Form of Outside Director Stock Option Agreement



 EXHIBIT 4.21 

[UPDATED FORM TO FACILITATE ELECTRONIC DELIVERY] 

FORM OF OUTSIDE DIRECTOR OPTION GRANT DOCUMENT 

(PURSUANT TO THE TERMS OF THE 

CONTINENTAL AIRLINES, INC. 

INCENTIVE PLAN 2000) 

If the Holder accepts this Option, the Holder agrees to be bound by all of the terms, provisions, conditions and limitations

 of the Plan and this Outside Director Option Grant Document. 

The Plan is hereby incorporated 

by reference as a part of this Outside Director Option Grant Document. 

Capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Plan. 

This OUTSIDE DIRECTOR OPTION GRANT DOCUMENT (this “Option Grant Document”) is between Continental Airlines, Inc., a Delaware corporation
(“Company”), and Holder and is dated as of                     . 

1. Grant of Option. The Company hereby grants to Holder the right, privilege and option as herein set forth (the “Option”) to
purchase up to                      (            ) shares (the
“Shares”) of Common Stock, in accordance with the terms of this Option Grant Document. The Shares, when issued to Holder upon the exercise of the Option, shall be fully paid and nonassessable. The Option is granted pursuant to and to
implement in part the Continental Airlines, Inc. Incentive Plan 2000 (as amended and in effect from time to time, the “Plan”). The Option is not intended to qualify as an Incentive Stock Option. 

2. Option Term. Subject to earlier termination as provided herein, the Option shall terminate on
                    . The period during which the Option is in effect is referred to as the “Option Period”. 

3. Option Exercise Price. The exercise price (the “Option Price”) of the Shares subject to the Option shall be equal to the
Market Value per Share on the date hereof. 
 4. Vesting. The total number of Shares subject to this Option shall vest immediately
upon the grant hereof. 
 5. Method of Exercise. To exercise the Option, Holder shall deliver an irrevocable written notice to
Company (to the attention of the Secretary of the Company) stating the number of Shares with respect to which the Option is being exercised together with payment for such Shares. Payment shall be made (i) in cash or by check acceptable to
Company, (ii) in nonforfeitable, unrestricted shares of Company’s Common Stock owned by Holder at the time of exercise of the Option having an aggregate market value (measured by the Market Value per Share) at the date of exercise equal to
the aggregate exercise price of the Option being exercised or (iii) by a combination of (i) and (ii). In addition, at the request of Holder, and to the extent permitted by applicable law and subject to Paragraph 15, the Option may be
exercised pursuant to a “cashless exercise” arrangement with any brokerage firm approved by the Administrator or its delegate under which arrangement such brokerage firm, on behalf of Holder, shall pay to Company the exercise price of the
Options being exercised, and Company, pursuant to an irrevocable notice from Holder, shall promptly after receipt of the exercise price deliver the shares being purchased to such firm. 

6. Termination of Board Service. The Option shall terminate on, and may not be exercised after the earlier of (i) the date that is one
year after termination of Holder’s service on the Board for any reason and (ii) the expiration of the Option Period. 
 7.
Reorganization of Company and Subsidiaries. The existence of the Option shall not affect in any way the right or power of Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations or
other changes in Company’s capital structure or its business, or any merger or consolidation of Company or any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Shares or the rights thereof, or the
dissolution or liquidation of Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar character or otherwise. 

8. Adjustment of Shares. In the event of stock dividends, spin-offs of assets or other extraordinary dividends, stock splits, combinations
of shares, recapitalizations, mergers, consolidations, reorganizations, liquidations, issuances of rights or warrants and similar transactions or events involving Company, appropriate adjustments shall be made to the terms and provisions of this
Option, in the same manner as is provided for adjustments to the terms and provisions of the warrants issued by Company to Air Canada and to Air Partners, L.P. under the Warrant Agreement dated as of April 27, 1993. 







 9. No Rights in Shares. Holder shall have no rights as a stockholder in respect of Shares
until such Holder becomes the holder of record of such Shares. 
 10. Certain Restrictions. By exercising the Option, Holder
agrees that if at the time of such exercise the sale of Shares issued hereunder is not covered by an effective registration statement filed under the Securities Act of 1933 (“Act”), Holder will acquire the Shares for Holder’s own
account and without a view to resale or distribution in violation of the Act or any other securities law, and upon any such acquisition Holder will enter into such written representations, warranties and agreements as Company may reasonably request
in order to comply with the Act or any other securities law or with this Option Grant Document. Holder agrees that Company shall not be obligated to take any affirmative action in order to cause the issuance or transfer of Shares hereunder to comply
with any law, rule or regulation that applies to the Shares subject to the Option. 
 11. Shares Reserved. Company shall at all
times during the Option Period reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Option. 

12. Nontransferability of Option. The Option granted pursuant to this Option Grant Document is not transferable other than by will, the
laws of descent and distribution or by qualified domestic relations order. The Option will be exercisable during Holder’s lifetime only by Holder or by Holder’s guardian or legal representative. No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities, or torts of Holder. 
 13. Amendment and Termination; Electronic
Delivery. No amendment or termination of the Option shall be made by the Board or the Administrator at any time without the written consent of Holder. No amendment or termination of the Plan will adversely affect the rights, privileges and
option of Holder under the Option without the written consent of Holder. Holder hereby consents and agrees to electronic delivery of any Plan documents, proxy materials, annual reports and other related documents. 

14. No Guarantee of Board Service. The Option shall not confer upon Holder any right with respect to continuance of service on the Board,
nor shall it interfere in any way with any right to terminate Holder’s Board service at any time. 
 15. Withholding of
Taxes. Company shall have the right to (i) make deductions from the number of Shares otherwise deliverable upon exercise of the Option in an amount sufficient to satisfy withholding of any federal, state or local taxes required by law,
or (ii) take such other action as may be necessary or appropriate to satisfy any such tax withholding obligations. 
 16. No
Guarantee of Tax Consequences. Neither Company nor any subsidiary nor the Administrator makes any commitment or guarantee that any federal or state tax treatment will apply or be available to any person eligible for benefits under the
Option. 
 17. Severability. In the event that any provision of the Option shall be held illegal, invalid, or unenforceable for
any reason, such provision shall be fully severable, but shall not affect the remaining provisions of the Option, and the Option shall be construed and enforced as if the illegal, invalid, or unenforceable provision had never been included herein.

 18. Governing Law. The Option shall be construed in accordance with the laws of the State of Delaware to the extent federal law
does not supersede and preempt Delaware law.