EXHIBIT 10.1

FIRST AMENDMENT TO

AMENDED AND RESTATED

CAPACITY PURCHASE AGREEMENT

among

Continental Airlines, Inc.,

ExpressJet Holdings, Inc.,

XJT Holdings, Inc.,

and

ExpressJet Airlines, Inc.

DATED AS OF MARCH 27, 2003

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                                                          TABLE OF CONTENTS

                                                                                                                                                    
Page

Parties...............................................................................................................................................
1

Recitals.............................................................................................................................................
1

ARTICLE I
DEFINITIONS; INTERPRETATION

Section 1.1.     
Definitions.................................................................................................................
1

Section 1.2.     
Interpretation.............................................................................................................
1

ARTICLE II
AMENDMENTS TO AMENDED AND RESTATED CAPACITY PURCHASE AGREEMENT

Section 2.1.      Amendment to Section
2.02(a)..................................................................................
2

Section 2.2.      Amendment to Section
6.02(b)..................................................................................
2

Section 2.3.      Amendment to Section
9.03(a)..................................................................................
2

Section 2.4.      Amendment to Exhibit
A............................................................................................
2

Section 2.5.      Addition of Schedule
4..............................................................................................
2

ARTICLE III
REPRESENTATIONS AND WARRANTIES

Section 3.1.      Representations and Warranties of Holdings, XJT and
ExpressJet............................... 3

Section 3.2.      Representations and Warranties of
Continental........................................................... 1

ARTICLE IV
MISCELLANEOUS

Section 4.1.      Effect of
Agreement...................................................................................................
1

Section 4.2.      Binding Effect;
Assignment.........................................................................................
1

Section 4.3.      Amendment and
Modification....................................................................................
1

Section 4.4.     
Counterparts.............................................................................................................
1

Section 4.5.     
Severability................................................................................................................
1

Section 4.6.      Entire
Agreement.......................................................................................................
1

Section 4.7.      Governing
Law..........................................................................................................
1

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FIRST AMENDMENT TO

AMENDED AND RESTATED

CAPACITY PURCHASE AGREEMENT

This FIRST AMENDMENT TO AMENDED AND RESTATED CAPACITY PURCHASE AGREEMENT (this
“Agreement”), dated as of ____________, 2003, is among Continental Airlines,
Inc., a Delaware corporation (“Continental”), ExpressJet Holdings, Inc., a
Delaware corporation (“Holdings”), XJT Holdings, Inc., a Delaware corporation
and a wholly-owned subsidiary of Holdings (“XJT”), and ExpressJet Airlines,
Inc., a Delaware corporation and a subsidiary of XJT (“ExpressJet”).

                                                                    RECITALS:

WHEREAS, Continental, Holdings, XJT, and ExpressJet are parties to that certain
Amended and Restated Capacity Purchase Agreement, dated as of April 17, 2002
(the “Amended and Restated Capacity Purchase Agreement”); and

            WHEREAS, Continental, Holdings, XJT, and ExpressJet desire to amend
certain provisions of the Amended and Restated Capacity Purchase Agreement as
more fully set forth herein; and

            WHEREAS, Section 11.04 of the Amended and Restated Capacity Purchase
Agreement permits such agreement to be amended in a written agreement signed by
Continental, Holdings, XJT, and ExpressJet;

NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and obligations hereinafter contained, the parties agree to amend the
Amended and Restated Capacity Purchase Agreement as follows:

DEFINITIONS; INTERPRETATION

Definitions

.  Capitalized terms used in this Agreement that are not otherwise defined shall
have the meanings set forth in the Amended and Restated Capacity Purchase
Agreement, as amended hereby.

Interpretation

.  Section 11.06 of the Amended and Restated Capacity Purchase Agreement is
hereby incorporated by reference herein in its entirety and shall govern the
interpretation of this Agreement.

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AMENDMENTS TO AMENDED AND RESTATED CAPACITY PURCHASE AGREEMENT

The Amended and Restated Capacity Purchase Agreement is hereby amended as
follows:

Amendment to Section 2.02(a)

.  Section 2.02(a) of the Amended and Restated Capacity Purchase Agreement is
hereby amended by adding a new clause (iv) thereto as follows:

(iv)       Notwithstanding clause (i) of this Section 2.02(a), Continental shall
not be entitled to provide in any notice delivered pursuant to this Section
2.02(a) for the withdrawal of a number of Covered Aircraft greater than the
excess of (i) the number set forth on Schedule 4 hereto for the month in which
the Effective Date set forth in such notice falls, plus the number of Delivered
Covered Aircraft that have been withdrawn from the capacity purchase provisions
of this Agreement at any time before such Effective Date in connection with a
Labor Strike pursuant to Section 9.05(c), over (ii) the number of Covered
Aircraft that have been withdrawn pursuant to this Section 2.02 within the three
year period immediately preceding such Effective Date.

Amendment to Section 6.02(b)

.  The date “December 31, 2005” contained in the fifth line of Section 6.02(b)
of the Amended and Restated Capacity Purchase Agreement is hereby deleted and
replaced with the date “December 31, 2006.”

Amendment to Section 9.03(a)

.  Section 9.03(a) of the Amended and Restated Capacity Purchase Agreement is
hereby amended and restated in its entirety to read as follows:

(a)        By Continental after Six Years.  Continental may terminate this
Agreement for any reason or for no reason, at its sole option, at any time on or
after January 1, 2007, by providing written notice to Contractor that specifies
a Termination Date of not more than 18 months nor less than 12 months after the
provision of such notice.  Such written notice may be delivered before January
1, 2007, so long as the Termination Date is on or after January 1, 2007.

Amendment to Exhibit A

.  The definition of “Agreement” in Exhibit A to the Amended and Restated
Capacity Purchase Agreement is hereby amended and restated in its entirety to
read as follows:

Agreement – means the Amended and Restated Capacity Purchase Agreement, dated as
of April 17, 2002, among Continental, Holdings, XJT and ExpressJet, as amended
from time to time pursuant to Section 11.04 hereof.

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Addition of Schedule 4

.  The Amended and Restated Capacity Purchase Agreement is hereby amended by
adding a Schedule 4 thereto, which Schedule 4 is attached to this Agreement as
Annex A.

REPRESENTATIONS AND WARRANTIES

Representations and Warranties of Holdings, XJT and ExpressJet

.  Holdings, XJT and ExpressJet, jointly and severally, represent, warrant and
covenant to Continental as of the date hereof as follows:

Organization and Qualification.  Each of Holdings, XJT and ExpressJet is a duly
organized and validly existing corporation in good standing under the laws of
the State of Delaware and has the corporate power and authority to own, operate
and use its assets and operate the Regional Airline Services.

Authority Relative to this Agreement.  Each of Holdings, XJT and ExpressJet has
the corporate power and authority to execute and deliver this Agreement and to
consummate the transactions contemplated hereby in accordance with the terms
hereof.  The execution and delivery of this Agreement and the consummation of
the transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of each of Holdings, XJT and ExpressJet.  This
Agreement has been duly and validly executed and delivered by each of Holdings,
XJT and ExpressJet and is, assuming due execution and delivery thereof by
Continental and that Continental has legal power and right to enter into this
Agreement, a valid and binding obligation of each of Holdings, XJT and
ExpressJet, enforceable against each of Holdings, XJT and ExpressJet in
accordance with its terms, except as enforcement hereof may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting the enforcement of creditors’ rights
generally and legal principles of general applicability governing the
availability of equitable remedies (whether considered in a proceeding in equity
or at law or otherwise under applicable law).

Conflicts; Defaults.  Neither the execution or delivery of this Agreement nor
the performance by each of Holdings, XJT and ExpressJet of the transactions
contemplated hereby will (i) violate, conflict with, or constitute a default
under any of the terms of either Holdings’, XJT’s or ExpressJet’s certificate of
incorporation, by-laws, or any provision of, or result in the acceleration of
any obligation under, any material contract, sales commitment, license, purchase
order, security agreement, mortgage, note, deed, lien, lease or other agreement
to which Holdings, XJT or ExpressJet is a party, (ii) result in the creation or
imposition of liens in favor of any third person or entity, (iii) violate any
law, statute, judgment, decree, order, rule or regulation of any governmental
authority, or (iv) constitute any event which, after notice or lapse of time or
both, would result in such violation, conflict, default, acceleration or
creation or imposition of liens.

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Representations and Warranties of Continental

.  Continental represents and warrants to Holdings, XJT and ExpressJet as of the
date hereof as follows:

Organization and Qualification.  Continental is a duly incorporated and validly
existing corporation in good standing under the laws of the State of Delaware.

Authority Relative to this Agreement.  Continental has the corporate power and
authority to execute and deliver this Agreement and to consummate the
transactions contemplated hereby in accordance with the terms hereof.  The
execution and delivery of this Agreement and the consummation of the
transactions contemplated hereby have been duly authorized by all necessary
corporate action on the part of Continental.  This Agreement has been duly and
validly executed and delivered by Continental and is, assuming due execution and
delivery thereof by Holdings, XJT and ExpressJet and that Holdings, XJT and
ExpressJet each has legal power and right to enter into this Agreement, a valid
and binding obligation of Continental, enforceable against Continental in
accordance with its terms, except as enforcement hereof may be limited by
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other similar laws relating to or affecting the enforcement of creditors’ rights
generally and legal principles of general applicability governing the
availability of equitable remedies (whether considered in a proceeding in equity
or at law or otherwise under applicable law).

Conflicts; Defaults.  Neither the execution or delivery of this Agreement nor
the performance by Continental of the transactions contemplated hereby will (i)
violate, conflict with, or constitute a default under any of the terms of
Continental’s certificate of incorporation, by-laws, or any provision of, or
result in the acceleration of any obligation under, any material contract, sales
commitment, license, purchase order, security agreement, mortgage, note, deed,
lien, lease or other agreement to which Continental is a party, (ii) result in
the creation or imposition of any liens in favor of any third person or entity,
(iii) violate any law, statute, judgment, decree, order, rule or regulation of
any governmental authority, or (iv) constitute any event which, after notice or
lapse of time or both, would result in such violation, conflict, default,
acceleration or creation or imposition of liens.

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MISCELLANEOUS

Effect of Agreement

.  Except as specifically amended hereby, the Amended and Restated Capacity
Purchase Agreement shall remain in full force and effect and is ratified in all
respects by the parties hereto.

Binding Effect; Assignment

.  This Agreement and all of the provisions hereof shall be binding upon the
parties hereto and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.  Except with respect to a merger of
either party with another Person, neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any party hereto without
the prior written consent of the other parties.

Amendment and Modification

.  This Agreement may not be amended or modified in any respect except by a
written agreement signed by the parties hereto.

Counterparts

.  This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute one and
the same instrument.  This Agreement may be executed by facsimile signature.

Severability

.  Any provision of this Agreement which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining
provisions hereof.  Any such prohibition or unenforceability in any jurisdiction
shall not invalidate or render unenforceable such provision in any other
jurisdiction.

Entire Agreement

.  This Agreement is intended by the parties as a complete statement of the
entire agreement and understanding of the parties with respect to the subject
matter hereof and all matters between the parties related to the subject matter
herein set forth.

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Governing Law

.  This Agreement shall be governed by and construed in accordance with the laws
of the State of Texas (excluding Texas choice-of-law principles that might call
for the application of the law of another jurisdiction) as to all matters,
including matters of validity, construction, effect, performance and remedies. 
Except as otherwise provided in Section 11.08(e) of the Amended and Restated
Capacity Purchase Agreement, any action arising out of this Agreement or the
rights and duties of the parties arising hereunder may be brought, if at all,
only in the state or federal courts located in Harris County, Texas.

(Signature Page Follows)

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IN WITNESS WHEREOF, the parties hereto have caused this First Amendment to
Amended and Restated Capacity Purchase Agreement to be duly executed and
delivered as of the date and year first written above.

CONTINENTAL AIRLINES, INC.

By:                                                                  

Name:  Jeffery A. Smisek

Title:  Executive Vice President – Corporate

EXPRESSJET HOLDINGS, INC.

By:                                                                  

Name:  James B. Ream

                                                                       
Title:     President and

Chief Executive Officer

XJT HOLDINGS, INC.

By:                                                                  

Name:  James B. Ream

                                                                       
Title:     President and

                                                                                   
Chief Executive Officer

EXPRESSJET AIRLINES, INC.

By:                                                                  

Name:  James B. Ream

                                                                       
Title:     President and

                                                                                   
Chief Executive Officer

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ANNEX A

SCHEDULE 4 TO AMENDED AND RESTATED CAPACITY PURCHASE AGREEMENT

                                    Effective
Date                                       Total

                                    July,
2004                                              84

                                    August,
2004                                          81

                                    September,
2004                                    79

                                    October,
2004                                       77

                                    November,
2004                                    75

                                    December,
2004                                    72

                                    January,
2005                                         70

                                    February,
2005                                      69

                                    March, 2005 – May, 2007                    
69

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