X0202 4 2008-01-04 0000319687 CONTINENTAL AIRLINES INC /DE/ CAL 0001192928 KENNY CHRIS 1600 SMITH HQSEO HOUSTON TX 77002 0 1 0 0 VP and Controller Class B Common Stock 2008-01-04 4 M 0 12500 A 12500 D Class B Common Stock 2008-01-04 4 D 0 12500 25.14 D 0 D Performance Rights 2008-01-04 4 M 0 12500 D Class B Common Stock 12500 0 D The Performance Rights were granted on April 9, 2004 for the performance period beginning April 1, 2004 and ending December 31, 2007. The Performance Rights vested on March 3, 2006, when the registrant's Class B Common Stock price averaged, over 20 consecutive days, at least the $22.4775 per share target price set by the Human Resources Committee of the Board. The target price reflects an appreciation of 80% above the $12.4775 market value per share (based on the preceding 20 day average price) at the beginning of the performance period. However, the Performance Rights require continued employment through the end of the performance period so were not eligible to be settled until after the performance period ended and after receipt of the required certification by the registrant's Human Resources Committee, which was received on January 4, 2008. Each Performance Right was the economic equivalent of one share of Class B Common Stock. Two other awards of Performance Rights made in 2004 to Mr. Kenny, and previously reported by him, were voluntarily surrendered by him in connection with the registrant's 2005 pay and benefit cost reduction initiative. Under the program pursuant to which the Performance Rights were issued, the Performance Rights are settled based on the simple average of the closing stock prices of the registrant's Class B Common Stock for the 20 trading days immediately preceding the last day of the performance period (which ended December 31, 2007). As a result, the $25.14 settlement price represents the simple average of the closing stock prices during the 20 trading days ending on and including December 28, 2007 (during which the closing stock prices varied from a low of $21.82 per share to a high of $28.28 per share). /s/ Chris Kenny, By: Sarah E. Hagy 2008-01-08