agreement *** (subject to the
requirements in Attachment 3, unless otherwise mutually agreed) without the 737 *** of *** (737 ***) per 737-9 Aircraft). For the avoidance of doubt, *** to issue the 737 *** will *** when the 737 *** becomes, and remains, *** for the
737-9 aircraft not yet delivered to Customer. 
  

	4.	737 Supplier Management. 

 It is Boeing’s 737 MAX design intent to *** with the ***
while also achieving the 737 MAX *** (including, but not limited to, ***) that the market demands. If a *** leads to a *** to be available only through a *** for the *** where *** were available on the ***, or if an existing ***, then *** such
affected *** will have the necessary agreements in place to provide ***. These ***, known as ***, will include (but not be limited to) *** that the terms of such *** are commercially reasonable. 

 

	5.	Supplier Diversity. 

 Customer and Boeing agree to work towards a mutually agreeable
solution for meeting diversity requirements in the supply base. Notwithstanding the foregoing sentence, Boeing agrees to (i) identify parts and equipment where Customer makes the procurement decision for potential opportunities;
(ii) submit indirect reports until other options are vetted and approved; and (iii) continue to engage with Customer with regard to supplier diversity to ensure Boeing supports Customer’s requirements. 

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
		
	 Special Matters
	  	Page 2

 BOEING / UNITED AIRLINES PROPRIETARY 

 

 
  

	6.	Delivery ***. 

 Customer and Boeing agree that both Customer and Boeing will have certain
Aircraft ***. Such *** are provided to Customer and Boeing pursuant to Letter Agreement No. UAL-PA-03776-LA-1208869. 
  

	7.	Assignment. 

 Unless otherwise noted herein, the *** described in this Letter Agreement
are provided *** to Customer and in consideration of ***. Except as provided in Letter Agreement No. UAL-PA-03776-LA-1208238, this Letter Agreement cannot be assigned, in whole or in part, without the prior written consent of Boeing. ***. 

 

	8.	Confidentiality 

 Customer and Boeing understand that certain commercial and financial
information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-03776-LA-1208234. 

Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By:	 	 /s/ Irma L Krueger

		
	Its:	 	 Attorney-in-Fact

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
		
	 Special Matters
	  	Page 3

 BOEING / NITED AIRLINES PROPRIETARY 

 

 
  

			
	ACCEPTED AND AGREED TO this
		
	Date:	 	 June 7, 2017

	
	UNITED AIRLINES, INC.
		
	By:	 	 /s/ Gerald Laderman

		
	Its:	 	 Senior Vice President Finance, Procurement and Treasurer

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
		
	 Special Matters
	  	Page 4

 BOEING / UNITED AIRLINES PROPRIETARY 

 Attachment 1 to Letter Agreemrnt UAL-PA-03776-LA-1207650R2: *** 

*** 
  

Current scenario: 
  

				             				             				             				             				             				             				             				             	
	 Year
	  	787-10 ***	 	  	787-10 ***	 	  	777-300***	 	  	737 MAX ***
and ***	 	  	*** and ****	 	  	Total
Cashflow	 	  	 	 	  	 	 
	 ***
	  	 	***	 	  	 	***	 	  	 	***	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  				  				  				  				  				  			
	 Total
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	Discount Rate	 	  	 	***%	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 
	 PV (***%)
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	$***	 
	  
 Alternative scenario:

 
	 
  

	  				  				  				  				  			
	 Col. 1
	  	Col. 2	 	  	Col. 3	 	  	Col. 4	 	  	Col. 5	 	  	Col. 6	 	  	Col. 7	 	  	 	 	  	 	 
	 Year
	  	787-10 ***	 	  	787-10 ***	 	  	777-300***	 	  	Special 737-7
*** and ***	 	  	***+	 	  	Total
Cashflow	 	  	 	 	  	 	 
	 ***
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  			
	 Total
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  			
	 PV (***%)
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	Discount Rate	 	  	 	***%	 
		  				  				  				  				  				  				  				  	  
	  
	 
			  	 	*** of Boeing ***:	 	  	 	***	 	  	 	***	 	  	 	$***	 

  

	+ -	Note: Payment dates for the “Fixed *** and ***” amounts and other related payments to Customer will be subject to adjustment as mutually agreed by the parties to reflect 

	***	incorporated by the Supplemental Agreements executed on March 7 and this Supplemental Agreement 7. *** subsequent to March 7 should be reviewed for *** to be issued in columns (5) and (6).

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
	Special Matters	  	Attachment 1 to UAL-PA-03776-LA-1207650R2, Page 1

 BOEING / UNITED AIRLINES PROPRIETARY

 Attachment 2 to Letter Agreement UAL-PA-03776-LA-1207650R2: Limited 737-9 Aircraft *** 

*** 
  

Current scenario: 
  

																																	
	 Year
	  	787-10***	 	  	787-10***	 	  	777-300***	 	  	737 *** and
***	 	  	*** and
****	 	  	Total Cashflow	 	  	 	 	  	 	 
	 ***
	  	 	***	 	  	 	***	 	  	 	***	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  				  				  				  				  				  			
	 Total
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	Discount Rate	 	  	 	***%	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 
	 PV (***%)
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	$***	 
	  
 Alternative scenario: *** & 4th Quarter ***
Forecast:
  
	 
  

	  				  				  				  			
	 Year
	  	787-10 ***	 	  	787-10 ***	 	  	777-300***	 	  	737 MAX9
***and ***	 	  	***	 	  	Total Cashflow	 	  	 	 	  	 	 
	 ***
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  				  			
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  			
	 Total
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	Discount Rate	 	  	 	***%	 
		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  				  	  
	  
	 
	 PV (***%)
	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	***	 	  	 	$***	 

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
	Special Matters	  	Attachment 2 to UAL-PA-03776-LA-1207650R2, Page 1

 BOEING / UNITED AIRLINES PROPRIETARY

 Attachment 3 to Letter Agreement UAL-PA-03776-LA-1207650R2 

*** 

  

			
	UAL-PA-03776-LA-1207650R2	  	SA-8
	Special Matters	  	Attachment 3 to UAL-PA-03776-LA-1207650R2, Page 1

 BOEING / UNITED AIRLINES PROPRIETARY

					
	

	 		 	 The Boeing Company
 P.O. Box
3707
 Seattle, WA 98124 2207 

	 		 
	 		 

 UAL-PA-03776-LA-1208157R1 

United Airlines, Inc. 
 233 South Wacker Drive 

Chicago, Illinois 60606 
 Subject: *** 

 

			
	Reference:	  	Purchase Agreement No. PA-03776 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)

 This Letter Agreement amends and supplements the Purchase Agreement. This Letter Agreement supersedes and replaces in its
entirety Letter Agreement UCH-PA-03776-LA-1208157 dated July 12, 2012. 
 All terms used herein and in this Letter Agreement, and not
defined herein, will have the same meaning as in the Purchase Agreement. 
 Subject to the terms, provisions, and conditions described
herein, Boeing *** Aircraft, as of the effective date (Effective Date) of the ***. 
  

	1.	Customer’s ***. 

 Boeing *** Customer, at a charge as described in paragraph 3
below, *** an Aircraft *** for the respective model type. The Effective Date of such *** shall be the date that Boeing provides ***, unless otherwise mutually agreed to. *** for the applicable Aircraft ***. Boeing will use its best reasonable
efforts to provide *** not later than *** after receipt of Customer’s written request. 
  

	2.	***. 

 At the time of delivery of each Aircraft, *** after delivery of an Aircraft, ***
as requested by Customer. Such *** shall be ***, identifying the Aircraft Manufacturer’s Serial Number (MSN), the delivery date and the Effective Date of ***. The *** shall also indicate ***; the ***. Customer may *** subsequent to the
Effective Date. If ***, then Customer *** as outlined in paragraph 3 below. 
  

	3.	***. 

 *** in accordance with either the *** set forth below, at Customer’s option.

  
  

			
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 BOEING/UNITED AIRLINES, INC. PROPRIETARY 

 

 
  

	 	3.1	Calculation of Customer’s Lease Payment for Affected Aircraft. 

 If Customer elects
***, then Customer shall *** 
  

	 	3.2	*** 

  

	 	3.3	***  

  

	 	3.4	Customer’s *** 

  

	 	3.5	*** 

  

	4.	*** 

  

	5.	Confidential Treatment. 

 Customer and Boeing understand that certain commercial and
financial information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-03776-LA-1208234. 

  
  

			
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 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 

 
 Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By	 	 /s/ Irma L Krueger

	Its	 	Attorney-in-Fact
	
	ACCEPTED AND AGREED TO this
		
	Date:	 	June 7, 2017
	
	UNITED AIRLINES, INC.
		
	By	 	 /s/ Gerald Laderman

	Its	 	Senior Vice President Finance, Procurement and Treasurer

  
  

			
	UAL-PA-03776-LA-1208157R1	  	SA-8
	***	  	Page 3

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Attachment A to Letter Agreement UAL-PA-03776-LA-1208157R1 

Date:
                                        

 United Airlines, Inc. 
 233 South Wacker Drive 

Chicago, Illinois 60606 
  

			
	Attention:	  	***
	Reference:	  	Letter Agreement UAL-PA-03776-LA-1208157R1E to Purchase Agreement 03776

 *** 
 Very truly yours, 

THE BOEING COMPANY 
 By:
                                         
        
 Its:
                                         
        

  

			
	Attachment A to UAL-PA-03776-LA-1208157R1	  	SA-8
	***	  	Page 1

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Attachment A: Reference Weight Data at Inception of the Program 

 

							
	 737-9
	  	 MTOW
	  	MLW	  	MZFW
	Purchased Weight	  	***	  	***	  	***
	Certified Weight	  	***	  	***	  	***
	Hinge or Midpoint Weight	  	***	  	***	  	***

  

							
	 737-8
	  	 MTOW
	  	MLW	  	MZFW
	 Purchased Weight
	  	***	  	***	  	***
	 Certified Weight
	  	***	  	***	  	***
	 Hinge or Midpoint Weight
	  	***	  	***	  	***

  

							
	 737-7
	  	 MTOW
	  	MLW	  	MZFW
	Purchased Weight	  	***	  	***	  	***
	Certified Weight	  	***	  	***	  	***
	Hinge or Midpoint Weight	  	***	  	***	  	***

  

			
	Attachment A to UAL-PA-03776-LA-1208157R1	  	SA-8
	***	  	Page 2

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

 Attachment B to Letter Agreement UAL-PA-03776-LA-1208157R1 

*** 

  

			
	Attachment B to UAL-PA-03776-LA-1208157R1	  	SA-8
	***	  	Page 1

 BOEING / UNITED AIRLINES, INC. PROPRIETARY 

					
	

	  		  	 The Boeing Company
 P.O. Box 3707

Seattle, WA 98124-2207

  
  

UAL-PA-3776-LA-1606848R1 
 United Airlines, Inc. 

233 South Wacker Drive 
 Chicago, Illinois 60606 

 

	Subject:	*** Special MAX9 Aircraft 

  

	Reference:	Purchase Agreement No. PA-03776 (Purchase Agreement) between The Boeing Company (Boeing) and United Airlines, Inc. (Customer) relating to Model 737 MAX aircraft (Aircraft)

 This letter agreement (Letter Agreement) amends and supplements the Purchase Agreement. All terms used
but not defined in this Letter Agreement have the same meaning as in the Purchase Agreement. References to the Purchase Agreement are to the Purchase Agreement as amended from time to time, including by way of this Letter Agreement and other letter
agreements between Boeing and Customer. This Letter Agreement supersedes and replaces in its entirety Letter Agreement UAL-PA-03776-LA-1606848 dated December 27, 2016. 

 

	1.	*** 

 Customer has the right to *** the delivery of any of the *** Special MAX9
Aircraft from *** delivery month into ***, pursuant to the terms of this Letter Agreement (***). For the avoidance of doubt, the aggregate maximum number of *** is ***. 

 

	2.	Notice Requirement. 

 Customer will provide written notice (*** Notice) of its
intent to *** purchase of any eligible Special MAX9 Aircraft no later than the Exercise Notice Due Date specified in Attachment 1 to this Letter Agreement. Each such *** Special MAX9 Aircraft, once confirmed with Boeing as specified in
Section 4 herein, is referred to herein as an *** Aircraft. 
  

	3.	***. 

 The *** of Special MAX9 Aircraft which can be *** into *** is specified in
Attachment 1 to this Letter Agreement. 

  
  

			
	UAL-PA-3776-LA-1606848R1	  	SA-8
	***	  	LA Page 1

 BOEING PROPRIETARY 

 

 
  

	4.	Definitive Agreement. 

 If Customer agrees with the *** in the *** Confirmation, then
the parties will sign a definitive agreement to incorporate the *** for each *** Aircraft (Supplemental Agreement) within *** of the *** Confirmation. The Supplemental Agreement will include the provisions of the Purchase Agreement as
modified to reflect the provisions of this Letter Agreement. In the event the parties *** a Supplemental Agreement within *** following *** Confirmation, either party may *** of a Special MAX9 Aircraft by giving written notice to the other within
***. If Customer and Boeing *** Supplemental Agreement, then the delivery month of such Special MAX9 Aircraft is *** specified in the *** Confirmation. 
  

	5.	BFE. 

 The BFE *** dates *** to support the scheduled delivery month of any applicable
*** Aircraft. 
  

	6.	Assignment. 

 Except as provided in Letter Agreement No. UAL-PA-03776-LA-1208238, the
rights and obligations described in this Letter Agreement are provided to Customer in consideration of Customer’s ***. 
  

	7.	Confidential Treatment. 

 Customer and Boeing understand that certain commercial and
financial information contained in this Letter Agreement are considered by Boeing and Customer as confidential and are subject to the terms and conditions set forth in Letter Agreement No. UAL-PA-03776-LA-1208234. 

Very truly yours, 
  

			
	THE BOEING COMPANY
		
	By:	 	 Irma L Krueger

		
	Its:	 	 Attorney-In-Fact

  
  

			
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	***	  	LA Page 2

 BOEING PROPRIETARY 

 

 
  

			
	ACCEPTED AND AGREED TO this
		
	Date:	 	June 7, 2017
	
	UNITED AIRLINES, INC.
		
	By:	 	 /s/ Gerald Laderman

		
	Its:	 	Senior Vice President Finance, Procurement and Treasurer

  
  

			
	UAL-PA-3776-LA-1606848R1	  	SA-8
	***	  	LA Page 3

 BOEING PROPRIETARY 

 Attachment 1: *** Notice Due Date for *** Special MAX9 Aircraft 

 

							
	 ***
	  	 Annual Limitation Specifics
	  	*** Delivery Month	  	*** Due Date
	***	  	***	  	***	  	***
	**	  	***	  	***	  	***

  

			
	Attachment 1 to UAL-PA-3776-LA-1606848R1	  	SA- 8
	***	  	Attachment 1, Page 1

 BOEING PROPRIETARY

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