Amendment No. 2 to Glenn F. Tilton Secular Trust Agreement No. 1 by UAL Corporation, Glenn F. Tilton, and The Northern Trust Company

Summary

UAL Corporation, Glenn F. Tilton, and The Northern Trust Company have agreed to amend their existing trust agreement, originally dated September 5, 2002. This amendment updates the process for notifying the trustee about the executive's termination, specifying that either the executive or the company can provide written notice and must state whether the termination is for Good Reason or for Cause. The amendment aligns the trust agreement with recent changes to the executive's employment agreement.

EX-10.49 15 twoone.htm _____ Amendment

Exhibit 10.48

Amendment No. 2
to
Glenn F. Tilton Secular Trust Agreement No. 1

THIS AMENDMENT NO. 2 is made as of this 28th day of February, 2003 to the Glenn F. Tilton Trust Agreement No. 1 dated September 5, 2002 (the "Trust") by and among UAL Corporation (the "Company"), Glenn F. Tilton (the "Executive") and The Northern Trust Company, as trustee (the "Trustee").

WHEREAS, Section 9(a) of the Trust authorizes its amendment by a written instrument executed by the Company, the Executive and the Trustee; and

WHEREAS, the parties hereto wish to amend the Trust to reflect the terms of the Amendment to Executive's Employment Agreement, dated February 17, 2003, a copy of which is attached.

NOW, THEREFORE, the Company, Executive and Trustee agree as follows:

1. The second sentence of Section 2(c) of the Trust is amended and restated to read as follows:

"Executive or the Company may provide written notice to the Trustee of the Executive's termination (with a copy to the other party) and stating therein whether such termination constitutes termination by the Executive for Good Reason or by the Company for Cause."

IN WITNESS WHEREOF, the parties have executed this Amendment No. 2 as of the date first above written.

Attest: /s/ Mary Jo C. Georgen Name: Mary Jo C. Georgen Title: Assistant Corporate Secretary	UAL CORPORATION By: /s/ Francesca M. Maher Name: Francesca M. Maher Title: Sr. Vice President, General Counsel & Secretary

Attest: /s/ Helen M. Stirk Name: Helen M. Stirk Title: Sr. Vice President & Assistant Secretary	THE NORTHERN TRUST COMPANY, as Trustee By: /s/ Scott G. Borton Name: Scott G. Borton Title: Vice President

	GLENN F. TILTON /s/ Glenn F. Tilton