Document:

exv10w1

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

Exhibit 10.1

2007 Akorn MBO’s: Art Przybyl

Up to $330,000 (75% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***]
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]

	 	[***...***]	 	 
	5. [***...***]:

	 	[***...***]	 	 
	6. [***...***]:

	 	[***...***]	 	 
	7. [***...***].

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

Over Achievement Bonus. If, and only if, all of the objectives (and the entire bonus)
set forth above have been achieved in full, a bonus of up to $110,000 (25% of Base Comp) for
over achievement of the [***...***] performance measures in accordance with the sum of the
following:

-If Akorn’s [***...***] is at least [***...***], an additional $55,000 (12.5% of Base Comp);
and

-If Akorn’s [***...***] is at least [***...***], an additional $55,000 (12.5% of Base
Comp).

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.

 

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Jeff Whitnell

Up to $123,750 (45% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***];
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]

	 	[***...***]	 	 
	5. [***...***]:

	 	[***...***]	 	 
	6. [***...***]:

	 	[***...***]	 	 
	7. [***...***]

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

Over Achievement Bonus. If, and only if, all of the objectives (and the entire bonus)
set forth above have been achieved in full, a bonus of up to $41,250 (15% of Base Comp) for over
achievement of the [***...***] performance measures in accordance with the sum of the following:

-If Akorn’s [***...***] is at least [***...***], an additional $20,625 (7.5% of Base Comp);
and

-If Akorn’s [***...***] is at least [***...***], an additional $20,625 (7.5% of Base Comp).

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.

 

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Mark Silverberg

Up to $70,950 (30% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***];
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]

	 	[***...***]	 	 
	5. [***...***]

	 	[***...***]	 	 
	6. [***...***]

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.

 

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: John Sabat

Up to $64,103 (30% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***];
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]:

	 	[***...***]	 	 
	5. [***...***]:

	 	[***...***]	 	 
	6. [***...***]:

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.

 

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Jay Stern

Up to $52,800 (30% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***];
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]

	 	[***...***]	 	 
	5. [***...***]:

	 	[***...***]	 	 
	6. [***...***]:

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.

 

 

*Confidential Treatment Requested Under

17 C.F.R. §§ 200.80(b)(4) and 240.24b-2

2007 Akorn MBO’s: Abu Alam

Up to $64,103 (30% of Base Comp)

	 	 	 	 	 
	1. [***...***]

	 	[***...***];
	 	[***...***]
	2. [***...***]

	 	[***...***];
	 	[***...***]
	3. [***...***]

	 	[***...***];
	 	[***...***]
	4. [***...***]:

	 	[***...***]	 	 
	5. [***...***]:

	 	[***...***]	 	 
	6. [***...***]:

	 	[***...***]	 	 
	 

	 	 	 	 
	Total

	 	[***...***]	 	 
	 

	 	 	 	 

* CONFIDENTIAL TREATMENT REQUESTED — This language has been omitted and filed separately with the
Securities and Exchange Commission.exv4w4

 

EXHIBIT 4.4

UAL Corporation

4.50% Senior Limited-Subordination Convertible Notes due 2021

Registration Rights Agreement

July 25, 2006

Goldman, Sachs & Co.

85 Broad Street

New York, New York 10004

Ladies and Gentlemen:

This Agreement is entered into in connection with the sale by Goldman, Sachs & Co. (the “Seller”)
of 4.50% Senior Limited-Subordination Convertible Notes due 2021 issued by UAL Corporation (the
“Securities”), a Delaware corporation (the “Issuer”), and guaranteed by United Air Lines, Inc., a
Delaware corporation (the “Guarantor”). The Issuer and the Guarantor hereby agree with the Seller
for the benefit of Holders (as defined herein) from time to time of the Registrable Securities (as
defined herein) as follows:

     1. Definitions.

     (a) As used in this Agreement, the following defined terms shall have the following meanings:

     “Affiliate” of any specified person means any other person which, directly or indirectly, is
in control of, is controlled by, or is under common control with such specified person. For
purposes of this definition, control of a person means the power, direct or indirect, to direct or
cause the direction of the management and policies of such person whether by contract or otherwise;
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

     “Commission” means the United States Securities and Exchange Commission, or any other federal
agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant
statute for the particular purpose.

     “Common Stock” means the Issuer’s common stock, par value $0.01 per share together with any
associated preferred share purchase rights.

     “DTC” means The Depository Trust Company.

     “Effective Failure” has the meaning assigned thereto in Section 7(b) hereof.

1

 

     “Effectiveness Period” has the meaning assigned thereto in Section 2(b)(i) hereof.

     “Effective Time” means the time at which the Commission declares the Shelf Registration
Statement effective or at which the Shelf Registration Statement otherwise becomes effective.

     “Electing Holder” has the meaning assigned thereto in Section 3(a)(iii) hereof.

     “Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

     “Guarantor” has the meaning assigned thereto in the preamble hereof.

     “Holder” means any person that is the record owner of Registrable Securities (and includes any
person that has a beneficial interest in any Registrable Security in book-entry form).

     “Indenture” means the Indenture, dated as of July 25, 2006, among the Issuer, the Guarantor
and the Trustee, as amended and supplemented from time to time in accordance with its terms.

     “Liquidated Damages” has the meaning assigned thereto in Section 7(a) hereof.

     “Managing Underwriters” means the investment banker or investment bankers and manager or
managers that shall administer an underwritten offering, if any, conducted pursuant to Section 6
hereof.

     “NASD Rules” means the Rules of the National Association of Securities Dealers, Inc., as
amended from time to time.

     “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder
Questionnaire substantially in the form of Appendix A hereto.

     The term “person” means an individual, partnership, corporation, trust or unincorporated
organization, or a government or agency or political subdivision thereof.

     “Prospectus” means the prospectus (including, without limitation, any preliminary prospectus,
any final prospectus and any prospectus that discloses information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon Rule 430A under
the Securities Act) included in the Shelf Registration Statement, as amended or supplemented by any
prospectus supplement with respect to the terms of the offering of any portion of the Registrable
Securities covered by the Shelf Registration Statement and by all other amendments and supplements
to such prospectus, including all material incorporated by reference in such prospectus and all
documents filed after the date of such prospectus by the Issuer under the Exchange Act and
incorporated by reference therein.

     “Registrable Securities” means all or any portion of the Securities and the Shares;
provided, however, that a security ceases to be a Registrable Security when it is
no longer a Restricted Security.

     “Registration Default” has the meaning assigned thereto in Section 7(a) hereof.

     “Restricted Security” means any Security or Share unless it (i) has been sold in a transaction
registered under the Securities Act, in a manner contemplated by the Shelf Registration Statement,
(ii) has been transferred in compliance with Rule 144 under the Securities Act (or any successor
provision thereto) or is transferable pursuant to paragraph (k) of such Rule 144 (or any successor
provision

2

 

thereto) or (iii) has otherwise been transferred and a new Security or Share not subject
to transfer restrictions under the Securities Act has been delivered by or on behalf of the Issuer
in accordance with the Indenture.

     “Rules and Regulations” means the published rules and regulations of the Commission
promulgated under the Securities Act or the Exchange Act, as in effect at any relevant time.

     “Securities” has the meaning assigned thereto in the preamble hereof. For the avoidance of
doubt, references to the Securities include the guarantee of the Guarantor included therein.

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

     “Seller” has the meaning assigned thereto in the preamble hereof.

     “Shares” means the shares of Common Stock issuable upon conversion of any Securities or in
payment of accrued interest in respect of any Securities.

     “Shelf Registration” means a registration effected pursuant to Section 2 hereof.

     “Shelf Registration Statement” means a “shelf” registration statement filed under the
Securities Act providing for the registration of, and the sale on a continuous or delayed basis by
the Holders of, all of the Registrable Securities pursuant to Rule 415 under the Securities Act
and/or any similar rule that may be adopted by the Commission, filed by the Issuer and the
Guarantor pursuant to the provisions of Section 2 of this Agreement, including the Prospectus
contained therein, any amendments and supplements to such registration statement, including
post-effective amendments, and all exhibits and all material incorporated by reference in such
registration statement.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, or any successor thereto, and the
rules, regulations and forms promulgated thereunder, as the same shall be amended from time to
time.

     “Trustee” means the Bank of New York Trust Company, N.A.

     The term “underwriter” means any underwriter of Registrable Securities in connection with an
offering thereof under a Shelf Registration Statement.

     (b) Wherever there is a reference in this Agreement to a percentage of the “principal amount”
of Registrable Securities or to a percentage of Registrable Securities, Common Stock constituting
Registrable Securities shall be treated as representing the principal amount of Securities that
would be required to be converted in order to receive such number of shares of Common Stock
applying the Conversion Price (as defined in the Indenture) at that time.

     2. Shelf Registration.

     (a) The Issuer and the Guarantor shall use its best efforts to file with the Commission, no
later than May 1, 2007, a Shelf Registration Statement relating to the offer and sale of the
Registrable Securities by the Holders from time to time in accordance with the methods of
distribution elected by such Holders and set forth in such Shelf Registration Statement Such Shelf
Registration Statement shall

3

 

be an “automatic shelf registration statement” within the meaning of
Rule 405 under the Securities Act if the Issuer and Guarantor are eligible under the Securities Act
to use an automatic shelf registration statement at such time. If such Shelf Registration
Statement is not an automatic shelf registration statement, each of the Issuer and the Guarantor
shall use its commercially reasonable best efforts to cause such Shelf Registration Statement to be
declared effective under the Securities Act within 90 calendar days following such filing;
provided, however, that the Issuer may, upon written notice to all Holders, postpone having the
Shelf Registration Statement declared effective for a reasonable period not to exceed 90 days if
the Issuer or the Guarantor possesses material non-public information, the disclosure of which
would have a material adverse effect on the Issuer and its subsidiaries taken as a whole or the
Guarantor and its subsidiaries taken as a whole; provided, further, however, that no Holder shall
be entitled to be named as a selling securityholder in the Shelf Registration Statement or to use
the Prospectus forming a part thereof for resales of Registrable Securities unless such Holder is
an Electing Holder.

     (b) Each of the Issuer and the Guarantor shall use its commercially reasonable best efforts:

     (i) to keep the Shelf Registration Statement continuously effective under the
Securities Act in order to permit the Prospectus forming a part thereof to be usable by
Holders until the earliest of (1) the first date on which no Registrable Securities are
outstanding; (2) the expiration of the period referred to in Rule 144(k) under the
Securities Act with respect to all Registrable Securities held by Persons that are not
Affiliates of the Issuer or the Guarantor; and (3) two years from July 25, 2006 (such period
being referred to herein as the “Effectiveness Period”);

     (ii) after the Effective Time, promptly upon the request of any Holder of Registrable
Securities that is not an Electing Holder but subsequently returns a completed and signed
Notice and Questionnaire to the Issuer in accordance with Section 3(a)(ii) hereof, to takes
such requested actions as are reasonable and customary for the purpose of enabling such
Holder to use the Prospectus forming a part thereof for resales of Registrable Securities,
including, without limitation, taking any such action necessary to identify such Holder as a
selling securityholder in the Shelf Registration Statement; provided, however, that the
Issuer and Guarantor shall be under no obligation to complete more than one filing (whether
in the form of a prospectus supplement, post-effective amendment to the Registration
Statement or Current Report on Form 8-K) for such purpose in any quarter unless the
principal amount of Registrable Securities the Holders of which have returned a completed
and signed Notice and Questionnaire but are not yet identified in the Prospectus exceeds
$75,000,000.

     (iii) if at any time the Securities, pursuant to Article 12 of the Indenture, are
convertible into securities other than Common Stock, to cause, or to cause any successor
under the Indenture to cause, such securities to be included in the Shelf Registration
Statement no later than the date on which the Securities may then be convertible into such
securities.

The Issuer and the Guarantor shall be deemed not to have used their commercially reasonable best
efforts to keep the Shelf Registration Statement effective during the requisite period if the
Issuer or the Guarantor voluntarily takes any action that would result in Holders of Registrable
Securities covered thereby not being able to offer and sell any of such Registrable Securities
during that period, unless such action is (A)

4

 

required by applicable law and the Issuer and the
Guarantor thereafter promptly comply with the requirements of paragraph 3(j) below or (B) permitted
pursuant to Section 2(c) below.

     (c) The Issuer may suspend the use of the Prospectus for a period not to exceed 30 days in any
90-day period or an aggregate of 90 days in any 12-month period if the Board of Directors of the
Issuer or the Guarantor shall have determined in good faith that because of valid business reasons
(not including avoidance of the Issuer’s or Guarantor’s obligations hereunder), including the
acquisition or divestiture of assets, pending corporate developments and similar events, it is in
the best interests of the Issuer or the Guarantor to suspend such use, and prior to suspending such
use the Issuer provides the DTC and the Electing Holders with written notice of such suspension,
which notice need not specify the nature of the event giving rise to such suspension.

     3. Registration Procedures. In connection with the Shelf Registration Statement, until the
termination of the Effectiveness Period, the following provisions shall apply:

     (a) (i) Not less than 30 calendar days prior to the Effective Time, the Issuer shall mail the
Notice and Questionnaire to the Holders of Registrable Securities reasonably identifiable or known
by it. No Holder shall be entitled to be named as a selling securityholder in the Shelf
Registration Statement as of the Effective Time, and no Holder shall be entitled to use the
Prospectus forming a part thereof for resales of Registrable Securities at any time, unless such
Holder has returned a completed and signed Notice and Questionnaire to the Issuer by the deadline
for response set forth therein; provided, however, Holders of Registrable Securities shall have at
least 28 calendar days from the date on which the Notice and Questionnaire is first mailed to such
Holders to return a completed and signed Notice and Questionnaire to the Issuer.

     (ii) After the Effective Time, the Issuer shall, upon the request of any Holder of
Registrable Securities that is not then an Electing Holder, promptly send a Notice and
Questionnaire to such Holder. The Issuer and the Guarantor shall not be required to take
any action to name such Holder as a selling securityholder in the Shelf Registration
Statement or to enable such Holder to use the Prospectus forming a part thereof for resales
of Registrable Securities until such Holder has returned a completed and signed Notice and
Questionnaire to the Issuer.

     (iii) The term “Electing Holder” shall mean any Holder of Registrable Securities that
has returned a completed and signed Notice and Questionnaire to the Issuer in accordance
with Section 3(a)(i) or 3(a)(ii) hereof.

     (b) The Issuer shall upon request furnish to each Electing Holder, prior to the Effective
Time, a copy of the Shelf Registration Statement initially filed with the Commission, and shall
upon request furnish to such Holders, prior to the filing thereof with the Commission, copies of
each amendment thereto and each amendment or supplement, if any, to the Prospectus included
therein, and shall use its
commercially reasonable best efforts to take into account in each such document, at the Effective
Time or when so filed with the Commission, as the case may be, such comments as such Holders and
their respective counsel reasonably may propose.

5

 

     (c) The Issuer and the Guarantor shall promptly take such action as may be necessary so that
(i) each of the Shelf Registration Statement and any amendment thereto and the Prospectus forming a
part thereof and any amendment or supplement thereto (and each report or other document
incorporated therein by reference in each case) complies in all material respects with the
Securities Act and the Exchange Act and the respective rules and regulations thereunder, (ii) each
of the Shelf Registration Statement and any amendment thereto does not, when it becomes effective,
contain an untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading and (iii) subject to
Section 2(c) hereof, each of the Prospectus forming a part of the Shelf Registration Statement, and
any amendment or supplement to such Prospectus, does not at any time during the Effectiveness
Period include an untrue statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

     (d) The Issuer shall promptly advise each Electing Holder, and shall confirm such advice in
writing if so requested by any such Electing Holder:

     (i) when a Shelf Registration Statement and any amendment thereto has been filed with
the Commission and when a Shelf Registration Statement or any post-effective amendment
thereto has become effective, in each case making a public announcement thereof by release
made to Reuters Economic Services and Bloomberg Business News;

     (ii) of any request by the Commission for amendments or supplements to the Shelf
Registration Statement or the Prospectus included therein or for additional information;

     (iii) of the issuance by the Commission of any stop order suspending the effectiveness
of the Shelf Registration Statement or the initiation of any proceedings for such purpose;

     (iv) of the receipt by the Issuer or the Guarantor of any notification with respect to
the suspension of the qualification of the securities included in the Shelf Registration
Statement for sale in any jurisdiction or the initiation of any proceeding for such purpose;
and

     (v) of the occurrence of any event or the existence of any state of facts that requires
the making of any changes in the Shelf Registration Statement or the Prospectus included
therein so that, as of such date, such Shelf Registration Statement and Prospectus do not
contain an untrue statement of a material fact and do not omit to state a material fact
required to be stated therein or necessary to make the statements therein (in the case of
the Prospectus, in the light of the circumstances under which they were made) not misleading
(which advice shall be accompanied by an instruction to such Holders to suspend the use of
the Prospectus until the requisite changes have been made but need not specify the nature of
the event giving rise to such suspension).

     (e) The Issuer and the Guarantor shall use their commercially reasonable best efforts to
prevent the issuance, and if issued to obtain the withdrawal at the earliest possible time, of any
order suspending the effectiveness of the Shelf Registration Statement.

     (f) The Issuer shall upon request furnish to each Electing Holder, without charge, at least
one copy of the Shelf Registration Statement and all post-effective amendments thereto, including
financial

6

 

statements and schedules, and, if such Electing Holder so requests in writing, all
reports, other documents and exhibits that are filed with or incorporated by reference in the Shelf
Registration Statement as of the date of such request.

     (g) The Issuer shall, during the Effectiveness Period, deliver to each Electing Holder,
without charge, as many copies of the Prospectus (including each preliminary Prospectus) included
in the Shelf Registration Statement and any amendment or supplement thereto as such Electing Holder
may reasonably request; and the Issuer and the Guarantor consent (except during the periods
specified in Section 2(c) above or during the continuance of any event or the existence of any
state of facts described in Section 3(d)(v) above) to the use of the Prospectus and any amendment
or supplement thereto by each of the Electing Holders in connection with the offering and sale of
the Registrable Securities covered by the Prospectus and any amendment or supplement thereto during
the Effectiveness Period.

     (h) Prior to any offering of Registrable Securities pursuant to the Shelf Registration
Statement, the Issuer and the Guarantor shall (i) register or qualify or cooperate with the
Electing Holders and their respective counsel in connection with the registration or qualification
of such Registrable Securities for offer and sale under the securities or “blue sky” laws of such
jurisdictions within the United States as any Electing Holder may reasonably request, (ii) keep
such registrations or qualifications in effect and comply with such laws so as to permit the
continuance of offers and sales in such jurisdictions for so long as may be necessary to enable any
Electing Holder or underwriter, if any, to complete its distribution of Registrable Securities
pursuant to the Shelf Registration Statement, and (iii) take any and all other actions necessary or
advisable to enable the disposition in such jurisdictions of such Registrable Securities; provided,
however, that in no event shall the Issuer or the Guarantor be obligated to (A) qualify as a
foreign corporation or as a dealer in securities in any jurisdiction where it would not otherwise
be required to so qualify but for this Section 3(h) or (B) file any general consent to service of
process in any jurisdiction where it is not as of the date hereof so subject.

     (i) If any Registrable Securities shall no longer be in book-entry form, the Issuer and the
Guarantor shall cooperate with the Electing Holders to facilitate the timely preparation and
delivery of certificates representing Registrable Securities to be sold pursuant to the Shelf
Registration Statement, which certificates, if so required by any securities exchange upon which
any Registrable Securities are listed, shall be penned, lithographed or engraved, or produced by
any combination of such methods, on steel engraved borders, and which certificates shall be free of
any restrictive legends and in such permitted denominations and registered in such names as
Electing Holders may request in connection with the sale of Registrable Securities pursuant to the
Shelf Registration Statement.

     (j) Upon the occurrence of any event or the existence of any state of facts contemplated by
paragraph 3(d)(v) above, the Issuer and the Guarantor shall promptly prepare a post-effective
amendment to any Shelf Registration Statement or an amendment or supplement to the related
Prospectus or file any
other required document so that, as thereafter delivered to purchasers of the Registrable
Securities included therein, the Prospectus will not include an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading. If the Issuer notifies the Electing
Holders of the occurrence of any event or the existence of any state of facts contemplated by
paragraph 3(d)(v) above, the Electing Holder shall suspend the use of the Prospectus until the
requisite changes to the Prospectus have been made.

7

 

     (k) Prior to the date hereof the Issuer shall have provided restricted CUSIP numbers for the
Notes and Shares that are Registrable Securities and the Issuer shall, not later than the Effective
Time, provide an unrestricted CUSIP number for the Notes.

     (l) The Issuer and the Guarantor shall use their commercially reasonable best efforts to
comply with all applicable Rules and Regulations, and to make generally available to their
securityholders (including through filing with the Commission) as soon as practicable, but in any
event not later than eighteen (18) months after (i) the effective date (as defined in Rule 158(c)
under the Securities Act) of the Shelf Registration Statement, (ii) the effective date of each
post-effective amendment to the Shelf Registration Statement, and (iii) the date of each filing by
the Issuer with the Commission of an Annual Report on Form 10-K that is incorporated by reference
in the Shelf Registration Statement, an earnings statement of the Issuer and its subsidiaries
complying with Section 11(a) of the Securities Act and the rules and regulations of the Commission
thereunder (including, at the option of the Issuer, Rule 158).

     (m) Not later than the Effective Time, the Issuer and the Guarantor shall cause the Indenture
to be qualified under the Trust Indenture Act; in connection with such qualification, the Issuer
and the Guarantor shall cooperate with the Trustee under the Indenture and the Holders (as defined
in the Indenture) to effect such changes to the Indenture as may be required for such Indenture to
be so qualified in accordance with the terms of the Trust Indenture Act; and the Issuer and the
Guarantor shall execute, and shall use all reasonable efforts to cause the Trustee to execute, all
documents that may be required to effect such changes and all other forms and documents required to
be filed with the Commission to enable such Indenture to be so qualified in a timely manner. In
the event that any such amendment or modification referred to in this Section 3(m) involves the
appointment of a new trustee under the Indenture, the Issuer shall appoint a new trustee thereunder
pursuant to the applicable provisions of the Indenture.

     (n) In the event of an underwritten offering conducted pursuant to Section 6 hereof, the
Issuer and the Guarantor shall, if requested, promptly include or incorporate in a Prospectus
supplement or post-effective amendment to the Shelf Registration Statement or, if such form is
available for the purpose of incorporating the relevant information in the Shelf Registration
Statement and Prospectus, in a Current Report on Form 8-K, such information as the Managing
Underwriters reasonably agree should be included therein and to which the Issuer and the Guarantor
do not reasonably object and shall make all required filings of such Prospectus supplement or
post-effective amendment as soon as practicable after it is notified of the matters to be included
or incorporated in such Prospectus supplement or post-effective amendment.

     (o) The Issuer and the Guarantor shall enter into such customary agreements (including an
underwriting agreement in customary form in the event of an underwritten offering conducted
pursuant to Section 6 hereof) and take all other appropriate action in order to expedite and
facilitate the registration and disposition of the Registrable Securities, and in connection
therewith, if an underwriting agreement is
entered into, cause the same to contain indemnification provisions and procedures substantially
identical to those set forth in Section 5 hereof with respect to all parties to be indemnified
pursuant to Section 5 hereof.

     (p) The Issuer and the Guarantor shall:

8

 

     (i)(A) make reasonably available for inspection by the Electing Holders, any
underwriter participating in any disposition pursuant to the Shelf Registration Statement,
and any attorney, accountant or other agent retained by such Electing Holders or any such
underwriter all relevant financial and other records, pertinent corporate documents and
properties of the Issuer and its subsidiaries, including the Guarantor, and (B) cause the
Issuer’s officers, directors and employees to supply all information reasonably requested by
such Electing Holders or any such underwriter, attorney, accountant or agent in connection
with the Shelf Registration Statement, in each case, as is customary for similar due
diligence examinations; provided, however, that all records, information and documents that
are supplied by the Issuer or the Guarantor pursuant to either of Clause (A) or (B) above
shall be kept confidential by such Electing Holders and any such underwriter, attorney,
accountant or agent, unless such disclosure is made in connection with a court proceeding or
required by law, or such records, information or documents are or become available to the
public generally or through a third party without an accompanying obligation of
confidentiality; and provided, further, that, if the foregoing inspection and information
gathering would otherwise disrupt the Issuer’s or the Guarantor’s conduct of its business,
such inspection and information gathering shall, to the greatest extent possible, be
coordinated on behalf of the Electing Holders and the other parties entitled thereto by one
counsel designated by and on behalf of the Electing Holders and other parties;

     (ii) in connection with any underwritten offering conducted pursuant to Section 6
hereof, make such representations and warranties to the Electing Holders participating in
such underwritten offering and to the Managing Underwriters, in form, substance and scope as
are customarily made by the Issuer and the Guarantor to underwriters in primary underwritten
offerings of convertible debt securities;

     (iii) in connection with any underwritten offering conducted pursuant to Section 6
hereof, obtain opinions of counsel to the Issuer (which counsel and opinions (in form, scope
and substance) shall be reasonably satisfactory to the Managing Underwriters) addressed to
each Electing Holder participating in such underwritten offering and the underwriters,
covering such matters as are customarily covered in opinions requested in primary
underwritten offerings of convertible debt securities and such other matters as may be
reasonably requested by such Electing Holders and underwriters;

     (iv) in connection with any underwritten offering conducted pursuant to Section 6
hereof, use commercially reasonable best efforts to obtain “cold comfort” letters and
updates thereof from the independent public accountants of the Issuer (and, if necessary,
from the independent public accountants of any subsidiary of the Issuer, including the
Guarantor, or of any business acquired by the Issuer for which financial statements and financial data are, or are required to be,
included in the Shelf Registration Statement), addressed to each Electing Holder
participating in such underwritten offering (if such Electing Holder has provided such
letter, representations or documentation, if any, required for such cold comfort letter to
be so addressed) and the underwriters, in customary form and covering matters of the type
customarily covered in “cold comfort” letters in connection with primary underwritten
offerings;

     (v) in connection with any underwritten offering conducted pursuant to Section 6
hereof, deliver such documents and certificates as may be reasonably requested by any
Electing

9

 

Holders participating in such underwritten offering and the Managing Underwriters,
if any, including, without limitation, certificates to evidence compliance with Section 3(j)
hereof and with any conditions contained in the underwriting agreement or other agreements
entered into by the Issuer or the Guarantor.

     (q) The Issuer will use its commercially reasonable best efforts to cause the Shares to be
listed for quotation on the Nasdaq Stock Market or other stock exchange or trading system on which
the Common Stock primarily trades on or prior to the Effective Time.

     (r) In the event that any broker-dealer registered under the Exchange Act shall be an
“affiliate” (as defined in Rule 2720(b)(1) of the NASD Rules (or any successor provision thereto))
of the Issuer or the Guarantor or has a “conflict of interest” (as defined in Rule 2720(b)(7) of
the NASD Rules (or any successor provision thereto)) and such broker-dealer shall underwrite,
participate as a member of an underwriting syndicate or selling group or assist in the distribution
of any Registrable Securities covered by the Shelf Registration Statement, whether as a Holder of
such Registrable Securities or as an underwriter, a placement or sales agent or a broker or dealer
in respect thereof, or otherwise, the Issuer and the Guarantor shall assist such broker-dealer in
complying with the requirements of the NASD Rules, including, without limitation, by (A) engaging a
“qualified independent underwriter” (as defined in Rule 2720(b)(15) of the NASD Rules (or any
successor provision thereto)) to participate in the preparation of the registration statement
relating to such Registrable Securities, to exercise usual standards of due diligence in respect
thereto and to recommend the public offering price of such Registrable Securities, (B) indemnifying
such qualified independent underwriter to the extent of the indemnification of underwriters
provided in Section 5 hereof, and (C) providing such information to such broker-dealer as may be
required in order for such broker-dealer to comply with the requirements of the NASD Rules.

     (s) The Issuer and the Guarantor shall use their commercially reasonable best efforts to take
all other steps necessary to effect the registration, offering and sale of the Registrable
Securities covered by the Shelf Registration Statement contemplated hereby.

     4. Registration Expenses. Except as otherwise provided in Section 3 or Section 6, the Issuer
and the Guarantor shall bear all fees and expenses incurred in connection with the performance of
their obligations under Sections 2, 3 and 6 hereof and the Issuer shall bear or reimburse the
Electing Holders for the reasonable fees and disbursements of a single counsel selected by a
plurality of all Electing Holders who own an aggregate of not less than 25% of the Registrable
Securities covered by the Shelf Registration Statement to act as counsel therefore in connection
therewith. Each Electing Holder shall pay all
underwriting discounts and commissions and transfer taxes, if any, relating to the sale or
disposition of such Electing Holder’s Registrable Securities pursuant to the Shelf Registration
Statement.

     5. Indemnification and Contribution.

     (a) Indemnification by the Issuer and the Guarantor. Upon the registration of the Registrable
Securities pursuant to Section 2 hereof, the Issuer and the Guarantor, acting jointly and
severally, shall indemnify and hold harmless each Electing Holder and each underwriter, dealer or
selling agent, if any, which facilitates the disposition of Registrable Securities, and each of
their respective officers and directors and each person who controls such Electing Holder,
underwriter, dealer or selling agent within the meaning of Section 15 of the Securities Act or
Section 20 of the Exchange Act (each such person

10

 

being sometimes referred to as an “Indemnified
Person”) against any losses, claims, damages or liabilities, joint or several, to which such
Indemnified Person becomes subject under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in any Shelf Registration
Statement under which such Registrable Securities are to be registered under the Securities Act, or
any Prospectus contained therein or furnished by the Issuer or the Guarantor to any Indemnified
Person, or any amendment or supplement thereto, or arise out of or are based upon the omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein (in the case of any Prospectus, in the light of the circumstances under
which they were made) not misleading, and the Issuer and the Guarantor hereby agree to reimburse
such Indemnified Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such action or claim as such expenses are incurred; provided,
however, that the Issuer and the Guarantor shall not be liable to any such Indemnified Person in
any such case to the extent that any such loss, claim, damage or liability arises out of or is
based upon an untrue statement or alleged untrue statement or omission or alleged omission made in
such Shelf Registration Statement or Prospectus, or amendment or supplement, in reliance upon and
in conformity with written information furnished to the Issuer or the Guarantor by such Indemnified
Person expressly for use therein.

     (b) Indemnification by the Electing Holders and any Agents and Underwriters. Each Electing
Holder agrees, as a consequence of the inclusion of any of such Electing Holder’s Registrable
Securities in such Shelf Registration Statement, and underwriter, dealer or selling agent, if any,
which facilitates the disposition of Registrable Securities shall agree, as a consequence of
facilitating such disposition of Registrable Securities, severally and not jointly, to (i)
indemnify and hold harmless the Issuer and the Guarantor, their directors, officers who sign any
Shelf Registration Statement and each person, if any, who controls the Issuer or the Guarantor
within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any losses, claims, damages or liabilities to which the Issuer or the Guarantor or such
other persons may become subject, under the Securities Act or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an
untrue statement or alleged untrue statement of a material fact contained in such Shelf
Registration Statement or Prospectus, or any amendment or supplement, or arise out of or are based
upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein (in the case of any Prospectus, in the light of
the circumstances under which they were made) not misleading, in each case to the extent, but only
to the extent, that such untrue statement or
alleged untrue statement or omission or alleged omission was made in reliance upon and in
conformity with written information furnished to the Issuer or the Guarantor by such Electing
Holder, underwriter, dealer or selling agent expressly for use therein, and (ii) reimburse the
Issuer and the Guarantor for any legal or other expenses reasonably incurred by the Issuer and the
Guarantor in connection with investigating or defending any such action or claim as such expenses
are incurred.

     (c) Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection
(a) or (b) above of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against an indemnifying party under this Section 5, notify
such indemnifying party in writing of the commencement thereof; but the omission so to notify the
indemnifying party shall not relieve it from any liability which it may have to any indemnified
party otherwise than under the indemnification provisions of or contemplated by subsection (a) or
(b) above. In case any such action shall be brought against any indemnified party and it shall
notify an indemnifying

11

 

party of the commencement thereof, such indemnifying party shall be entitled
to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel satisfactory to such
indemnified party (who shall not, except with the consent of the indemnified party, be counsel to
the indemnifying party), and, after notice from the indemnifying party to such indemnified party of
its election so to assume the defense thereof, such indemnifying party shall not be liable to such
indemnified party under this Section 5 for any legal expenses of other counsel or any other
expenses, in each case subsequently incurred by such indemnified party, in connection with the
defense thereof other than reasonable costs of investigation. No indemnifying party shall, without
the written consent of the indemnified party, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or claim in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified party
is an actual or potential party to such action or claim) unless such settlement, compromise or
judgment (i) includes an unconditional release of the indemnified party from all liability arising
out of such action or claim and (ii) does not include a statement as to, or an admission of, fault,
culpability or a failure to act, by or on behalf of any indemnified party.

     (d) Contribution. If the indemnification provided for in this Section 5 is unavailable to or
insufficient to hold harmless an indemnified party under subsection (a) or (b) above in respect of
any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein,
then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions in respect thereof) in
such proportion as is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the statements or omissions which resulted in such losses,
claims, damages or liabilities (or actions in respect thereof), as well as any other relevant
equitable considerations. The relative fault of such indemnifying party and indemnified party
shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to
information supplied by such indemnifying party or by such indemnified party, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The parties hereto agree that it would not be just and equitable if
contribution pursuant to this Section 5(d) were determined by pro rata allocation (even if the
Electing Holders or any underwriters, dealers or selling agents or all of them were treated as one
entity for such purpose) or by any other method of allocation which does not take account of the
equitable considerations referred to in this Section 5(d). The amount paid or payable by an indemnified party as a result of the losses,
claims, damages or liabilities (or actions in respect thereof) referred to above shall be deemed to
include any legal or other fees or expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation.
The obligations of the Electing Holders and any underwriters, dealers or selling agents in this
Section 5(d) to contribute shall be several in proportion to the percentage of principal amount of
Registrable Securities registered or underwritten, as the case may be, by them and not joint.

     (e) Notwithstanding any other provision of this Section 5, in no event will any (i) Electing
Holder be required to undertake liability to any person under this Section 5 for any amounts in
excess of the dollar amount of the proceeds to be received by such Electing Holder from the sale of
such Electing Holder’s Registrable Securities (after deducting any fees, discounts and commissions
applicable thereto)

12

 

pursuant to any Shelf Registration Statement under which such Registrable
Securities are to be registered under the Securities Act and (ii) underwriter, dealer or selling
agent be required to undertake liability to any person hereunder for any amounts in excess of the
discount, commission or other compensation payable to such underwriter, dealer or selling agent
with respect to the Registrable Securities underwritten by it and distributed to the public.

     (f) The obligations of the Issuer and the Guarantor under this Section 5 shall be in addition
to any liability which the Issuer or the Guarantor may otherwise have to any Indemnified Person and
the obligations of any Indemnified Person under this Section 5 shall be in addition to any
liability which such Indemnified Person may otherwise have to the Issuer or the Guarantor. The
remedies provided in this Section 5 are not exclusive and shall not limit any rights or remedies
which may otherwise be available to an indemnified party at law or in equity.

     6. Underwritten Offering. Any Holder of Registrable Securities who desires to do so may sell
Registrable Securities (in whole or in part) in an underwritten offering; provided that (i) the
Electing Holders of at least 33-1/3% in aggregate principal amount of the Registrable Securities
then covered by the Shelf Registration Statement shall request such an offering and (ii) at least
such aggregate principal amount of such Registrable Securities shall be included in such offering;
provided, further, that no such request shall be made unless the Issuer and the Guarantor are
eligible to register such Registrable Securities on Form S-3 or any similar successor short-form
registration statement, and provided, further, that neither the Issuer nor the Guarantor shall be
obligated to cooperate with more than one underwritten offering during the Effectiveness Period.
Upon receipt of such a request, the Issuer shall provide all Holders of Registrable Securities
reasonably identifiable or known by it written notice of the request, which notice shall inform
such Holders that they have the opportunity to participate in the offering. In any such
underwritten offering, the investment banker or bankers and manager or managers that will
administer the offering will be selected by, and the underwriting arrangements with respect thereto
(including the size of the offering) will be approved by, the holders of a majority of the
Registrable Securities to be included in such offering; provided, however, that such investment
bankers and managers and underwriting arrangements must be reasonably satisfactory to the Issuer.
No Holder may participate in any underwritten offering contemplated hereby unless (a) such Holder
agrees to sell such Holder’s Registrable Securities to be included in the
underwritten offering in accordance with any approved underwriting arrangements, (b) such Holder
completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting
agreements, lock-up letters and other documents required under the terms of such approved
underwriting arrangements, and (c) if such Holder is not then an Electing Holder, such Holder
returns a completed and signed Notice and Questionnaire to the Issuer in accordance with Section
3(a)(ii) hereof within a reasonable amount of time before such underwritten offering. The Holders
participating in any underwritten offering shall be responsible for any underwriting discounts and
commissions and fees and, subject to Section 4 hereof, expenses of their own counsel. The Issuer
and the Guarantor shall pay all expenses customarily borne by issuers in an underwritten offering,
including but not limited to filing fees, the fees and disbursements of its counsel and independent
public accountants and any printing expenses incurred in connection with such underwritten
offering. Notwithstanding the foregoing or the provisions of Section 3(n) hereof, upon receipt of
a request from the Managing Underwriter or a representative of holders of a majority of the
Registrable Securities to be included in an underwritten offering to prepare and file an amendment
or supplement to the Shelf Registration Statement and Prospectus in connection with an underwritten
offering, the Issuer may delay the filing of any such

13

 

amendment or supplement for up to 90 days if
the Board of Directors of the Issuer shall have determined in good faith that the Issuer has a bona
fide business reason for such delay.

     7. Liquidated Damages.

     (a) Notwithstanding any postponement of effectiveness permitted by Section 2(a) hereof, if (i)
on or prior to May 1, 2007, a Shelf Registration Statement has not been filed with the Commission
as provided in Section 2(a) or (ii) on or prior to the 90th day following such filing, such Shelf
Registration Statement has not become effective (each, a “Registration Default”), the Issuer shall
be required to pay to Electing Holders liquidated damages (“Liquidated Damages”), from and
including the day following such Registration Default until such Shelf Registration Statement is
either so filed or has become effective, as applicable, or, if earlier, the expiration of the
Effectiveness Period, at a rate per annum equal to an additional one-quarter of one percent (0.25%)
of the principal amount of Registrable Securities, to and including the 90th day following such
Registration Default and one-half of one percent (0.50%) thereof from and after the 91st day
following such Registration Default.

     (b) In the event that (i) the Shelf Registration Statement ceases to be effective, (ii) the
Issuer suspends the use of the Prospectus pursuant to Section 2(c) or 3(j) hereof, (iii) the
Holders are not authorized to use the Prospectus pursuant to Section 3(g) hereto or (iv) the
Holders are otherwise prevented or restricted by the Issuer or the Guarantor from effecting sales
pursuant to the Shelf Registration Statement (each event under any of clauses (i)-(iv), an
“Effective Failure”). If Effective Failures occur in respect of more than 30 days, whether or not
consecutive, in any 90-day period, or more than 90 days, whether or not consecutive, during any
12-month period, then the Issuer shall pay Liquidated Damages at a rate per annum equal to an
additional one-quarter of one percent (0.25%) of the principal amount of Registrable Securities
from (x) the 31st day of the applicable 90-day period and (y) one-half of one percent (0.50%) of
the principal amount of Registrable Securities from the 91st day of the applicable 12-month period,
as the case may be, that any such Effective Failure has existed until the earlier of (1) the time
the Electing Holders of Registrable Securities are again able to make sales under the Shelf
Registration Statement or (2) the expiration of the Effectiveness Period. For the purpose of
determining the number of
days in respect of which Effective Failures have occurred under clause (y) above, days on which the
Issuer has been obligated to pay Liquidated Damages in accordance with the foregoing in respect of
a prior Effective Failure within the relevant 12-month period shall not be included.

     (c) Any amounts to be paid as Liquidated Damages pursuant to paragraphs (a) or (b) of this
Section 7 shall be paid in cash semi-annually in arrears, with the first semi-annual payment due on
the first Interest Payment Date (as defined in the Indenture), as applicable, following (i) in the
case of paragraph (a), the date of such Registration Default or (ii) in the case of paragraph (b),
the 31st day upon which an Effective Failure occurs in any 90-day period or the 91st day upon which
an Effective Failure occurs in any 12-month period, as the case may be.  Such Liquidated
Damages will accrue in respect of the Registrable Securities at the rates set forth in paragraphs
(a) or (b) of this Section 7, as applicable, on the principal amount of the Registrable Securities.

     (d) Except as provided in Section 8(b) hereof, the Liquidated Damages as set forth in this
Section 7 shall be the exclusive monetary remedy available to the Holders of Registrable Securities
for such Registration Default or Effective Failure. In no event shall the Issuer be required to pay
Liquidated

14

 

Damages in excess of the applicable maximum amount of one-half of one percent (0.50%)
set forth above, regardless of whether one or multiple Registration Defaults or Effective Failures
exist.

     8. Representations, Warrantees and Agreements. Each of the Issuer and the Guarantor
represents and warrants to, and agrees with, the Seller that:

     (a) The Securities have been authorized, executed, authenticated, issued and delivered under
the Delaware General Corporation Law (“DGCL”) pursuant to and in reliance on Section 303 of the
DGCL and the Company’s Second Amended Joint Plan of Reorganization Pursuant to Chapter 11 of the
United States Bankruptcy Code (the “Plan”) and constitute valid and legally binding obligations of
the Issuer and the Guarantor entitled to the benefits provided by the Indenture and will be
convertible into Common Stock in accordance with their terms and the terms of the Indenture.

     (b) Each of the Indenture and this Agreement has been duly authorized, executed and delivered
by the Issuer and the Guarantor under the DGCL pursuant to and in reliance on Section 303 of the
DGCL and the Plan and constitutes a valid and legally binding instrument, enforceable against each
of them in accordance with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting creditors’ rights
and to general equitable principles.

     (c) The Shares have been authorized and reserved for issuance under the DGCL pursuant to and
in reliance on Section 303 of the DGCL and the Plan and, when issued and delivered in accordance
with the provisions of the Securities and the Indenture, will be validly issued, fully paid and
non-assessable, without any rights of preemption.

     (d) At any time that the Issuer is not subject to Section 13 or Section 15(d) of the Exchange
Act, the Issuer shall, so long as any of the Securities or Shares shall, at such time, constitute
“restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly
provide to the Trustee and shall, upon written request, provide to any holder, beneficial owner or
prospective purchaser of such Securities or Shares, the information required to be delivered
pursuant to Rule 144A(d)(4) under the
Securities Act to facilitate the resale of such Securities or Shares pursuant to Rule 144A
under the Securities Act. The Issuer shall take such further action as any holder or beneficial
owner of such Securities or such Shares may reasonably request to the extent required from time to
time to enable such holder or beneficial holder to sell such Securities or Shares in accordance
with Rule 144A under the Securities Act, as such rule may be amended from time to time.

     (e) In connection with the transactions contemplated hereby and the process leading thereto:
(i) the Seller is acting solely as a principal and not the agent or fiduciary of the Issuer or the
Guarantor; (ii) the Seller has not assumed an advisory or a fiduciary responsibility in favor of
the Issuer or the Guarantor (irrespective of whether the Seller has advised or is currently
advising any such party on other matters) or any other obligation to the Issuer or the Guarantor;
and (iii) each of the Issuer and the Guarantor has consulted its own legal and financial advisors
to the extent it deemed appropriate. Neither the Issuer nor the Guarantor will claim that the
Seller has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty
to the Issuer or the Guarantor, in connection with such transactions or the process leading
thereto.

     (f) A true and correct copy of the Indenture is attached hereto as Exhibit A.

15

 

     9. Miscellaneous.

     (a) Other Registration Rights. The Issuer and Guarantor may grant registration rights that
would permit any person that is a third party the right to piggy-back on any Shelf Registration
Statement, provided that if the Managing Underwriter of any underwritten offering conducted
pursuant to Section 6 hereof notifies the Issuer, the Guarantor and the Electing Holders that the
total amount of securities which the Electing Holders and the holders of such piggy-back rights
intend to include in any Shelf Registration Statement is so large as to materially threaten the
success of such offering (including the price at which such securities can be sold), then the
amount, number or kind of securities to be offered for the account of holders of such piggy-back
rights will be reduced to the extent necessary to reduce the total amount of securities to be
included in such offering to the amount, number and kind recommended by the Managing Underwriter
prior to any reduction in the amount of any Registrable Securities to be included in such Shelf
Registration Statement that are not included in such underwritten offering and prior to or pro rata
with any reduction in the amount of any Registrable Securities to be included in such Shelf
Registration Statement that are included in such underwritten offering.

     (b) Specific Performance. The parties hereto acknowledge that there would be no adequate
remedy at law if the Issuer or the Guarantor fails to perform any of its obligations hereunder and
that the Seller and the Holders from time to time may be irreparably harmed by any such failure,
and accordingly agree that the Seller and such Holders, in addition to any other remedy to which
they may be entitled at law or in equity and without limiting the remedies available to the
Electing Holders under Section 7 hereof, shall be entitled to compel specific performance of the
obligations of the Issuer and the Guarantor under this Registration Rights Agreement in accordance
with the terms and conditions of this Registration Rights Agreement, in any court of the United
States or any State thereof having jurisdiction.

     (c) Amendments and Waivers. This Agreement, including this Section 8(c), may be amended, and
waivers or consents to departures from the provisions hereof may be given, only by a written
instrument duly executed by the Issuer, the Guarantor and the holders of a majority in aggregate
principal amount of Registrable Securities then outstanding. Each Holder of Registrable Securities
outstanding at the time of any such amendment, waiver or consent or thereafter shall be bound by
any amendment, waiver or consent effected pursuant to this Section 8(c), whether or not any notice,
writing or marking indicating such amendment, waiver or consent appears on the Registrable
Securities or is delivered to such Holder.

     (d) Notices. All notices and other communications provided for or permitted hereunder shall
be given as provided in the Indenture.

     (e) Parties in Interest. The parties to this Agreement intend that all Holders of Registrable
Securities shall be entitled to receive the benefits of this Agreement and that any Electing Holder
shall be bound by the terms and provisions of this Agreement by reason of such election with
respect to the Registrable Securities which are included in a Shelf Registration Statement. All
the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and
shall be enforceable by the respective successors and assigns of the parties hereto and any Holder
from time to time of the Registrable Securities to the aforesaid extent. In the event that any
transferee of any Holder of Registrable Securities shall acquire Registrable Securities, in any
manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall,
without any further writing or action of any

16

 

kind, be entitled to receive the benefits of and, if
an Electing Holder, be conclusively deemed to have agreed to be bound by and to perform all of the
terms and provisions of this Agreement to the aforesaid extent.

     (f) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an
original and all of which taken together shall constitute one and the same agreement.

     (g) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (h) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

     (i) Severability. In the event that any one or more of the provisions contained herein, or
the application thereof in any circumstances, is held invalid, illegal or unenforceable in any
respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way impaired or affected
thereby, it being intended that all of the rights and privileges of the parties hereto shall be
enforceable to the fullest extent permitted by law.

     (j) Survival. The respective indemnities, agreements, representations, warranties and other
provisions set forth in this Agreement or made pursuant hereto shall remain in full force and
effect, regardless of any investigation (or any statement as to the results thereof) made by or on
behalf of any Electing Holder, any director, officer or partner of such Holder, any agent or
underwriter, any director, officer or partner of such agent or underwriter, or any controlling
person of any of the foregoing, and shall survive the transfer and registration of the Registrable
Securities of such Holder.

17

 

     Please confirm that the foregoing correctly sets forth the agreement among the Issuer, the
Guarantor and you.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	UAL Corporation	 	 	 	United Air Lines, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Frederic F. Brace	 	 	 	By:	 	/s/ Frederic F. Brace	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Name: Frederic F. Brace	 	 	 	Name: Frederic F. Brace	 	 
	Title: Executive
Vice President and Chief

          Financial Officer	 	 	 	Title: Executive
Vice President and Chief

          Financial Officer	 	 

Accepted as of the date hereof:

Goldman, Sachs & Co.

/s/ Goldman,
Sachs & Co.

	(Goldman,
Sachs & Co.) 	 

18

 

Appendix A

UAL Corporation

INSTRUCTION TO DTC PARTICIPANTS

(Date of Mailing)

URGENT — IMMEDIATE ATTENTION REQUESTED

DEADLINE FOR RESPONSE: [Deadline]

          The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which
beneficial interests in the 4.50% Senior Limited-Subordination Convertible Notes due 2021 (the
"Securities”) issued by UAL Corporation, a Delaware corporation (the “Issuer”), and guaranteed by
United Air Lines, Inc. (the “Guarantor”) are held.

          The Issuer and the Guarantor are in the process of registering the Securities under the
Securities Act of 1933 for resale by the beneficial owners thereof. In order to have their
Securities included in the registration statement, beneficial owners must complete and return the
enclosed Notice of Registration Statement and Selling Securityholder Questionnaire.

          It is important that beneficial owners of the Securities receive a copy of the enclosed
materials as soon as possible as their rights to have the Securities included in the
registration statement depend upon their returning the Notice and Questionnaire by [Deadline].
Please forward a copy of the enclosed documents to each beneficial owner that holds interests in
the Securities through you. If you require more copies of the enclosed materials or have any
questions pertaining to this matter, please contact [Name, address and telephone number of contact
at the Issuer].

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UAL Corporation

Notice of Registration Statement

and

Selling Securityholder Questionnaire

[Date]

          UAL Corporation (the “Issuer”) and United Air Lines, Inc. (the “Guarantor”) have filed with
the United States Securities and Exchange Commission (the “Commission”) a registration statement on
Form S-3 (the “Shelf Registration Statement”) for the registration and resale under Rule 415 of the
United States Securities Act of 1933, as amended (the “Securities Act”), of the Issuer’s 4.50%
Senior Limited-Subordination Convertible Notes due 2021 (the “Securities”), guaranteed by the
Guarantor and the shares of common stock, par value $0.01 per share (the “Common Stock”), issuable
upon conversion thereof or in payment of accrued interest in respect of such Securities, in
accordance with the Registration Rights Agreement, dated as of July 25, 2006 (the “Registration
Rights Agreement”), among the Issuer, the Guarantor, and Goldman, Sachs & Co. A copy of the
Registration Rights Agreement is attached hereto. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Registration Rights Agreement.

          In order to have Registrable Securities included in the Shelf Registration Statement (or a
supplement or amendment thereto), this Notice of Registration Statement and Selling Securityholder
Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Issuer
at the address set forth herein for receipt ON OR BEFORE [DEADLINE FOR RESPONSE].
Beneficial owners of Registrable Securities who do not complete, execute and return this Notice and
Questionnaire by such date (i) will not be named as selling securityholders in the Shelf
Registration Statement and (ii) may not use the Prospectus forming a part thereof for resales of
Registrable Securities.

          Certain legal consequences arise from being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus. Accordingly, holders and beneficial owners of
Registrable Securities are advised to consult their own securities law counsel regarding the
consequences of being named or not being named as a selling securityholder in the Shelf
Registration Statement and related Prospectus.

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          The term “Registrable Securities” is defined in the Registration Rights Agreement to
mean all or any portion of the Securities issued under the Indenture and the shares of Common Stock
issuable upon conversion of such Securities or in payment of accrued interest in respect of such
Securities; provided, however, that a security ceases to be a Registrable Security
when it is no longer a Restricted Security.

          The
term “Restricted Security” is defined in the Registration Rights Agreement to mean
any Security or share of Common Stock issuable upon conversion thereof or in payment of accrued
interest in respect of such Securities except any such Security or share of Common Stock which (i)
has been effectively registered under the Securities Act and sold in a manner contemplated by the
Shelf Registration Statement, (ii) has been transferred in compliance with Rule 144 under the
Securities Act (or any successor provision thereto) or is transferable pursuant to paragraph (k) of
such Rule 144 (or any successor provision thereto) or (iii) has otherwise been transferred and a
new Security or share of Common Stock not subject to transfer restrictions under the Securities Act
has been delivered by or on behalf of the Issuer in accordance with the Indenture.

ELECTION

          The undersigned holder (the “Selling Securityholder”) of Registrable Securities hereby elects
to include in the Shelf Registration Statement the Registrable Securities beneficially owned by it
and listed below in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and
conditions of this Notice and Questionnaire and the Registration Rights Agreement, including,
without limitation, Section 5 of the Registration Rights Agreement, as if the undersigned Selling
Securityholder were an original party thereto.

          Upon any sale of Registrable Securities pursuant to the Shelf Registration Statement, the
Selling Securityholder will be required to deliver to the Issuer and the Trustee the Notice of
Transfer (completed and signed) set forth in Exhibit 1 to this Notice and Questionnaire.

          The Selling Securityholder hereby provides the following information to the Issuer and the
Guarantor and represents and warrants that such information is accurate and complete:

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QUESTIONNAIRE

	 	(1)	 	(a) Full Legal Name of Selling Securityholder:
	 
	 	 	 	 

	 
	 	(b)	 	Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable
Securities Listed in Item (3) Below:
	 
	 	 	 	 

	 
	 	(c)	 	Full Legal Name of DTC Participant (if applicable and if not the same as (b) above)
Through Which Registrable Securities Listed in Item (3) Below are Held:
	 
	 	 	 	 

	 	 	 	 	 	 	 
	(2)	 	Address for Notices to Selling Securityholder:  
	 
	 	 	 	 	 	 
	 

	 	 	 	 
	 	 
	 

	 	 	 	 
	 	 
	 

	 	Telephone:
	 	 
	 	 
	 

	 	Fax:
	 	 
	 	 
	 

	 	Contact Person:
	 	 
	 	 
	 

	 	 	 	 
	 	 

	(3)	 	Beneficial Ownership of Securities:

	 	 	 	Except as set forth below in this Item (3), the undersigned Selling Securityholder does
not beneficially own any Securities or shares of Common Stock issued upon conversion,
repurchase, redemption of any Securities or in payment of interest on any Securities.
	 
	 	(a)	 	Principal amount of Securities that are Registrable Securities (as defined in the
Registration Rights Agreement) beneficially owned:
	 
	 	 	 	 

	 
	 	 	 	CUSIP No(s). of such Securities that are Registrable Securities:
	 	 	 	 

	 
	 	 	 	Number of shares of Common Stock (if any) that are Registrable Securities:
	 	 	 	 

	 
	 	(b)	 	Principal amount of Securities other than Registrable Securities beneficially owned:

	 
	 	 	 	 

	 
	 	 	 	CUSIP No(s). of such other Securities:
	 	 	 	 

	 
	 	 	 	Number of shares of Common Stock (if any) other than Registrable Securities beneficially
owned:
	 	 	 	 

	 
	 	(c)	 	Principal amount of Securities that are Registrable Securities which the undersigned
wishes to be included in the Shelf Registration Statement:
	 	 	 	 

	 
	 	 	 	CUSIP No(s). of such Securities that are Registrable Securities to be included in the
Shelf Registration Statement:
	 
	 	 	 	Number of shares of Common Stock (if any) that are Registrable Securities which are to be
included in the Shelf Registration Statement:
	 	 	 	 

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	(4)	 	Beneficial Ownership of Other Securities of the Issuer or the Guarantor:
	 
	 	 	Except as set forth below in this Item (4), the undersigned Selling Securityholder is not
the beneficial or registered owner of any shares of Common Stock or any other
securities of the Issuer or the Guarantor, other than the Securities and shares of
Common Stock listed above in Item (3).
	 
	 	 	State any exceptions here:
	 
	(5)	 	Relationships with the Issuer and the Guarantor:
	 
	 	 	Except as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal equity holders (5% or more) has held any position or
office or has had any other material relationship with the Issuer, the Guarantor or
their respective predecessors or affiliates) during the past three years.
	 
	 	 	State any exceptions here:
	 
	(6)	 	Plan of Distribution:
	 
	 	 	Except as set forth below, the undersigned Selling Securityholder intends to distribute
the Registrable Securities listed above in Item (3) only as follows (if at all):
Such Registrable Securities may be sold from time to time directly by the undersigned
Selling Securityholder or, alternatively, through underwriters, broker-dealers or
agents. Such Registrable Securities may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined
at the time of sale, or at negotiated prices. Such sales may be effected in
transactions (which may involve crosses or block transactions) (i) on any national
securities exchange or quotation service on which the Registrable Securities may be
listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in
transactions otherwise than on such exchanges or services or in the over-the-counter
market, or (iv) through the writing of options. In connection with sales of the
Registrable Securities or otherwise, the Selling Securityholder may enter into
hedging transactions with broker-dealers, which may in turn engage in short sales of
the Registrable Securities in the course of hedging the positions they assume. The
Selling Securityholder may also sell Registrable Securities short and deliver
Registrable Securities to close out such short positions, or loan or pledge
Registrable Securities to broker-dealers that in turn may sell such securities.
	 
	 	 	State any exceptions here:

          Note: In no event may such method(s) of distribution take the form of an underwritten
offering of the Registrable Securities without the prior agreement of the Issuer.

          By signing below, the Selling Securityholder acknowledges that it understands its obligation
to comply, and agrees that it will comply, with the prospectus delivery and other provisions of

23

 

the
Securities Act and the Exchange Act and the rules and regulations thereunder, particularly
Regulation M.

          In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the
Issuer, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer
of its rights and obligations under this Notice and Questionnaire and the Registration Rights
Agreement.

          By signing below, the Selling Securityholder consents to the disclosure of the information
contained herein in its answers to Items (1) through (6) above and the inclusion of such
information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder
understands that such information will be relied upon by the Issuer and the Guarantor in connection
with the preparation of the Shelf Registration Statement and related Prospectus.

          In accordance with the Selling Securityholder’s obligation under Section 3(a) of the
Registration Rights Agreement to provide such information as may be required by law for inclusion
in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the
Issuer and the Guarantor of any inaccuracies or changes in the information provided herein which
may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains
in effect. All notices hereunder and pursuant to the Registration Rights Agreement shall be made
in writing, by hand-delivery, first-class mail, or air courier guaranteeing overnight delivery as
follows:

	 	 	 	 	 
	(i) To the Issuer and the Guarantor:

 	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	
	(ii) With a copy to:
	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	
	 	 	 
	 	 	 
	 

          Once this Notice and Questionnaire is executed by the Selling Securityholder and received by
the Issuer, the terms of this Notice and Questionnaire, and the representations and warranties
contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by
the respective successors, heirs, personal representatives, and assigns of the Issuer, the
Guarantor and the Selling
Securityholder (with respect to the Registrable Securities beneficially owned by such Selling
Securityholder and listed in Item (3) above). This Agreement shall be governed in all respects by
the laws of the State of New York.

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     IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and
Questionnaire to be executed and delivered either in person or by its duly authorized agent.

     Dated:                                        

	 	 	 	 	 
	 	 	 

	 	 	Selling Securityholder
	 	 	(Print/type full legal name of beneficial owner of Registrable Securities)
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

     PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE
[DEADLINE] TO THE ISSUER AT:

 

 

 

 

 

25

 

Exhibit 1

to Appendix A

NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT

UAL Corporation

1200 East Algonquin Road

Elk Grove Township, IL 60007

Attention: [General Counsel]

[Name of Trustee]

[Address of Trustee]

Attention: [Corporate Trust Services]

			
	                     Re:	 	UAL Corporation (the “Issuer”)

4.50% Senior Limited-Subordination Convertible Notes (the “Securities”)

     Dear Sirs:

          Please be advised that                                          has transferred
 $               
      aggregate principal
amount of the above-referenced Securities or shares of the Issuer’s common stock, issued upon
conversion, repurchase or redemption of, or in payment of accrued interest in respect of,
Securities, pursuant to an effective Registration Statement on Form S-3 (File No. 333-     ) filed
by the Issuer.

          We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of
1933, as amended, have been satisfied with respect to the transfer described above and that the
above-named beneficial owner of the Securities or common stock is named as a selling securityholder
in the Prospectus dated [Date], or in amendments or supplements thereto, and that the aggregate
principal amount of the Securities or number of shares of common stock transferred are the
Securities or shares of common stock listed in such Prospectus as amended or supplemented opposite
such owner’s name.

     Dated:

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	 	 
	 	(Name) 	 
	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	 	 
	 	 	 	 

26

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