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EX-10.19 4 c49215exv10w19.htm EX-10.19 exv10w19
Exhibit 10.19
AMENDMENT NO. 4
TO
PETER D. MCDONALD
SECULAR TRUST AGREEMENT
TO
PETER D. MCDONALD
SECULAR TRUST AGREEMENT
THIS AMENDMENT NO. 4 is made as of this 18th day of December, 2008 to the Peter D. McDonald Trust Agreement, dated September 29, 2006, as previously amended on March 12, 2007, June 4, 2007 and May 15, 2008 (the Trust Agreement), by and among UAL Corporation (the Company), Peter D. McDonald (the Executive) and The Northern Trust Company, as trustee (the Trustee).
WHEREAS, Section 9(a) of the Trust Agreement 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 Agreement in the manner described herein.
NOW THEREFORE, the Company, the Executive and the Trustee agree as follows:
1. Amendment and Restatement of Section 2(c). Section 2(c) of the Trust Agreement shall be amended and restated in its entirety to read as follows:
(c) Unless the Executive or the Company has provided written notice to the Trustee of the termination of the Executives employment prior to a Vesting Date in accordance with Section 2(d), or the Company has provided written notice to the Trust of the accelerated vesting of the Executives rights with respect to such or all of the Trusts principal in accordance with Section 2(f), the portion of the Trusts principal with respect to which the Executives rights have become vested shall be paid in full to the Executive in a single in-kind distribution within 30 days following the applicable Vesting Date to a brokerage account designated by the Executive in writing.
2. Amendment and Restatement of Section 2(e). Section 2(e) of the Trust Agreement shall be amended and restated in its entirety to read as follows:
(e) In the event that the Executives rights with respect to 100% of the Trusts principal become vested in accordance with Section 3(e) of the Employment Agreement as a result of the Executives termination of employment, the entire Trust Fund will be paid to the Executive in a single in-kind distribution within 30 days of the expiration of the period described in Section 2(d) to a brokerage account designated by the Executive in writing (provided that if the Company has provided the notice to the Trustee that the Executives right to 100% of the Trust Fund has immediately vested, such payment shall be made within 30 days of such notice).
3. Amendment and Restatement of Section 2(f). Section 2(f) of the Trust Agreement shall be amended and restated in its entirety to read as follows:
(f) Notwithstanding any provision of Section 2(b), the Company may, at any time, accelerate the vesting of the Executives rights with respect to some or all of the Trusts principal by providing written notice to the Trustee specifying the portion of the Trusts principal with respect to which the Executive rights have become vested. In such event, such portion shall be paid in full to the Executive in a single in-kind distribution within 30 days following the Companys delivery of such notice to a brokerage account designated by the Executive in writing.
IN WITNESS WHEREOF, the parties have executed this Amendment No. 4 as of the date first above written.
Attest: | UAL CORPORATION | |||||||||||
/s/ Deborah S. Porter | By: | /s/ Kathryn A. Mikells | ||||||||||
Name: | Deborah S. Porter | Name: | Kathryn A. Mikells | |||||||||
Title: | Assistant Corporate Secretary | Title: | Senior Vice President and Chief Financial Officer | |||||||||
Attest: | ||||||||||||
THE NORTHERN TRUST COMPANY, as Trustee | ||||||||||||
By: | /s/ David M. Cyganiak | |||||||||||
Name: | Name: | David M. Cyganiak | ||||||||||
Title: | Title: | Vice President | ||||||||||
PETER D. MCDONALD | ||||||||||||
/s/ Peter D. McDonald | ||||||||||||