{"id":40522,"date":"2015-09-17T11:25:58","date_gmt":"2015-09-17T16:25:58","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-legal\/contracts\/uncategorized\/severance-agreement-ual-corp-and-joseph-r-o-gorman-jr.html"},"modified":"2015-09-17T11:25:58","modified_gmt":"2015-09-17T16:25:58","slug":"severance-agreement-ual-corp-and-joseph-r-o-gorman-jr","status":"publish","type":"corporate_contracts","link":"https:\/\/corporate.findlaw.com\/contracts\/compensation\/severance-agreement-ual-corp-and-joseph-r-o-gorman-jr.html","title":{"rendered":"Severance Agreement &#8211; UAL Corp. and Joseph R. O&#8217;Gorman Jr."},"content":{"rendered":"<pre>                                   April 28, 1995\n\nMr. Joseph R. O'Gorman, Jr.\nP.O. Box 422\nBarrington, Illinois  60011\n\nBy letter dated March 30, 1995 (the 'Termination Letter'),\nUAL Corporation (the 'Company') notified you that it did not\nwish to extend beyond its earliest expiration date the term\nof that certain letter agreement with you dated July 1,\n1993, as amended and supplemented, by which you would\nreceive severance benefits under certain conditions if your\nemployment with the Company terminated subsequent to a\nchange in control (the 'Severance Agreement'). As the result\nof the Termination Letter, the Severance Agreement would\nhave expired on August 31, 1997.\n\nFor good and valuable consideration, the receipt and\nsufficiency of which is hereby acknowledged, the Company\nagrees with you that the expiration date of the Severance\nAgreement is hereby extended to August 1, 1998.  The\nTermination Letter shall be deemed modified as necessary to\naccomplish this extension.\n\nIn addition, for good and valuable consideration, the\nreceipt and sufficiency of which is hereby acknowledged,\nUnited Air Lines, Inc. ('United') hereby agrees to amend and\nrestate the agreements set forth in those two letters to you\nconcerning supplemental retirement benefits (1) from United\ndated February 25, 1991 and (2) from the Company and United\ndated as of March 25, 1994 (each of which letters is hereby\nsuperseded and terminated in its entirety), as follows:\n\n A.   United agrees to pay you, in addition to all other\n      benefits to which you may be entitled as United's\n      Executive Vice President - Fleet Operations and\n      Administration, a supplemental retirement benefit\n      computed and paid in accordance with United's\n      Management and Salaried Employee's Retirement Plan\n      and The United Air Lines, Inc. Supplemental\n      Retirement Plan (together, the 'Plans') but\n      calculating your accrued benefit (the 'Additional\n      Years of Service Credit') as if you had been\n      continuously employed by United from June 27, 1966 to\n      the date of your retirement from United.  The amount\n      of this supplemental retirement benefit shall be\n      determined without decrement based on age at the time\n      of retirement, so that such benefit will be\n      determined as if you actually retired at age 65,\n      regardless of the actual age at which you retire.\n      This supplemental retirement benefit shall be offset\n      by the accrued benefit payable to you under the\n      Plans, and shall be paid out of United's general\n      funds pursuant to United's contractual obligation\n      hereunder, but no funds shall be placed in trust or\n      otherwise set aside by United to provide for payments\n      hereunder. Such supplemental retirement benefit shall\n      be payable at the same time and in the same manner as\n      you elect to receive your benefits under the Plans.\n      The Additional Years of Service Credit shall also\n      apply in determining your eligibility for, and the\n      amount of, your other retiree benefits.\n\n B.   Section 4(iii)(E) of the  Severance Agreement is\n      amended by adding the following new sentence\n      immediately before the last sentence thereof:  'For\n      purposes of determining, pursuant to the preceding\n      sentence, whether you could have retired and received\n      retirement benefits, and the amount of benefits you\n      would have been entitled to receive, with respect to\n      one or more of the foregoing insurance benefits, you\n      shall be credited with such additional years of\n      credited service as are credited to you for\n      supplemental pension benefit purposes pursuant to\n      that certain letter agreement entered into between\n      you and United dated as of April 28, 1995 (the\n      'Letter Agreement').'\n  \n C.   Section 4(iii)(F) of the Severance Agreement is\n      amended by inserting the following immediately\n      preceding clause (x) in the last sentence thereof:\n      '(w) you shall be credited with, as of the Date of\n      Termination, such additional years of credited\n      service as are credited to you for supplemental\n      pension benefit purposes pursuant to the Letter\n      Agreement.'\n\nPlease sign and return the enclosed copy of this letter,\nwhich will, together with the Termination Letter and the\nSeverance Agreement and subject to the following sentence,\nconstitute our agreement on these subjects.  The new\nobligations of the Company and United under this letter\nshall be subject in their entirety to the approval of the\nCompensation Committee of the Board of Directors of the\nCompany, and shall not become effective unless and until the\ndate that such approval, if any, is given.\n\n\n                              UAL Corporation\n\n                              By:  \/s\/ John A. Edwardson\n                                   John A. Edwardson\n                                   President and Chief\n                                   Operating Officer\n\n                              United Air Lines, Inc.\n\n                              By:  \/s\/ John A. Edwardson\n                                   John A. Edwardson\n                                   President and Chief\n                                   Operating Officer\n\n\nAgreed to and Accepted as of April 28, 1995\n\n\/s\/ Joseph R. O'Gorman\nJoseph R. O'Gorman\n\n<\/pre>\n","protected":false},"template":"","meta":{"_acf_changed":false,"_stopmodifiedupdate":true,"_modified_date":"","_cloudinary_featured_overwrite":false},"corporate_contracts_companies":[9136],"corporate_contracts_industries":[9521],"corporate_contracts_types":[9539,9551],"class_list":["post-40522","corporate_contracts","type-corporate_contracts","status-publish","hentry","corporate_contracts_companies-ual-corp","corporate_contracts_industries-transportation__air","corporate_contracts_types-compensation","corporate_contracts_types-compensation__severance"],"acf":[],"_links":{"self":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts\/40522","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts"}],"about":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/types\/corporate_contracts"}],"wp:attachment":[{"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/media?parent=40522"}],"wp:term":[{"taxonomy":"corporate_contracts_companies","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_companies?post=40522"},{"taxonomy":"corporate_contracts_industries","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_industries?post=40522"},{"taxonomy":"corporate_contracts_types","embeddable":true,"href":"https:\/\/corporate.findlaw.com\/legal-api\/wp-json\/wp\/v2\/corporate_contracts_types?post=40522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}