Document:

NON QUALIFIED STOCK OPTION UNDER 1981

Exhibit 10.43

AGREEMENT WITH JOHN W. CREIGHTON, JR.

NON-QUALIFIED STOCK OPTION UNDER 2000

INCENTIVE STOCK PLAN OF UAL CORPORATION

          This Option,
granted this 28th day of October, 2001 by UAL Corporation, a
Delaware corporation (hereinafter called the "Company"), to John W. Creighton,
Jr., an employee of the Company or one of its subsidiaries (hereinafter
called the "Employee").

WITNESSETH:

          The object of
this Option is to provide a means to permit the Employee to acquire shares
of Common Stock, $.01 par value per share (hereinafter referred to as "Common
Stock"), of the Company pursuant to a non-qualified option for the purposes
set forth in the 2000 Incentive Stock Plan.

          NOW, THEREFORE,
the Company hereby grants to the Employee an option (hereinafter called
the "Option") to purchase, from time to time, all or any part of a total
of  400,000 shares of Common Stock for a period of time beginning
the date of the grant and ending October 27, 2011, ten years after the
date of the Option (hereinafter called the "Option Period"), upon and subject
to the following terms and conditions:

          1.  For
any shares of Common Stock purchased at any time during the Option Period,
the Employee shall pay to the Company Fourteen Dollars and Forty-Eight
Cents ($14.48) per share (hereinafter called the "Option Purchase Price"),
being not less than 100% of the fair market value of the shares on the
date hereof.

          2.  The
Option may be exercised, subject to provisions herein relative to its termination
and to the provisions of Section 3 hereof, only within the Option Period
and only (a) by notices in writing of intent to exercise the Option, each
of which notices shall state the number of shares in respect of which the
Option is exercised, delivered to the Corporate Secretary of UAL Corporation,
or mailed by registered or certified mail addressed to the Corporate Secretary
of UAL Corporation, P. O. Box 66919, Chicago, Illinois 60666, from time
to time, until said total of 400,000 shares has been purchased, and (b)
by payment to the Company of the aggregate Option Purchase Price for the
number of shares in respect of which the Option is exercised (together
with any taxes required to be withheld) contemporaneously with its receipt
of each such notice (provided that the Company may, in its sole discretion,
permit a later payment).  Payment of such aggregate Option Purchase
Price may be made, in whole or in part, by the delivery of whole shares
of Common Stock which (i) have a market value equal to such aggregate Option
Purchase Price (or equal to the portion of such aggregate Option Purchase
Price being paid with such shares), (ii) are held of record by the Employee,
and (iii) have been owned by the Employee, either of record or beneficially
through a broker or other nominee, for at least six months.  The Company
may require at the time the Option is exercised a written statement of
the person exercising the Option that his or her intention is to acquire
the shares for investment and without a view to their distribution.

          3.  The
Option is subject to the following limitations upon its exercise:

          (a)  No
shares may be acquired until November 28, 2001.
           (b) 
On the 28th day of each of the six (6) consecutive months beginning
on November 28, 2001, the Employee will be entitled to exercise the right
to purchase one-sixth (1/6) of the total number of shares specified in
the Option.

          4.  TheEmployee
may elect, in accordance with the Option Deferral Policy as in effect from
time to time, to defer receipt of the shares that result from the exercise
of the Option.  The election to defer receipt of shares is irrevocable.

          5.  Unless
an election to transfer has been made, the Option is not transferable by
the Employee, other than by will or the laws of descent and distribution,
and may be exercised, during the lifetime of the Employee, only by the
Employee.  Upon election, Employee may transfer any part of or all
of the Option, but only to persons provided by, and in a manner consistent
with, the Option Transfer Policy.

          6.  Except
as otherwise provided in this paragraph, the Option shall terminate on
October 27, 2011.  If the Employee's employment (by the Company or
any of its subsidiaries) shall cease for any reason except death, the Option
may be exercised within the fixed expiration date set forth herein by the
Employee or, in the event of the Employee's death following termination
of employment, by his estate or by the person or persons to whom his rights
under the Option shall pass by will or the laws of descent and distribution,
but only in respect of the number of shares which the Employee could have
acquired by the exercise thereof immediately prior to such cessation of
employment.  If the Employee's employment (by the Company or any of
its subsidiaries) shall cease by reason of death of the Employee, the Option
may be exercised within one year after the date of death (but not later
than the fixed expiration date set forth herein) by by his estate or by
the person or persons to whom his rights under the Option shall pass by
will or the laws of descent and distribution, but only in respect of the
number of shares which the Employee could have acquired by the exercise
thereof immediately prior to such cessation of employment.  
In the event of any disagreement as to whether for the purposes of this
Option an Employee's employment has ceased, the Committee appointed to
administer the 2000 Incentive Stock Plan shall have absolute and uncontrolled
discretion to determine whether an Employee's employment has ceased, and
the effective date of such cessation of employment, and its determination
shall be final and conclusive on all persons affected thereby.

          7.  The
Company shall not be required to issue or deliver any certificate for its
Common Stock purchased upon the exercise of this Option prior to compliance
by the Company with any requirements of any stock exchange on which Common
Stock of the Company may at that time be listed.  If at any time during
the Option Period the Company shall be advised by its counsel that the
shares of Common Stock deliverable upon an exercise of the Option are required
to be registered under the Federal Securities Act of 1933, as amended,
or any state securities law or that delivery of such Common Stock must
be accompanied or preceded by a Prospectus meeting the requirements of
such Act, the Company will use its best efforts to effect such registration
or provide such Prospectus not later than a reasonable time following each
exercise of this Option, but delivery of Common Stock by the Company may
be deferred until such registration is effected or such Prospectus is available. 
If at any time during the Option Period the Company shall be advised by
its counsel that the Common Stock deliverable upon exercise of this Option
are subject to the restrictions on sale imposed on "affiliates" under Rule
144 of the Federal Securities Act of 1933, the Employee will use his or
her best efforts to comply with said Rule 144.  The Employee shall
have no interest in Common Stock covered by this Option until certificates
for said shares of Common Stock are issued.

          8.  In the
event the outstanding shares of Common Stock of the Company shall be changed
into an increased number of shares, through a stock dividend or a split-up
of shares, or into a decreased number of shares, through a combination
of shares, then immediately after the record date for such change, the
number of shares of Common Stock then subject to the Option shall be proportionately
increased, in case of such stock dividend or split-up of shares, or proportionately
decreased, in case of such combination of shares, and the Option Purchase
Price under such Option shall be adjusted to such amount that the aggregate
cost of the shares subject to such Option immediately after such increase
or decrease in shares shall be the same as the aggregate cost of the shares
subject to such Option immediately prior to such increase or decrease in
shares.

          In the event
that, as a result of a reorganization, sale, merger, consolidation or similar
occurrence, there shall be any other change in the shares of Common Stock
of the Company, or of any stock or other securities into which such Common
Stock shall have been changed, or for which it shall have been exchanged,
then the Board of Directors of the Company shall make such equitable adjustments
to the Option (including, but not limited to, changes in the number or
kind, or the Option Purchase Price, of shares then subject to the Option),
as it shall deem appropriate, and any such adjustments shall be effective
and binding on the Employee for all purposes of the Option.

          9.  Notwithstanding
anything in this Agreement to the contrary, the Employee may elect, prior
to delivery of the shares arising from exercise of the Option, to satisfy
any Federal, State, local, FICA, Medicare or other tax withholding obligation
attributable to the exercise of the Option by having the Company withhold
from the Common Stock a number of whole shares of Common Stock with a fair
market value equal to the amount of such tax withholding obligations with
respect to which such election is made (with the Employee to pay in cash
any remaining amount of such tax withholding obligation which is less than
the fair market value of a whole share).  The amount withheld pursuant
to this Section shall be calculated based upon the minimum tax rate or
rates at which the Company is required to withhold under applicable law.

          10.  This
Option shall be binding upon and inure to the benefit of the parties hereto
and the successors and assigns of the Company and the heirs and personal
representatives of the Employee.

          11.  This
Option shall be governed by the laws of the State of Illinois applicable
to agreements made and to be performed entirely within such State.

          12.  Except
as expressly provided herein, this Option may not be altered, modified,
changed or discharged, except by a writing signed by or on behalf of both
the Company and the Employee.

          13.  I acknowledge
and agree to comply with the legal requirements and Company's policies
applicable to trading in UAL securities by me, as described in the United
Airlines Code of Conduct and Securities Trading Policy, as they appear
in Regulations 5-4.

          IN WITNESS WHEREOF,
the Company has executed this Option on the day and year first above written.

 

  

	UAL CORPORATION
	 
	 
	By /s/ Francesca M. Maher
	    Senior Vice President,
	    General Counsel and Secretary
	 
	 
	ACCEPTED:
	 
	/s/ John W. Creighton, Jr.
	(Signature of Employee)NEW VENTURES

Exhibit 10.44

 

 

UNITED NEWVENTURES

LONG TERM
INCENTIVE
PLAN

     WHEREAS, UAL Corporation (the "Company") desires
to provide long term incentive opportunities to certain employees in its
subsidiaries who are involved with the Company's e-business.

     NOW, THEREFORE, effective as of July 1, 2000,
the Company adopts this United NewVentures Long Term Incentive Plan.

 

  

	UAL CORPORATION
	 
	By:        /s/ Douglas
A. Hacker
	Name:   Douglas A. Hacker
	Title:      Executive Vice President

 

 

 

UNITED NEWVENTURES

LONG TERM
INCENTIVE
PLAN

I.      PURPOSE AND EFFECTIVE DATE

A.     General.  In an effort
to gain a position of leadership in the fast-growing and highly competitive
e-business segments in which UAL Corporation (the "Company") competes,
it is necessary to promote the financial interests of the Company and its
subsidiaries, including its growth, by attracting and retaining certain
highly qualified employees possessing outstanding ability, motivating such
employees, and providing incentive compensation opportunities which are
competitive with those of e-business companies.  The United NewVentures
Long Term Incentive Plan (the "Plan") hereinafter described is designed
to assist the Company in attaining these objectives.
B.     Cash Bonus Plan.  The Plan is
a cash bonus plan and is not intended to be (and will not be construed
and administered as) an employee benefit plan within the meaning of ERISA. 
Incentive Awards under the Plan are intended to be discretionary and will
not constitute a part of an employee's regular rate of pay for any purpose. 
Except to the extent specifically provided under a particular pension,
insurance, profit sharing, retirement welfare or other employee benefit
plan or arrangement maintained or contributed to by the Employer or affiliate,
the payment of an Incentive Award to a Participant under the Plan will
not be deemed to be "salary," "cash compensation" or any other form of
"compensation" to the Participant for the purpose of computing benefits
to which the Participant may be entitled under any such plan or arrangement.

C.     Effective Date.  The Plan is
effective July 1, 2000.

 

 

II.       PLAN ADMINISTRATION
A.     Plan Administration. 
The Company or its delegate has the authority and responsibility to manage
and control the general administration of the Plan, except as to matters
expressly reserved in this Plan to the Compensation Committee of the Board
of Directors of the Company (the "Committee").  This Plan is not intended
to modify or limit the powers, duties or responsibilities of either the
Board or the Committee as set forth under the UAL Corporation Restated
Certificate of Incorporation.  Determinations, decisions and actions
of the Company or, if applicable, the Committee, in connection with the
construction, interpretation, administration, or application of the Plan
will be final, conclusive, and binding upon any Participant and any person
claiming under or through the Participant.  No employee of an Employer,
any member of the Board, any delegate of the Board, or any member of the
Committee will be liable for any determination, decision, or action made
in good faith with respect to the Plan or any Incentive Award made under
the Plan.  In determining values under the Plan, the Board may, in
its sole discretion, rely on valuation methodologies, formulas or valuations
performed by its advisors.
B.     Compensation Committee.  The
Compensation Committee has the sole authority and responsibility to review
the Level of Participation for any person who is a Section 16 Officer under
the Securities Exchange Act of 1934, and to otherwise administer Incentive
Awards payable to such individuals.

 

III.       DEFINITIONS

Unless the context requires otherwise, the following terms
when used with initial capitalization have the following meanings.

 

A.     Account  --  A
bookkeeping account maintained by the Company in the name of a Participant,
which Account will consist of two subaccounts, one known as the "Cash Subaccount"
and the other known as the "Stock Subaccount."
B.     Board  --  The Board of
Directors of the Company.

C.     Business Unit  --  The e-business
segments or investments of the Subsidiary which are identified on Exhibit
A, as from time to time supplemented by the Company.

D.     Committee  --  Committee
means the Compensation Committee of the Board as set forth in the UAL Corporation
Restated Certificate of Incorporation, or such other committee appointed
by the Board, in accordance with the requirements of the UAL Corporation
Restated Certificate of Incorporation, to exercise the powers and perform
the duties assigned to the Compensation Committee under this Plan.

E.     Company -- UAL Corporation.

F.     Company Cost of Capital  -- 
Twelve percent (12%) per annum, compounded annually, or such other interest
rate which the Company, in its sole discretion, determines from time to
time, is the Company's internal cost of obtaining capital for investment.

G.     Employer  --  The Company
and its Subsidiary.

H.     Ending Value  --  The value
of all or a portion of a Business Unit, as determined by the Board in its
sole and absolute discretion, upon the occurrence of a Liquidating Event
or Termination Event.

I.     ERISA  --  The Employee
Retirement Income Security Act of 1974, as may be amended from time to
time, including any related regulations.

J.     Incentive Award  --  The
dollar value of an award made to a Participant as determined under Paragraph
V.D. of the Plan.

K.     Interim Value  --  The value
of all remaining Business Units, as determined by the Board in its sole
and absolute discretion, as of a Valuation Date, or as of each calendar
year-end during the Performance Period.

L.     Level of Participation  -- 
The percentage of Value Created awarded to a Participant as provided in
Paragraph V.A.

M.     Liquidating Event  --  A
Liquidating Event occurs on:

 

1.     The date all or a portion of the Employer's
position in one or more Business Units is liquidated for cash prior to
the end of the Performance Period.
2.     The date the Employer issues a publicly traded
equity instrument (e.g., tracking stock) encompassing all or a portion
of one or more Business Units.

3.     The date the Employer otherwise liquidates
or terminates its interest in all or a portion of one or more Business
Units.

The Board will, in its sole and absolute discretion, determine whether
and when a Liquidating Event has occurred.

 
N.     Maximum Incentive Award Amount 
--  Any Participant who terminates employment with the Employer during
the Performance Period will be subject to a Maximum Incentive Award Amount
equal to the Participant's Vested Interest in his or her Level of Participation
at the time of such termination multiplied by the difference between the
Starting Value and the lower of (i) the Interim Value which immediately
precedes or is coincident with his or her date of termination of employment
with the Employer, or, (ii) the Interim Value immediately following the
Participant's termination of employment with the Employer.  Notwithstanding
the foregoing, in the event a Participant's termination of employment with
the Employer is on account of death or total disability, the determination
of the Participant's Maximum Incentive Award Amount will be based on the
greater of (i) the Interim Value immediately preceding such termination
of employment or (ii) the Interim Value immediately following such termination
of employment.  A Participant's Maximum Incentive Award Amount will
be decreased by Incentive Award payments made to the Participant or credited
to the Participant's Account as a result of subsequent Liquidating Events
or a Termination Event.  The total of all Incentive Awards paid to
the Participant or credited to the Participant's Account after his or her
termination of employment with the Employer and subsequently paid to the
Participant may not exceed the Participant's Maximum Incentive Award Amount.

O.     Participant  --  Each employee
of the Employer who is designated a Participant by the Company or the Committee.

P.     Plan  --  The United NewVentures
Long Term Incentive Plan, as evidenced by this written instrument as may
be amended from time to time.

Q.     Plan Year -- Each of the four 12-month
periods beginning July 1 and ending June 30 which occur during the Performance
Period.

R.     Performance Period  -- 
A period of four years commencing July 1, 2000 and ending June 30, 2004.

S.     Section 16 Officer  -- 
Each executive officer of the Company, as determined for purposes of Section
16 of the Securities Exchange Act of 1934.

T.     Starting Value  --  For
purposes of determining the Value Created for a Participant's Incentive
Award, the Starting Value of all or a portion of a Business Unit will be
determined as follows:

 

1.     In general, the Starting Value is the initial
investment by the Employer in a Business Unit or the market value at the
time it is designated as a Business Unit subject to the Plan, increased
by an amount equal to the Company Cost of Capital multiplied by such investment,
plus any subsequent investment(s) by the Employer in such Business Unit
made after the date of the designation as a Business Unit and before a
Liquidating Event or Termination Event, increased by an amount equal to
the Company Cost of Capital multiplied by such subsequent investment(s).
2.     In the case of an employee who becomes a
Participant following the end of a Plan Year, the Starting Value for purposes
of determining such Participant's Value Created will be equal to the Interim
Value as of the Valuation Date which coincides with or immediately precedes
the date of his or her participation in the Plan.

3.     If, at the time of a Liquidating Event or
Termination Event, the valuation of a Business Unit must be changed to
reflect a change in the transfer pricing rules or some other similar requirement,
then the Business Unit's Starting Value may be adjusted retroactively to
reflect such change.

4.     The Board will, in its sole and absolute
discretion, establish all Starting Values.

 
U.     Subsidiary  --  The NewVentures
division of United Air Lines, Inc. or a subsidiary established as a successor
of the e-business segment of such division.

V.     Termination Event -- The end of the
Performance Period, or, if earlier, the date of termination of the Plan.

W.     Valuation Date  --  Includes
June 30, 2001, June 30, 2002 and June 30, 2003, or such other date selected
by the Company and designated as a Valuation Date.

X.     Value Created  --  A Participant's
Value Created upon a Liquidating Event is the difference between the Starting
Value and the Ending Value.  A Participant's Value Created upon a
Termination Event is the difference between the sum of the Starting Values
of all remaining Business Units and the sum of the Ending Values of such
Business Units.  A Participant's Value Created upon a Liquidating
Event or Termination Event may be a negative amount.

Y.     Vested Interest --  A Participant's
Vested Interest is determined as of the end of each Plan Year based on
the Participant's Years of Service (including any fractional year) and
whichever of the following schedules is applicable:

 

1.     For an employee who becomes a Participant
during the first Plan Year:

 
	
Year
	
Vested Interest

	 	 
	
1
	
25%

	
2
	
50%

	
3
	
75%

	
4
	
100%

2.     For an employee who becomes a Participant
during the second Plan Year:

 

	
Year
	
Vested Interest

	 	 
	
2
	
33-1/3%

	
3
	
66-2/3%

	
4
	
100%

3.     For an employee who becomes a Participant
during the third Plan Year:

 

	
Year
	
Vested Interest

	 	 
	
3
	
50%

	
4
	
100%

4.     For an employee who becomes a Participant
during the fourth Plan Year:

	
Year
	
Vested Interest

	 	 
	
4
	
100%

 

Vesting for a fractional year will be determined by interpolation.

Notwithstanding the foregoing, upon a Termination Event, each
Participant who is an employee of the Employer on such date will, for purposes
of determining his or her Years of Service, be treated as having been actively
employed through the end of the Performance Period.

IV.     PARTICIPATION AND VESTING

 

A.     Participants.  The
employees eligible for participation in the Plan are employees of the Employer. 
The Company will determine, in its sole discretion, which employees participate
in the Plan and the date such participation will begin.  Participation
will be effective as of the July 1 designated by the Company, or in the
absence of a specific designation, the July 1 immediately following the
employee's receipt of an Award Agreement.
B.     Vesting.  A Participant's Vested
Interest will be determined as of the last day of each Plan Year. 
A Participant will receive credit for a year of service only if the Participant
is continuously an active employee of the Employer through the end of the
Plan Year (disregarding any FMLA leave or military leave under USERRA). 
A Participant who is on an unpaid leave of absence will receive credit
for each month of active service with a Year of Service credited for 12
cumulative months of service, and a fractional Year of Service credited
for less than 12 months of service.  Upon termination of a Participant's
employment with the Employer, the Participant's Vested Interest in his
or her right to an Incentive Award will be fixed and no further increase
in his or her Vested Interest will occur.  Notwithstanding the foregoing,
in the event a Participant's termination of employment is on account of
death or total disability, for purposes of determining his or her Vested
Interest, such Participant will be deemed to have remained an active employee
of the Employer through the end of the Plan Year during which such event
occurred.

C.     Forfeiture of Level of Participation.
Upon termination of a Participant's employment with the Employer or
the Company's termination of an employee's active participation under the
Plan, such Participant's Level of Participation will be reduced to his
or her Vested Interest in such Level of Participation and the balance of
the Participant's Level of Participation will be forfeited.

D.     Forfeiture of Non-Vested Account Balance.
Upon termination of a Participant's  employment with the Employer,
such Participant's non-vested interest in his or her Account will be immediately
forfeited.  Thereafter, amounts credited to the Participant's Account
will be 100% vested.

E.     Reemployment.  If a Participant
has terminated employment with the Employer and is reemployed by the Employer,
such employee will be treated as a new Participant with respect to any
subsequent award under Paragraph V.A.

 

 
V.     COMPUTATION AND PAYMENT OF INCENTIVE AWARDS

 

A.     Level of Participation. 
Each Participant will be awarded a Level of Participation upon the date
of his or her designation as a Participant pursuant to an Award Agreement
in substantially the form attached hereto as Exhibit B.  The Level
of Participation for Participants who are Section 16 Officers will be determined
by the Committee and the Level of Participation for all other Participants
will be determined by the Chief Executive Officer of the Company. 
A Participant's Level of Participation applies to the Value Created for
all Business Units.  A Participant's Level of Participation may be
increased through additional awards.  Upon termination of employment
with the Employer, a Participant's Level of Participation will be reduced
to a percentage equal to his or her Vested Interest in his or her Level
of Participation, and thereafter, a Participant's Incentive Award will
be determined based on the Participant's reduced Level of Participation.
B.     Forfeited Level of Participation. 
Any forfeited Level of Participation will be held by the Company and may
be used for making additional awards to existing or new Participants. 
An award of additional Level of Participation to a Section 16 Officer must
be approved by the Committee.

C.     Maximum Level of Participation. 
The total Level of Participation for all Participants may not exceed twelve
percent (12%).   In the event the total Level of Participation
for all Participants exceeds twelve percent (12%), the Level of Participation
of all Participants will be reduced pro rata.

D.     Calculation of Individual Incentive Awards. 
Upon a Liquidating Event or Termination Event, the Board will determine
each Participant's Value Created.  A Participant's Incentive Award
upon a Liquidation Event or Termination Event is his or her Value Created
multiplied by the Participant's Level of Participation on such date.

E.     Payment of Incentive Award. 
As soon as administratively feasible after a Liquidating Event or Termination
Event, the Company will take the following action with respect to the Participant's
Incentive Award:

 

1.     Employees.  Subject to subparagraph
2, below, for each Participant who is an employee of the Employer or any
affiliate of the Company, such Participant's Vested Interest in his or
her Incentive Award, which is not a negative amount at the time of a Liquidating
Event, will be paid to the Participant in cash if the Liquidating Event
is one described in Paragraph III(M)(1) and will be paid in the form of
the publicly traded equity instrument ("stock") if the Liquidating Event
is one described in paragraph III(M)(2).  The nonvested cash portion
of such Incentive Award will be credited to the Participant's Cash Subaccount
and the nonvested stock portion of the Incentive Award will be credited
to the Participant's Stock Subaccount.  Subject to subparagraph 3,
below, the Participant will receive payment in cash or stock of the vested
portion of the Participant's Account balance, as soon as administratively
feasible following the end of each Plan Year.  The amount by which
the Participant's nonvested Account balance, as adjusted, vests as of the
end of the Plan Year is determined by multiplying the amount of such nonvested
Account by a percentage equal to the ratio of one to the sum of the number
of the current and remaining Plan Years.  Notwithstanding the foregoing,
the Participant will be 100% vested in his or her Account balance upon
a Termination Event.
2.     Transferred Employees.  A Participant
who has terminated employment with the Employer but is employed by an affiliate
of the Company may not receive payments of Incentive Awards following termination
of employment which in the aggregate exceed such Participant's Maximum
Incentive Award Amount.

3.     Limitation on Payment of Vested Account
Balance.  Payment to a Participant of his or her vested Account
Balance following the end of a Plan Year may not exceed an amount, determined
as of the Valuation Date, equal to (i) the Participant's vested and nonvested
Account balance reduced by an amount equal to the Participant's Level of
Interest multiplied by any negative Interim Value, (ii) multiplied by the
ratio determined in subparagraph 1, above.

4.     Terminated Employees.  Each Participant
who has terminated employment with the Employer and all affiliates of the
Company will have his or her Incentive Award (which is not a negative amount),
credited to his or her Account following the date of each subsequent Liquidating
Event or Termination Event, provided, however, the total amount which may
be credited to the Participant's Account may not exceed the Participant's
Maximum Incentive Award Amount.  As soon as administratively feasible
following the Termination Event, the Participant's Account balance will
be determined and such amount will be paid in cash to the Participant,
provided the total of all payments made to the Participant following his
or her termination of employment with the Employer may not exceed his or
her Maximum Incentive Award Amount.

5.     Treatment of Negative Incentive Award.
If a Participant's Value Created, either upon a Liquidating Event or
a Termination Event, is a negative amount, then the corresponding negative
Incentive Award amount will be debited to the Participant's Account (first
against the Participant's non-vested Cash Subaccount, then, in order, against
the Participant's non-vested Stock Subaccount, vested Cash Subaccount and
vested Stock Subaccount).

6.     Account Balance.  The Participant's
Cash Subaccount (including any negative balance) will be adjusted each
June 30 and December 31 by crediting it with interest at a rate equal to
the prime rate as reported by The Wall Street Journal.  The
Participant's Cash Subaccount will also be credited with the amount of
any cash dividend received by the Employer with respect to the stock credited
to the Participant's Stock Subaccount.  The Participant's Stock Subaccount
will be equitably adjusted to reflect any merger, consolidation, reorganization,
recapitalization, liquidation, reclassification, stock split, combination
of shares or any other similar change in the structure or organization
of the issuer of the stock credited to the Stock Subaccount, and will also
be adjusted by crediting it with any dividend in-kind received with respect
to such stock.  Any payment to a Participant of any portion of his
or her vested Account balance will be debited to the Participant's Account.

7.     Modification of Time and Manner of Payment.
Notwithstanding anything herein to the contrary, the Company retains
the unilateral right, in its sole and absolute discretion, to vary the
manner and time for making payments under the Plan.

 
F.     Withholding Taxes.  Notwithstanding
any of the foregoing provisions, an Employer will withhold from any payment
to be made under this Plan such amounts as it reasonably determines it
may be required to withhold under any applicable federal, state or other
law, and transmit such withheld amounts to the appropriate authorities. 
If cash payments under this Plan are not available to meet the withholding
requirement, the Participant must make available sufficient funds to meet
the requirements of such withholding, and the Employer is entitled and
authorized to take such steps as it may deem advisable, including but not
limited to, withholding out of any funds or property due or to become due
to the Participant, in order to have such funds made available to the Employer.
VI.     MISCELLANEOUS

 

A.     Non-Assignability. 
A Participant's rights and interests in and to payment of any Incentive
Award under the Plan may not be assigned, transferred, encumbered or pledged
other than by will or the laws of descent and distribution; and are not
subject to attachment, garnishment, execution or other creditor's processes.
B.     Amendment or Termination.  Subject
to the UAL Corporation Restated Certificate of Incorporation, the Plan
may at any time be amended, modified, or terminated, as the Board in its
discretion determines. Such amendment, modification, or termination of
the Plan will not require the consent, ratification, or approval of any
party, including any Participant.

C.     No Contract of Employment.  Neither
the Plan, nor any Incentive Award, constitutes a contract of employment,
and participation in the Plan will not give any employee the right to be
retained in the service of the Employer or any affiliate of the Company
or continue in any position or at any level of compensation.

D.     Controlling Law.  This Plan and
all determinations made and actions taken pursuant hereto will be governed
and construed by the internal laws of the State of Illinois, except its
laws with respect to choice of law.

E.     Beneficiary Upon Death.  An Incentive
Award payable to a Participant following his or her death, will be paid
to the Participant's legal representative.

F.     Unfunded, Unsecured Obligation. 
A Participant's only interest under the Plan is the right to receive contractual
payment for an Incentive Award pursuant to the Award Agreement and the
Plan.  No portion of the amount payable to a Participant under this
Plan will be held by the Company or Subsidiary in trust or escrow or any
other form of asset segregation.  To the extent that a Participant
or beneficiary acquires a right to receive a payment in cash or stock under
the Plan, such right will be no greater than the right of any unsecured,
general creditor of the Company, and no trust in favor of any Participant
or beneficiary will be implied.

 

 

 

 

 

 

Exhibit A

 

 

 

	
Business Units
	
Date Covered
	
Starting Value as of Date Covered

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exhibit B

United NewVentures Long Term Incentive Plan

Award Agreement

Pursuant to Paragraphs IV and V of the United NewVentures Long Term
Incentive Plan (the "Plan") you have been selected as a Participant in
the Plan effective as of the Date of Participation/Award and awarded the
following Level of Participation for Liquidating Events that occur after
such date.

 

 

Participant Name:         ___________________________________________________________

Date of Participation/Award: ______________________________________________________

Level of Participation:  ___________________________________________________________

Vesting:  You are subject to the ____ year vesting schedule set
forth in Paragraph III.Y.(__) of the Plan.

 

 

This Award Agreement and your rights to an Incentive Award payment under
the Plan, are subject to, and will be construed consistent with, the terms
and conditions of the Plan.

 

 

  

	PLAN ADMINISTRATOR
	 
	By:  ______________________________________
	 

 

 
By acceptance of this Award Agreement, I acknowledge receiving a copy
of the Plan.

 

Accepted:  _____________________________

Dated:        _____________________________

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