United Airlines 2013 Annual Report Download - page 222
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If the fiscal year of a company in the Industry Group is not the calendar year, then such company’s cumulative revenues for a Performance Period
shall be determined based upon the fiscal quarters of such company that coincide with the fiscal quarters contained in such Performance Period.”
3. Section 2.1(z) of the Program shall be deleted and the following shall be substituted therefor:
“(z) “Pre-tax Margin” with respect to the Company and with respect to a Performance Period means, as established by the Committee within 90
days after the first day of the Performance Period (but in no event after the date required for a performance goal to be considered pre-established under
section 162(m) of the Code),
(A) the cumulative Pre-tax Income for the Company for such Performance Period the Company’s cumulative revenues (determined on a
consolidated basis based on the regularly prepared and publicly available statements of operations of the Company prepared in accordance with
applicable accounting rules) over such Performance Period; provided, however, that, such cumulative revenues shall be adjusted to exclude any
item determined to be special, extraordinary or unusual in nature or infrequent in occurrence as determined by the Committee in accordance with
applicable accounting rules; or
(B) (i) the percentage determined under clause (A) above, (ii) the percentage determined by dividing (a) the cumulative Pre-tax Income of the
Company for the calendar year immediately preceding the first day of such Performance Period by (b) the Company’s cumulative revenues
(determined as provided in clause (A) above) over such calendar year (with the calculation in this clause (B) representing the Company’s average
Pre-tax Margin change over the Performance Period).”
4. Sections 2.1((i), 2.1(p), 2.1(ff) and 2.1(ii) shall each be amended to delete the clause at the end of each such sections which begins with “which shall
be expressed as”.
5. As amended hereby, the Program is specifically ratified and reaffirmed.
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