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Word 8.0 Generic Normal Template, rev. 4/1/97, The Legal MacPac

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Exhibit 10.6

 

 

 
SECOND AMENDMENT
UAL CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

(Effective as of July 12, 1994)

By virtue and in exercise of the amending power reserved to UAL Corporation
(the "Company") under Section 13.1(a) of the UAL Corporation Employee Stock
Ownership Plan (effective as of July 12, 1994) (the "Plan"), which amending
power thereunder is subject to the approval of the Air Line Pilots Association
International ("ALPA") and the International Association of Machinists
and Aerospace Workers (the "IAM"), the Company hereby amends the Plan,
subject to the approval of ALPA and the IAM, as follows, effective January
1, 1995. The amendments to Section 1(p) and 1(yy) as set forth below are
intended to document the previously-existing interpretation of the Plan,
rather than to accomplish a substantive change to the Plan.

1. The following is hereby inserted as a new paragraph at the end of
the material labelled "Part A" which precedes Section 1:

"For the Plan Years beginning on and after January 1, 1995, the foregoing
percentages are amended to take into account the participation by the IAM
Employee Group in allocations of Class 2 Non-Voting Preferred Stock under
Part B and the Supplemental Plan. Accordingly, the shares of Class 1 Non-Voting
Preferred Stock allocated on or after January 1, 1995, will be allocated
ratably over the remaining Wage Investment Period, to the Employee Groups
in accordance with the following revised percentages:
ALPA Employee Group - 32.234549%

IAM Employee Group - 47.036084%

Management and Salaried Employee Group - 20.729367%"

2. Clause (i) of Section 1(p) is amended to read as follows:

"(i) the total cash compensation (and any in-kind compensation which
the Participant could have elected to receive as cash) paid to the Participant
for services while a Participant and an Eligible Employee, during the Plan
Year for services rendered to his Employer, including bonuses and overtime
pay, plus"

3. Section 1(p) is amended by adding the following to the end of the section:
"With respect to a Participant who is a member of the ALPA Employee
Group, Compensation shall include pay received for vacation time in the
year paid (whether before or after termination of employment)."

4. Section 1(x) is amended as follows:
[Add appropriate amendment concerning eligibility of IAM members.]

5. The following new Section 1(oo)A is hereby added after Section 1(oo)
and before Section 1(pp):
"(oo)A 'Special Annual Allocation' means the allocation referred to
in Section 5.4(f)."

6. Section 1(yy) is amended by adding the following to the end of the section:
"A Participant's Wage Investment shall be calculated with respect
to vacation pay in the year paid (whether before or after termination of
employment)."

7. Section 5.4(a)(i)(A) is amended by adding the following to the end of
the section:
"For Class 1 Non-Voting Preferred Stock released for Plan Years beginning
on or after January 1, 1995, the allocation percentage shall be as follows:
ALPA Employee Group - 32.234549%; IAM Employee Group - 47.036084% and Management
and Salaried Employee Group - 20.729367%."

8. The following is hereby added to the end of Section 5.4(a)(iii):
"Notwithstanding the foregoing, for each Plan Year beginning on or
after January 1, 1995, the Employer Contributions tentatively allocated
under this clause (iii) shall be the Employer Contributions remaining after
the allocation of the Special Annual Allocation (if any) for such Plan
Year pursuant to Section 5.4(f). Accordingly, a Participant's tentative
allocation under this subsection shall be the sum of the Special Annual
Allocation (if any) allocated to the Participant for the Plan Year, plus
the allocation under the preceding portions of this clause of the Employer
Contributions remaining after the Special Annual Allocation."

9. Section 5.4(c) is amended, for Plan Years beginning on or after January
1, 1995, by eliminating the following proviso:
"provided, however, that no allocations (other than allocations under
clauses (i) and (viii) below) shall be made to Accounts of Participants
who are members of the IAM Employee Group."

10. The second sentence of Section 5.4(c)(ii) is amended by inserting the
following after "Such number shall equal" and before "the number of shares
that would have been allocated to the Participant...":
"the sum of the number of shares set forth as the hypothetical allocation
to the Participant in the Special Annual Allocation for that Plan Year
(if any), plus"

11. Section 5.4(c)(ii) is amended by adding the following to the end of
the section:
"For Plan Years beginning on or after January 1, 1995, the hypothetical
share number shall be calculated by taking into account the Special Annual
Allocation applicable to that Plan Year (if any). By way of illustration,
assume that for the 1995 Plan Year, a total of 1,110,456.695 shares are
to be allocated to members of the ALPA Employee Group, and that 5,000 of
those shares are to be allocated in the Special Annual Allocation applicable
members of the ALPA Employee Group. Under this example, the hypothetical
share number of a member of the ALPA Employee Group for 1995 shall equal
the sum of (x) the portion of the 5,000 shares set forth as the hypothetical
allocation to the employee pursuant to the Special Annual Allocation for
1995, plus (y) the employee's ratable portion (based upon Compensation
as modified under this clause (ii)) of the remaining 1,105,455.695 shares."

12. The following new Section 5.4(f) is added to the Plan:
"(f) Special Annual Allocations. For each Plan Year beginning on or
after January 1, 1995, the Special Annual Allocation described in Appendix
A applicable to the Plan Year (if any) shall be made after the application
of clauses (i) and (ii) of Section 5.4(a), but prior to the application
of clause (iii) of Section 5.4(a) and the clauses subsequent to clause
(iii), and the hypothetical allocation set forth in the Special Annual
Allocation applicable to the Plan Year shall be made as a part of the calculation
of the hypothetical share number as set forth in clause (ii) of Section
5.4(c). If Appendix A does not set forth a Special Annual Allocation applicable
to a particular Plan Year, then there shall be no Special Annual Allocation
for that Plan Year."

13. The following Appendix A is hereby added to the Plan:

"APPENDIX A

SPECIAL ANNUAL ALLOCATIONS

This Appendix A is part of the UAL Corporation Employee Stock Ownership
Plan. The purpose of this Appendix A is to set forth the terms of the Special
Annual Allocation referred to in Section 5.4(f) of the ESOP. This Appendix
A may only be amended pursuant to Section 13.1 of the ESOP.

Special Annual Allocation for 1995. For the Plan Year beginning
January 1, 1995, there shall be two Special Annual Allocations. The first
Special Annual Allocation is described in subsection (a) below, and is
intended to provide to the accounts of certain Participants who are members
of the IAM Employee Group the shares of Class 1 Non-Voting Preferred Stock
which would have been provided in 1994, but for the application of the
limits of Code Section 415. The second Special Annual Allocation is described
in subsection (b) below, shall be made to all individuals who were Participants
in 1994, and is intended to adjust the Accounts of Participants to the
levels which had originally been reported to Participants in the allocation
of shares for 1994, but which were overstated because additional Compensation
and Wage Investments were subsequently reported for 1994. The second Special
Annual Allocation is also intended to adjust the Accounts of Participants
whose accounts had not been overreported so that their allocations will
be on a par with the allocations to the Participants described in the preceding
sentence.

(a) Special Annual Allocation for IAM Employee Group. A portion
of the Employer Contributions allocated to the IAM Employee Group for 1995
shall be allocated to the Accounts of those Participants who are members
of the IAM Employee Group to whom Contributions were limited by the application
of Code Section 415 for the 1994 Plan Year. For each such Participant,
the shares which would have been allocated but for the application of the
limits of Code Section 415 are referred to as the "1994 Shortfall Shares."
For purposes of calculating the Special 1995 IAM Allocation, there shall
be calculated the "1995 IAM Average Contribution," which shall be equal
to the total Employer Contributions allocated to the IAM Employee Group
for the 1995 Plan Year, divided by the total number of shares of Class
1 Non-Voting Preferred Stock allocated to the IAM Employee Group for the
1995 Plan Year, excluding, however, the shares allocated to the IAM Employee
Group for the 1995 Plan Year on account of dividends paid on previously-allocated
shares.

(1) Amount to be included in tentative allocation. The following
amount shall be included in the tentative allocation under Section 5.4(a)(iii)
as the Special Annual Allocation to each affected Participant: the lesser
of (i) the sum of (xx) the 1995 IAM Average Contribution times the Participant's
1994 Shortfall Shares, plus (yy) $8.8872, times the Participant's 1994
Shortfall Shares, times a fraction the numerator of which is the 1995 IAM
Average Contribution, and the denominator of which is the fair market value
of a share of Class 1 Non-Voting Preferred Stock as of the end of the 1995
Plan Year, or (ii) the allocation permitted for 1995 pursuant to Code Section
415.

(2) Shares to be included in hypothetical share number and hypothetical
allocation. The following number of shares is to be included in the
hypothetical share number under Section 5.4(c)(ii) and Section 2.4(a) of
the Supplemental Plan as the Special Annual Allocation for each affected
Participant: the sum of (i) the 1994 Shortfall Shares, plus (ii) $8.8872
times the Participant's 1994 Shortfall Shares divided by the fair market
value of a share of Class 1 Non-Voting Preferred Stock as of the end of
the 1995 Plan Year.

(b) 1995 Special Annual Allocation for All Employee Groups. For
each individual who was a Participant in 1994 (a "1994 Participant"), there
shall be calculated a number of shares referred to as the "1995 Make-up
Shares." The 1995 Make-up Shares for each 1994 Participant shall equal
the difference between the number of shares actually allocated to the 1994
Participant for the 1994 Plan Year (using the final Compensation and Wage
Investment data), and the number of shares which would have been allocated
to the 1994 Participant for the 1994 Plan Year if the following facts had
been correct for the 1994 Plan Year: (1) the total Compensation of Participants
who were members of the ALPA Employee Group (without respect to the limitations
of Code Section 401(a)(17) and the limitation contained in Section 1(p)
of four times the dollar limit under Code Section 415(c)(1)(A)) was $415,308,677.81,
(2) the total Compensation of Participants who were members of the ALPA
Employee Group (limited by the limitation contained in Section 1(p) of
four times the dollar limitation under Code Section 415(c)(1)(A)) was $375,772,138.78,
(3) the total Compensation of ALPA Participants (without respect to the
limitation contained in Section 1(p) of four times the dollar limit under
Code Section 415(c)(1)(A), but limited by Code Section 401(a)(17)) was
$407,265,547.88, (4) the total Wage Investments were $91,675,662.89, (5)
the total Compensation of members of the Management and Salaried Employee
Group (without respect to the limitation of Code Section 401(a)(17)) was
$346,925,400.49, and (6) the total Compensation of members of the Management
and Salaried Employee Group (limited by Code Section 401(a)(17)) was $345,997,953.17.

For purposes of calculating the 1995 Special Annual Allocation, there
shall be calculated (x) the "1995 ALPA Average Contribution," which shall
be equal to the total Employer Contributions allocated to the ALPA Employee
Group for the 1995 Plan Year, divided by the total number of shares of
Class 1 Non-Voting Preferred Stock allocated to the ALPA Employee Group
for the 1995 Plan Year, excluding, however, the shares allocated to the
ALPA Employee Group for the 1995 Plan Year on account of dividends paid
on previously-allocated shares, and (y) the "1995 M&S Average Contribution,"
which shall be equal to the total Employer Contributions allocated to the
Management and Salaried Employee Group for the 1995 Plan Year, divided
by the total number of shares of Class 1 Non-Voting Preferred Stock allocated
to the Management and Salaried Employee Group for the 1995 Plan Year, excluding,
however, the shares allocated to the Management and Salaried Employee Group
for the 1995 Plan Year on account of dividends paid on previously-allocated
shares. The 1995 IAM Average Contribution, calculated as set forth in subsection
(a) above shall also be used in this subsection (b). For each 1994 Participant,
the result of the above calculation which applies his Employee Group is
the "Applicable Average Contribution."

(1) Amount to be included in tentative allocation. The following
amount shall be included in the tentative allocation under Section 5.4(a)(iii)
as the Special 1995 Allocation to each 1994 Participant: the lesser of
(i) the sum of (xx) the Applicable Average Contribution, times the Participant's
1995 Make-up Shares, plus (yy) $8.8872, times the Participant's 1995 Make-up
Shares, times a fraction the numerator of which is the Applicable Average
Contribution, and the denominator of which is the fair market value of
a share of Class 1 Non-Voting Preferred Stock as of the end of the 1995
Plan Year, or (ii) the allocation permitted for 1995 pursuant to Code Section
415.

(2) Shares to be included in hypothetical share number and hypothetical
allocation. The following number of shares is to be included in the
hypothetical share number under Section 5.4(c)(ii) and Section 2.4(a) of
the Supplemental Plan as the Special Annual Allocation for each affected
Participant: the sum of (i) the 1995 Make-up Shares, plus (ii) $8.8872
times the Participant's 1994 Make-up Shares divided by the fair market
value of a share of Class 1 Non-Voting Preferred Stock as of the end of
the 1995 Plan Year.

(c) In the case of any member of the IAM Employee Group who is subject
to both subsections (a) and (b), the total 1995 Special Annual Allocation
shall be the sum of the amounts determined for such Participant under both
subsections.

IN WITNESS WHEREOF, the Company has caused this Second Amendment to
be executed on August 17, 1995.

                                          
             
UAL CORPORATION

 

 

 

 

                                          
           

/s/ Stuart I. Oran

                                         
              
Executive Vice President-

                                         
              
Corporate Affairs and

                                         
              
General Counsel

                                          
             
APPROVED BY:

                                          
            
AIR LINE PILOTS ASSOCIATION,

                                         
             
INTERNATIONAL

 

                                          
            
/s/ Harlow B. Osteboe                            

/s/ J.Randolph Babbitt

 

 

                                          
             
INTERNATIONAL ASSOCIATION

                                         
              
OF MACHINISTS AND

                                         
              
AEROSPACE WORKERS

 

                                          
           

/s/ Kenneth W. Thiede

 

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</DOCUMENT>Word 8.0 Generic Normal Template, rev. 4/1/97, The Legal MacPac

<DOCUMENT>

<TYPE> EX-10.15

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Exhibit 10.15

 

ELEVENTH AMENDMENT

UAL CORPORATION

EMPLOYEE STOCK OWNERSHIP PLAN

(Effective as of July 12, 1994)

By virtue and in exercise of the amending power reserved to UAL Corporation
(the "Company") under Section 13.1(a) of the UAL Corporation Employee Stock
Ownership Plan (effective as of July 12, 1994) (the "Plan"), which amending
power thereunder is subject to the approval of the Air Line Pilots Association
International ("ALPA") and the International Association of Machinists
and Aerospace Workers (the "IAM"), the Company hereby amends the Plan,
subject to the approval of ALPA and the IAM, as follows, effective January
1, 2000.

1. Section 5.5(d) is amended to read as follows, effective for allocations
with respect to Plan Years commencing on or after January 1, 2000:

"(d) Multiple Defined Contribution Plans.
(i) ALPA and IAM Employee Groups. In any case where a Participant who
is a member of the ALPA Employee Group or the IAM Employee Group also participates
in another defined contribution plan of the Company or its Affiliates,
the Committee and the appropriate committee of such other plan shall first
reduce the after-tax contributions under any such other plan, shall then
reduce the contributions under Section 5.4(c)(vi) of this Plan, shall then
reduce any elective deferrals under any such other plan subject to Code
section 401(k), shall then reduce contributions under this Plan (Part B
to generally be reduced before Part A, but Part A shall be reduced prior
to Part B to the extent set forth in the provisions of Section 5.4(a)(iii)
which refer to Voting Preferred Stock), and, if necessary shall then reduce
all other contributions under any such other plan.

(ii) Management and Salaried Employee Group. In any case where a Participant
who is a member of the Management and Salaried Employee Group also participates
in another defined contribution plan of the Company or its Affiliates,
the Committee and the appropriate committee of such other plan shall first
reduce the after-tax contributions under any such other plan, shall then
reduce any elective deferrals under any such other plan subject to Code
section 401(k), shall then reduce all other contributions under any such
other plan and, if necessary shall then reduce contributions under this
Plan (Part B to generally be reduced before Part A, but Part A shall be
reduced prior to Part B to the extent set forth in the provisions of Section
5.4(a)(iii) which refer to Voting Preferred Stock)."

 

 

IN WITNESS WHEREOF, the Company has caused this Eleventh Amendment to be
executed on December 29, 2000.

                                          
             
UAL CORPORATION

 

 

                                          
             
/s/ Douglas A. Hacker

                                          
             
APPROVED BY:

                                          
             
AIR LINE PILOTS ASSOCIATION,

                                         
              
INTERNATIONAL

 

 

                                          
            
/s/ Duane Woerth

                                          
            
/s/ Fredrick C. Dubinsky

 

 

                                          
             
INTERNATIONAL ASSOCIATION

                                         
              
OF MACHINISTS AND

                                         
              
AEROSPACE WORKERS

 

 

                                          
            
/s/ Scotty Ford

                                          
            
/s/ S.R. Canael

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