Document:

-1

<DOCUMENT>

<TYPE> EX-10.29

<TEXT>

<HTML>

 
Exhibit 10.29

 

 

 

CLASS I JUNIOR PREFERRED STOCK SUBSCRIPTION
AGREEMENT

This Agreement (the "Agreement")
has been made and entered into as of this 12th day of July, 1994, by and
among UAL Corporation, a Delaware corporation (the "Company"), the Air
Line Pilots Association, International ("ALPA"), pursuant to its authority
as the collective bargaining representative for the crafts or class of
pilots employed by United Airlines, Inc. ("United"), the International
Association of Machinists and Aerospace Workers ("IAM"), pursuant to its
authority as the collective bargaining representative for the crafts or
classes of mechanics and related employees, ramp and stores employees,
food service employees, dispatchers, and security officers employed by
United, and Duane D. Fitzgerald (the "Proposed Class I Preferred Stockholder").

 

 

WHEREAS, pursuant to the terms of
and schedules to

the Agreement and Plan of Recapitalization,
dated as of

March 25, 1994, by and among the
Company, ALPA and the IAM

(as amended, the "Recapitalization
Agreement"), including

the terms of the restated certificate
of incorporation of

the company to be effective as of
the Effective Time (as

defined in the Recapitalization
Agreement) (the "Restated

Certificate") and the restated By-Laws
of the Company to be

effective as of the Effective Time
(the "Restated By-Laws")

(the Recapitalization Agreement,
the Restated Certificate

and the Restated By-Laws, collectively,
the "Governance

Documents"), the board of directors
of the Company (the

"Board") will, until the Termination
Date (as defined in the

Restated Certificate) consist of
twelve (12) directors

(subject to adjustment in certain
circumstances), four (4)

of whom are to be independent directors
(the "Independent

Directors") nominated and elected
and/or appointed as

provided in the Governance Documents
and in the Class I

Preferred Stockholders' Agreement
made and entered into as

of July 12, 1994 by and among the
Company, ALPA, the IAM and

the Individual Parties (as defined
therein) (the "Class I

Preferred Stockholders' Agreement");

 

WHEREAS, the ALPA and the IAM have
entered into the Recapitalization Agreement based in part on the composition
and operation of the Board as provided in the Governance Documents and
each has a substantial interest in assuring that the terms thereof and
of this Agreement are carried out;

 

WHEREAS, the Governance Documents
contemplate that at the Effective Time, the Company shall issue to each
Independent Director, and each Independent Director shall be the registered
holder of, one share of the Class I Junior Preferred Stock of the Company
(the "Class I Preferred Stock"), each such share of Class I Preferred Stock
having the relative rights, privileges and powers as set forth in the Restated
Certificate (the holders of the Class I Preferred Stock from time to time
are referred to individually herein as a "Class I Preferred Stockholder"
and are collectively referred to herein as the "Class I Preferred Stockholders");

WHEREAS, the Governance Documents
contemplate that Class I Preferred Stock may be held only by Independent
Directors and that each Independent Director shall be a Class I Preferred
Stockholder during such time as such person serves as an Independent Director;
and

 

WHEREAS, the parties hereto have
entered into this Agreement in order to effectuate the terms and intent
of the Governance Documents regarding the Independent Directors and the
issuance of the Class I Preferred Stock;

 

NOW, THEREFORE, in consideration
of the foregoing premises, the mutual covenants herein contained and other
good and valuable consideration the receipt of which is hereby acknowledged,
the parties hereto hereby agree as

follows:

 

 

1.    Issuance
of the Class I Preferred Stock Consideration. The Proposed Class I
Preferred Stockholder hereby agrees to purchase from the Company and the
Company hereby agrees to sell to the Proposed Class I Preferred Stockholder
one share of Class I Preferred Stock. The consideration to be paid for
such one share of Class I Preferred Stock shall be the par value thereof
as set forth in the Restated Certificate.

 

 

2.    Conditions
to Issuance of the Class I Preferred Stock. Notwithstanding anything
in this Agreement to the contrary, no shares of Class I Preferred Stock
shall be issued to the Proposed Class I Preferred Stockholder (i) unless
such individual simultaneously therewith executes and delivers to each
of the other parties thereto the Class I Preferred Stockholders' Agreement
in the form of Exhibit A annexed hereto or an agreement pursuant to which
such individual shall agree to be bound by the terms of the Class I Preferred
Stockholders' Agreement or (ii) if such issuance otherwise would be in
contravention of the terms and conditions set forth in any of the Governance
Documents, the Class I Preferred Stockholders' Agreement or this Agreement,
including but not limited to the terms and conditions regarding the qualifications
for Independent Directors set forth in Article FIFTH, Section 2.4 of the
Restated Certificate.

 

 

3.    Representations
of the Proposed Class I Preferred Stockholder. The Proposed Class I
Preferred Stockholder hereby represents and warrants to the Company, the
ALPA and the IAM that he or she has reviewed, understands and acknowledges
(i) the relative rights, privileges and powers of the Class I Preferred
Stock set forth in the Governance Documents, including Article FOURTH,
Part X of the Restated Certificate, and (ii) the limitations, including
but not limited to the limitations with respect to the transfer of the
Class I Preferred Stock, including the automatic redemption thereof, and
the limitations with respect to the voting of the Class I Preferred Stock,
which are imposed on each Class I Preferred Stockholder pursuant
to the terms of the Governance Documents and the Class I Preferred
Stockholders' Agreement.

 

4.    Representations
of the Company. The Company hereby represents and warrants to the Proposed
Class I Preferred Stockholder that the share of Class I Preferred Stock
being issued hereunder shall be duly authorized and, upon the payment of
the consideration therefor to the Company, validly issued, fully paid and
non-assessable.

 

 

5.    Legends on
Certificates. All certificates representing shares of Class I Preferred
Stock shall contain one or more restrictive legends setting forth the restrictions
imposed on the Class I Preferred Stock, including the restrictions with
respect to transfer, including the automatic redemption thereof, and the
restriction with respect to voting, pursuant to the Governance Documents
and the Class I Preferred Stockholders' Agreement.

 

 

6.    Binding Effect.
The provisions of this Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns,
provided that no party may assign, delegate or otherwise transfer any of
its rights or obligations under this Agreement without the written consent
of the other parties hereto.

 

 

7.    Governing
Law. This Agreement shall be construed in accordance with and governed
by the laws of the State of Delaware, without regard to the conflicts of
laws principles thereof.

 

 

8.    Counterparts.
This Agreement may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signature thereto
and hereto were upon the same instrument.

 

 

9.    Specific
Performance. The parties hereto agree that if any of the provisions
of this Agreement were not performed in accordance with their specific
terms or were otherwise breached, irreparable damage would occur, no adequate
remedy of law would exist and damages would be difficult to determine,
and that the parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

 

 

10.    Amendments.
This Agreement may not be amended or modified unless such amendment or
modification is approved in writing by each of the parties hereto.

 

 

11.    Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By: /s/ James M. Guyette
   Name: James M. Guyette

Title: Executive Vice     
President

 

 
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 
By:_____________________

Name:
Title:

 

 
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 

By:______________________

Name:
Title:

 

 

 

 

                               
______________________

                               
Duane D. Fitzgerald

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

were otherwise breached, irreparabledamage
would occur, no
adequate remedy of law would exist
and damages would be difficult to determine, and that the parties shall
be entitled to specific performance of the terms hereof, in addition to
any other remedy at law or equity.

 

 

10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By:__________________

Name:
Title:

 

 
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 

 

By: /s/ Roger D. Hall

Name: Roger D. Hall
Title:Chairman, UAL-MEC

 

 
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 

By:___________________

Name:

                               
Title:

 
                           
____________________

Duane D. Fitzgerald

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
4

were otherwise breached, irreparable
damage would occur, no adequate remedy of law would exist and damages would
be difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law
or equity.

 

 
10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By:_____________________

Name:

Title:
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 

 
By:______________________

Name:

Title:
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 
By: /s/ Ken Thiede_______

Name: Ken Thiede
Title: President & General Chairman

 

 

                                
_____________________

                                
Duane D. Fitzgerald

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 
were otherwise breached, irreparable
damage would occur, no adequate remedy of law would exist and damages would
be difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law
or equity.

 

 

10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

                            
UAL CORPORATION

 

 

                            
By:________________________

                               
Name:

                               
Title:

 

                            
AIR LINE PILOTS ASSOCIATION,

                            
INTERNATIONAL

 

 

                            
By:________________________

                               
Name:

                                    
                                         
Title:

 

 

 

                            
INTERNATIONAL ASSOCIATION OF

                            
MACHINISTS AND AEROSPACE WORKERS

 

                            
By:________________________

                               
Name:

                               
Title:

 

 

                                    

/s/ Duane D. Fitzgerald

                                    
  
Duane D. Fitzgerald

 

 

 

 

 

 

 

 

 

 
were otherwise breached, irreparable
damage would occur, no adequate remedy of law would exist and damages would
be difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law
or equity.

 

 
10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By:_______________________

Name:

Title:
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 

 
By:_______________________

Name:

Title:
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 
By:_______________________

Name:

Title:

 
 

/s/ Richard D. McCormick

Richard D. McCormick
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

were otherwise breached, irreparabledamage
would occur,no adequate remedy of law would exist and damages would be
difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in, addition to any other remedy at law
or equity.

 

 
10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By:_____________________

Name:

Title:
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 

 
By:_____________________

Name:

Title:
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 
By:_____________________

Name:

Title:
    /s/ John K. Van
de Kamp
John K. Van de Kamp

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

were otherwise breached, irreparable
damage would occur, no adequate remedy of law would exist and damages wouldbe
difficult to determine, and that the parties shall be entitled to specific
performance of the terms hereof, in addition to any other remedy at law
or equity.

 

 
10.  Amendments. This
Agreement may not be amended or modified unless such amendment or modification
is approved in writing by each of the parties hereto.

 

 

11.  Entire Agreement.
This Agreement constitutes the entire agreement between the parties hereto
with respect to the subject matter hereof and, except as otherwise contemplated
hereby, supersedes all other prior agreements and understandings, both
written and oral, between the parties hereto with respect to the subject
matter hereof.

 

 

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

 

 

UAL CORPORATION

 

 
By:_____________________

Name:

Title:
AIR LINE PILOTS ASSOCIATION,

INTERNATIONAL

 

 
By:_____________________

Name:

Title:
INTERNATIONAL ASSOCIATION OF

MACHINISTS AND AEROSPACE WORKERS

 

 
By:_____________________

Name:

Title:

 

 
  /s/Paul A. Volcker

Paul A. Volcker
 

 

 

 

 

 

 

 

 

 

 

 

 

 

EXHIBIT A TO THE

CLASS I PREFERRED

STOCKHOLDERS' AGREEMENT

In consideration of the receipt of
the one share of Class I Preferred Stock of the Company and other good
and valuable consideration the receipt of which is hereby acknowledged,
the undersigned hereby agrees to be bound by and perform each of the terms
of the Class I Preferred Stockholders' Agreement, made as of the        
day of July, 1994, by and among the Company, ALPA, the IAM and certain
individuals who currently serve or heretofore have served as Independent
Directors of the Company (the "Agreement"), as if the undersigned were
an original Individual Party to the Agreement. Capitalized terms not defined
herein shall have the meanings ascribed to them in the Agreement and Plan
of Recapitalization, dated as of March 25, 1994, as amended from time to
time, by and among the Company, ALPA and the IAM.

 

 

IN WITNESS WHEREOF,
the
undersigned has executed this Agreement to be bound by the Class I Preferred
Stockholders' Agreement as of the date set forth below.

 

 

Dated: May 7, 1998

/s/ John W. Creighton, Jr
John W. Creighton, Jr.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10
EXHIBIT A TO THE

CLASS I PREFERRED

STOCKHOLDERS' AGREEMENT

In consideration of the receipt of
the one share of Class I Preferred Stock of the Company and other good
and valuable consideration the receipt of which is hereby acknowledged,
the undersigned hereby agrees to be bound by and perform each of the terms
of the Class I Preferred Stockholders' Agreement, made as of the    
day of July, 1994, by and among the Company, ALFA, the IAM and certain
individuals who currently serve or heretofore have served as Independent
Directors of the Company (the "Agreement"), as if the undersigned were
an original Individual Party to the Agreement. Capitalized terms not defined
herein shall have the meanings ascribed to them in the Agreement and Plan
of Recapitalization, dated as of March 25, 1994, as amended from time to
time, by and among the Company, ALPA and the IAM.

 

 

IN WITNESS WHEREOF, the undersigned
has executed this Agreement to be bound by the Class I Preferred Stockholders'
Agreement as of the date set forth below.

 

 

Dated: May 18, 1999

                                  
/s/ Hazel O'Leary

                                   
Hazel O'Leary

 

 

 

 

</HTML>

</TEXT>

</DOCUMENT>1

<DOCUMENT>

<TYPE> EX-10.30

<TEXT>

<HTML>

Exhibit 10.30

 
1.36
Schedule 5.10(ii)-Class Sam

Preferred Stock
StockholdersAgreement

 

CLASS SAM PREFERRED
STOCKHOLDERS' AGREEMENT

This Agreement (the
"Agreement") has been made and entered into as of this 12th day of July,
1994, by and among UAL Corporation, a Delaware corporation (the "Company"),
Joseph V. Vittoria (the "Designated Nominee") and Paul G. George (the "Designated
Stockholder").

 

 

WHEREAS, pursuant to
the terms of and schedules to the Agreement and Plan of Recapitalization,
dated as of March 25, 1994, by and among the Company, the Air Line Pilots
Association, International ("ALPA") and the International Association of
Machinists and Aerospace Workers ("IAM") (as amended, the "Recapitalization
Agreement"), including the terms of the restated certificate of incorporation
of the Company to be effective as of the Effective Time (as defined in
the Recapitalization Agreement) (the "Restated Certificate") and the restated
By-Laws of the Company to be effective as of the Effective Time (the "Restated
By-Laws") (the Recapitalization Agreement, the Restated Certificate
and the Restated By-Laws, collectively, the "Governance Documents"), the
board of directors of the Company (the "Board") shall, until the Termination
Date (as defined in the Restated Certificate), consist of twelve (12) directors
(subject to adjustment in certain circumstances), one (1) of whom shall
be the designated representative (the "Salaried/Management Director") of
the salaried and management employees of United Airlines, Inc. ("United"),
nominated and elected and/or appointed as provided in the Governance Documents
and in this Agreement;

 

 

WHEREAS, the Governance
Documents contemplate that at the Effective Time, the Company shall issue
to the Designated Nominee and the Designated Stockholder, and each of them
shall be the registered holder of, two shares and one share, respectively,
of the Class SAM Junior Preferred Stock, par value $.O1 per share, of the
Company (the "Class SAM Preferred Stock"), each such share of Class SAM
Preferred Stock having the relative rights, privileges and powers as set
forth in the Restated Certificate (the holders of the Class SAM Preferred
Stock from time to time are referred to individually herein as a "Class
SAM Preferred Stockholder" and are collectively referred to herein as the
"Class SAM Preferred Stockholders");

 

 

WHEREAS, the Governance
Documents contemplate that Class SAM Preferred Stock may be held only by
the Salaried/Management Employee Director and by a designated additional
shareholder, each of whom shall be a Class SAM Preferred Stockholder;

 

 

WHEREAS, pursuant to
the Class SAM Preferred Stock Subscription Agreement dated July 12, 1994,
by and among the Company, the Designated Nominee and the Designated Stockholder,
the Company is selling to the Designated Nominee and the Designated Stockholder,
and the Designated Nominee and the Designated Stockholder are each purchasing
from the Company, two shares and one share, respectively, of Class SAM
Preferred Stock; and

 

 

WHEREAS, the parties
hereto have entered into this Agreement in order to effectuate the terms
and intent of the Governance Documents regarding the issuance of the Class
SAM Preferred Stock.

 

 

NOW, THEREFORE, in
consideration of the foregoing premises, the mutual covenants herein contained
and other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto hereby agree as follows:

 

 

1.  Effective
Date; Term. This Agreement shall become effective simultaneous with
the Effective Time and shall remain in effect in accordance with the terms
hereof until the earlier of (i) the tenth anniversary of the Effective
Time or such later date to which the duration of this Agreement shall be
permitted under the General Corporation Law of the State of Delaware (the
"GCL"), as the same may hereafter from time to time be amended, it being
the express intention of the parties hereto that this Agreement shall remain
in effect (subject to clause (ii) of this Section 1) for more than ten
(10) years if permitted under, and for as long as permitted under, the
GCL, as amended from time to time, and (ii) the first to occur of the ALPA
Termination Date and the IAM Termination Date (each as defined in Article
FIFTH of the Restated Certificate).

 

 

2.  Voting
for Election of the Salaried,/Management Employee Director; Filling of
Vacancies. At all elections for the Salaried/Management Employee Director,
whether at a meeting of shareholders or pursuant to action by written consent
without a meeting, each Class SAM Preferred Stockholder shall vote, or
act by written consent with respect to, each share of Class SAM Preferred
Stock held by such Class SAM Preferred Stockholder in favor of the candidate
for Salaried/Management Employee Director nominated pursuant to Section
8 of this Agreement. In the event of a vacancy of the seat of the Salaried/Management
Employee Director, other than upon the scheduled expiration of the term
on the Hoard of the Salaried/Management Employee Director, it is agreed
that such vacancy shall be filled with a candidate nominated pursuant to
Section 8 of this Agreement.

 

 

3.  Grant of
Proxy. Each Class SAM Preferred Stockholder does hereby constitute
and appoint each of the other parties hereto (including the other class
SAM Preferred Stockholder), other than the Company, as his or her proxy
to vote and/or to act by written consent with respect to all of the shares
of Class SAM Preferred Stock owned by such Class SAM Preferred Stockholder
in accordance with the provisions of this Agreement in the event that
such Class SAM Preferred Stockholder shall fail to do so, to the same extent
and with the same effect as such Class SAM Preferred Stockholder could
do so. The proxy hereby granted by each Class SAM Preferred Stockholder
is given in consideration of the proxy hereby granted by each other Class
SAM Preferred Stockholder and in consideration of the other mutual covenants
herein contained, and as such the proxy granted hereby by each Class SAM
Preferred Stockholder is coupled with an interest and shall be irrevocable
for so long as such Class SAM Preferred Stockholder remains a holder of
Class SAM Preferred Stock.

 

 

4.  Restrictions
on Transfer of the Class SAM Preferred Stock. Except as provided in
Sections 5 and 8(c) hereof, a Class SAM Preferred Stockholder may not sell,
transfer, pledge, assign, hypothecate or otherwise dispose of any interest
in (each, a "Disposition") any share of Class SAM Preferred Stock, including,
without limitation, by operation of law or otherwise. Any purported Disposition
of any share of Class SAM Preferred Stock in violation of this Section
4 shall be null and void and of no force and effect as to the proposed
transferee and, upon any such purported Disposition, such share of Class
SAM Preferred Stock shall be automatically redeemed by the Company as provided
in, and subject to, Article FOURTH, Part IX, Sections 1.2 and 9 of the
Restated Certificate (the "Automatic Redemption"). The certificates evidencing
the shares of Class SAM Preferred Stock shall bear a legend describing
the transfer and voting restrictions and Automatic Redemption set forth
in this Agreement, as well as any other restrictions imposed by the Restated
Certificate of the Restated By-Laws.

 

 

5. Return of the
Shares of Class SAM Preferred Stock; Resignation of any Non-Nominated Director.
Notwithstanding anything contained in Section 4 of this Agreement to the
contrary, the Designated Nominee, immediately upon (i) the expiration of
his or her term of office as the Salaried/Management Employee Director
(unless concurrently therewith such individual is reelected for an additional
term as the Salaried/Management Employee Director), (ii) his or her removal
as the Salaried/Management Employee Director pursuant to Article FIFTH,
Section 2.8 of the Restated Certificate or pursuant to the penultimate
sentence of this section 5, (iii) his or her resignation as the
Salaried/Management Employee Director, (iv) his or her ceasing to serve
as the Salaried/Management Employee Director for any reason whatsoever,
(v) his or her disqualification pursuant to Section 8(d) of this Agreement,
or (vi) his or her failure to be re-nominated to continue to serve as the
Salaried/Management Employee Director pursuant to Section 8 of this Agreement
(in any such case, the "Terminated Director"), shall deliver or cause to
be delivered, in exchange for the payment of the par value of each share
so delivered, the stock certificate representing such Class SAM Preferred
Stockholder's shares of Class SAM Preferred Stock, duly endorsed for transfer,
to (a) such individual's elected or appointed successor as the Salaried/Management
Employee Director, upon such successor executing and delivering an agreement
in the form of Exhibit B hereto, or (b) in the case where no such successor
Salaried/Management Employee Director has been elected or appointed concurrently
with such individual's removal, resignation, disqualification pursuant
to Section 8(d) of this Agreement or failure to be re-nominated or otherwise
ceasing to serve as the Salaried/Management Employee Director, to the Company,
to be held in escrow to be delivered to the successor of such Terminated
Director when such successor (x) is duly elected or appointed, as the case
may be, and (y) executes and delivers an agreement in the form of Exhibit
B hereto.

The Company shall
immediately effect an Automatic Redemption with respect to, or if such
Automatic Redemption is not applicable, the Terminated Director shall sell
and the Company, subject to legally available funds therefor, shall purchase,
all shares of Class SAM Preferred Stock of any Terminated Director who
fails to comply with the transfer requirements of this Section 5 and shall
(subject to the following sentence) transfer or re-issue such redeemed
or purchased shares to such Terminated Director's successor upon such successor
executing and delivering an agreement in the form of Exhibit B annexed
hereto. If such Terminated Director's successor is elected or appointed
and executes and delivers an agreement in the form of Exhibit B annexed
hereto prior to such Automatic Redemption or purchase by the Company, the
Company shall issue to such successor two shares of Class SAM Preferred
Stock upon the payment of the par value thereof. In addition, if the Designated
Nominee fails to be re-nominated as the salaried/Management Employee Director
pursuant to section 8 of this Agreement, such individual shall immediately
resign from the Board and if such individual fails to so immediately resign
from the Board, each of the Class SAM Preferred Stockholders (including
the Class SAM Preferred Stockholder who has failed to so immediately resign
from the Board) shall promptly vote (or act by written consent with respect
to) their shares of Class SAM Preferred Stock to immediately remove such
individual from the Board, without cause. A Terminated Director who resigns
from, is removed from or otherwise ceases to be a member of the Board and
otherwise complies with the provisions of this Section 5 shall no longer
be deemed to be a party to this Agreement.

 

 

6.  Replacement
Salaried/Management Employee Director. Immediately upon the election
or appointment (as the case may be) of an individual to replace or succeed
any Terminated Director, such individual shall execute and deliver to the
Company and the remaining parties hereto an agreement (in the form of Exhibit
B annexed hereto) agreeing to be bound by each of the terms of this Agreement,
and from and after the execution and delivery of such agreement, such individual
shall be deemed to be a party to this Agreement. Should any individual
who has been elected or appointed, as the case may be, as the Salaried/Management
Employee Director fail either (i) to become a Class SAM Preferred Stockholder
or (ii) to execute and deliver an agreement in the form of Exhibit B annexed
hereto, each of the Class SAM Preferred

Stockholders shall
vote (or act by written consent with respect to) their shares of Class
SAM Preferred Stock to remove such person as the Salaried/Management Employee
Director, without cause.

 

 

7.  Mandatory
Extensions. Not later than two years prior to the date, if any, on
which this Agreement would otherwise expire pursuant to clause (i) of Section
1 of this Agreement, the Company and the Class SAM Preferred Stockholders
shall execute and deliver to each other an extension of this Agreement
for a period of time equal to the longest period then permitted by law,
but in no event beyond the first to occur of the ALPA Termination Date
and the IAM Termination Date. Should any Class SAM Preferred Stockholder
fail to execute and deliver the extension of this Agreement required by
this Section 7 (a "Non-Extending Stockholder"), each Class SAM Preferred
Stockholder, including each Non-Extending Stockholder, shall vote (or act
by written consent with respect to) their shares of Class SAM Preferred
Stock to remove such Non-Extending Stockholder from the Board, without
cause, if such Non-Extending Stockholder is the Salaried/Management Employee
Director.

 

 

8.  Nomination
and Election of the Salaried/Management Employee Director.  (a)
The Designated Nominee named herein shall be the initial Designated Nominee
hereunder, and the Designated Stockholder named herein shall be the initial
Designated Stockholder hereunder, each of whom shall serve in such capacity
until a replacement is named pursuant to this Section 8.

 

 

(b)  The Designated
Nominee shall be the initial candidate for election as the Salaried/Management
Employee Director and shall serve in such capacity until another candidate
is elected or appointed to be the replacement Designated Nominee (the "Replacement
Designated Nominee") in accordance with the procedures identified in Exhibit
A hereto. Upon such election or appointment, the Designated Nominee shall
transfer the share of Class SAM Preferred Stock held by him or her to the
Replacement Designated Nominee for a purchase price equal to the par value
thereof, and the Replacement Designated Nominee shall purchase such share
and shall execute and deliver a copy of an agreement in the form of Exhibit
B hereto, as provided elsewhere herein. Thereupon, the Replacement Designated
Nominee shall become the "Designated Nominee" hereunder for all purposes,
and the Designated Nominee

and the Designated
Stockholder, as Class SAM Preferred Stockholders, shall vote to elect such
Designated Nominee as the Salaried/Management Employee Director, as provided
elsewhere herein. In the case of a vacancy of the Board seat for the Salaried/Management
Employee Director, a candidate for election shall be identified in accordance
with the procedures in Exhibit A as the Salaried/ Management Employee Director,
and such person shall become the Replacement Designated Nominee hereunder.

 

(c)     
The Designated Stockholder shall serve in such capacity until another candidate
is nominated to be the replacement Designated Stockholder (the "Replacement
Designated Stockholder") in accordance with the procedure identified
in Exhibit A hereto. Upon such nomination, the Designated Stockholder shall
transfer the share of Class SAM Preferred Stock held by him or her to the
Replacement Designated Stockholder for a purchase price equal to the par
value thereof, and the Replacement Designated Stockholder shall purchase
such share and shall execute and deliver a copy of an agreement in the
form of Exhibit B hereto, as provided elsewhere herein. Thereupon,
the Replacement Designated Stockholder shall become the "Designated Stockholder"
hereunder for all purposes. The Designated Stockholder agrees to sell and
the Company agrees to purchase (which may be by redemption) all shares
of Class SAM Preferred Stock of any Designated Stockholder who fails to
comply with the transfer requirements of this Section 8(c) by paying the
par value of each share being purchased to such Designated Stockholder
and shall (subject to the following sentence) transfer or re-issue such
purchased shares to the Replacement Designated Stockholder upon such Replacement
Designated Stockholder executing and delivering an agreement in the form
of Exhibit B annexed hereto. If such Replacement Designated Stockholder
executes and delivers an agreement in the form of Exhibit B annexed hereto
prior to such purchase by the Company, the Company shall issue to such
successor one share of Class SAM Preferred Stock upon the payment of the
par value thereof.

 

 

(d)  Any person
who is otherwise not disqualified pursuant to the terms of this Agreement
shall be qualified to become the Designated Nominee or the Designated Stockholder
hereunder. Notwithstanding anything in the foregoing portion of this paragraph
(d) to the contrary, any person who, as a Class SAM Preferred Stockholder,
has failed to vote the share or shares of Class

SAM Preferred Stock
for the candidate for election as the Salaried/Management Employee Director
nominated by the System Roundtable shall be disqualified hereunder from
serving as either a Designated Nominee or a Designated Stockholder thereafter
unless such disqualification is thereafter lifted by the System Roundtable.

 

 

(e)  The System
Roundtable shall communicate its actions by written notice (or communicated
orally and confirmed in writing), given in person, sent by facsimile transmission
or other electronic medium or sent by overnight express service to the
addresses that the parties hereto shall provide in writing to the System
Roundtable from time to time.

 

 

(f)  The System
Roundtable is the intended third-party beneficiary of this Agreement, and
the parties hereto agree for the benefit of the System Roundtable, however
constituted, that they shall perform their respective agreements hereunder.
The System Roundtable and the members thereof shall not be liable to any
person on account of any action it or they may take pursuant to the terms
of this Agreement.

 

 

9.  Waiver
of Claims. Except as provided in Section 13, each Class SAM Preferred
Stockholder hereby waives any and all claims, whether for damages or otherwise,
which such individual may otherwise have against any person or entity in
connection with such person or entity performing the terms of, or otherwise
acting in accordance with, this Agreement.

 

 

10.  Binding
Effect. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors
and assigns (and, in the case of a deceased Class SAM Preferred Stockholder,
such individual's estate and heirs), provided that no party may assign,
delegate or otherwise transfer any of its rights or obligations under this
Agreement except as provided herein.

 

 

11.  Governing
Law.This
Agreement shall be construed in accordance with and governed by the laws
of the State of Delaware, without regard to the conflicts of laws principles
thereof.

 

 

12.  Counterparts.
This Agreement may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signature thereto
and hereto were upon the same instrument.

 

 

13.  Specific
Performance. The parties hereto agree that if any of the provisions
of this Agreement were not performed in accordance with their specific
terms or were otherwise breached, irreparable damage would occur, no adequate
remedy of law would exist and damages would be difficult to determine,
and that the parties shall be entitled to specific performance of the terms
hereof, in addition to any other remedy at law or equity.

 

 

14.  Amendments.
This Agreement may not be amended or modified unless such amendment or
modification (i) is approved in writing by the Company and each then existing
Class SAM Preferred Stockholder and (ii) is consented to by the Independent
Directors and the Outside Public Directors (each as defined in the Restated
Certificate).

 

 

15.  Entire
Agreement. This Agreement, together with the Class SAM Preferred Stock
Subscription Agreement, constitutes the entire agreement between
the parties hereto with respect to the subject matter hereof and, except
as otherwise contemplated hereby, supersedes all other prior agreements
and understandings, both written and oral, between the parties hereto with
respect to the subject matter hereof.

 

 

 

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

 

 

UAL CORPORATION
By: /s/ Joseph R.O'Gorman

Name: Joseph R. O'Gorman,
Jr.

Title: Executive Vice
President
Joseph V. Vittoria

Designated Nominee

 

 
Paul G. George

Designated Stockholder

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

UAL CORPORATION

 

 
By:

Name:

Title:

 
/s/ Joseph V. Vittoria

Joseph V. Vittoria

Designate Nominee

 

 
Paul G. George

Designated Stockholder

 

 

 

 

 

 

 

 

 

 

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

 

 

 

UAL CORPORATION

 

 
By:

Name:

Title:

 

 

Joseph V. Vittoria

Designated Nominee

 

 

/s/ Paul G. George

Paul G. George

Designated Stockholder

 

 

 

 

 

 

 

 

 

EXHIBIT A TO THE

CLASS SAM PREFERRED

STOCKHOLDERS' AGREEMENT

 

 

SALARIED/MANAGEMENT
EMPLOYEES

DIRECTOR AND DESIGNATED
STOCKHOLDER

SELECTION PROCESS

The Salaried/Management
EmployeesDirector shall be nominated by the System Roundtable.

 

 

The Designated Stockholder
shall be the senior executive of United who has primary responsibility
for human resources (the "Executive") unless and until the Company has
purchased (which may be by redemption) all shares of Class SAM Preferred
stock of any Designated Stockholder in accordance the fourth sentence of
Section 8(c) of the Agreement. In the event of such purchase, the Replacement
Designated Stockholder shall be as identified by the System Roundtable
until such Executive is no longer the senior executive of United who has
primary responsibility for human resources.

 

 

The System Roundtable
shall establish a committee (the "Selection committee") of four employees
to select the nominee for Salaried/Management Employees Director and the
Replacement Designated Stockholder in accordance with the immediately preceding
paragraph, which selection must be approved by a majority of the System
Roundtable.

 

 

The Selection Committee
or the System Roundtable may engage executive search firms and other consultants
to assist in the selection of a nominee and may consult with legal counsel
and the Company's management in making the selections.

 

 

EXHIBIT B TO THE

CLASS SAM PREFERRED

STOCKHOLDERS' AGREEMENT

In consideration of
the receipt of the [one/two] share[s] of Class SAM Preferred Stock of the
Company and other good and valuable consideration the receipt of which
is hereby acknowledged, the undersigned hereby agrees to be bound by and
perform each of the terms of the Class SAM Preferred Stockholders' Agreement,
made as of the 12th day of July, 1994, by and among UAL Corporation
and certain individualswho were named to serve as the initial Designated
Nominee and the initial Designated Stockholder (the "Agreement"), as if
the undersigned were the original [Designated Stockholder/ Designated Nominee]
under the Agreement. Capitalized terms not defined herein shall have the
meanings ascribed to them in the Agreement and Plan of Recapitalization,
dated as of March 25, 1994, as amended from time to time, by and among
the Company, the ALPA and the IAM.

 

 

IN WITNESS WHEREOF,
the undersigned has executed this Agreement to be bound by the Class SAM
Preferred Stockholders' Agreement as of the date set forth below.

 

 

Dated:

 

 

EXHIBIT B TO THE

CLASS SAM PREFERRED

STOCKHOLDERS' AGREEMENT

In consideration of
the receipt of the [one) shares[s] of Class SAM Preferred Stock of the
Company and other good and valuable consideration the receipt of which
is hereby acknowledged, the undersigned hereby agrees to be bound by and
perform each of the terms of the Class SAM Preferred Stockholders' Agreement,
made as of the 12th day of July, 1994, by and among UAL Corporation and
certain individuals who were named to serve as the initial Designated Nominee
and the initial Designated Stockholder (the "Agreement"), as if the undersigned
were the original (Designated Stockholder] under the Agreement. Capitalized
terms not defined herein shall have the meanings ascribed to them in the
Agreement and Plan of Recapitalization, dated as of March 25, 1994, as
amended from time to time, by and among the Company, the ALFA and the IAM.

 

 

1N WITNESS WHEREOF,
the undersigned has executed this Agreement to be bound by the Class SAM
Prefered Stockholders' Agreement as of the date set forth below.

 

 

Dated: 3/4/97                
/s/ William P. Hobgood

 

 

EXHIBIT B TO THE

CLASS SAM PREFERRED

STOCKHOLDERS' AGREEMENT

In consideration of
the receipt of the [one] share(s] of Class SAM Preferred Stock of the Company
and other good and valuable consideration the receipt of which is hereby
acknowledged, the undersigned hereby agrees to be bound by and perform
each of the terms of the Class SAM Preferred Stockholders' Agreement, made
as of the 12th day of July, 1994, by and among UAL Corporation and certain
individuals who were named to serve as the initial Designated Nominee and
the initial Designated Stockholder (the "Agreement"), as
if the undersigned were the original (Designated Stockholder) under the
Agreement. Capitalized

terms not defined herein
shall have the meanings ascribed to them in the Agreement and Plan of Recapitalization,
dated as of March 25, 1994, as amended from time to time, by and among
the Company, the ALPA and the IAM.

 

 

IN WITNESS WHEREOF,
the undersigned has executed this Agreement to be bound by the Class SAM
Preferred Stockholders' Agreement as of the date set forth below.

 

 

Dated: 1/2/97                         

/s/ John Edwardson

 

 

</HTML>

</TEXT>

</DOCUMENT>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]