Salary Reduction and Waiver Letter Agreement between Glenn F. Tilton and United Air Lines, Inc. (March 11, 2005)

Contract Categories: Human Resources › Employment Agreements
Summary

This agreement is between Glenn F. Tilton, President, Chairman, and CEO of United Air Lines, Inc., and United Air Lines, Inc. Tilton agrees to reduce his base salary from $712,500 to $605,625 effective January 1, 2005, through an 11% permanent and an additional 4% temporary reduction. The temporary reduction can be cancelled at his discretion. Tilton also waives the requirement for Board approval of this salary reduction, as specified in his original employment agreement. All other terms of the original agreement remain unchanged.

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EX-10.43 5 letter.htm February 28, 2005
Exhibit 10.43

March 11, 2005
 
 

United Air Lines, Inc.
Attention: General Counsel

I hereby agree to an additional 11% reduction in my Base Salary plus I elect to take an additional 4% temporary reduction in my Base Salary as defined in my Employment Agreement with United dated September 5, 2002 and as amended on December 8, 2002 and February 17, 2003 ("Agreement") from $712,500 to $605,625 effective January 1, 2005. The temporary reduction will be cancelled upon my election. I understand and agree that this is not an amendment to the Agreement and, for this purpose only, I agree to waive Board approval of the reduction as required by the following provision in Section 3.b. of the Agreement.

Base salary shall not thereafter during the term of this Agreement be decreased unless such reduction (i) is approved by the Board in accordance with the standards set forth in the UAL Restated Certificate of Incorporation, and (ii) is applied on a proportionally similar and no less favorable basis to Executive than to substantially all other management employees of United. In all other respects, the provisions of the Agreement remain unchanged and in full force and effect.
 
  Sincerely,
   
  /s/ Glenn F. Tilton
  Glenn F. Tilton
  President, Chairman and CEO
   
   
Agreed and Confirmed this 11th day  
Of March, 2005  
   
   
UAL CORPORATION  UNITED AIR LINES, INC.
   
By:      /s/ Paul R. Lovejoy By:      /s/ Paul R. Lovejoy
Title:    Senior Vice President, Title:    Senior Vice President, 
           General Counsel and Secretary            General Counsel and Secretary