Document:

CERTIFICATIONS*

EXHIBIT 10.11(a)

AWARD NOTICE

to [name]

April 14, 2004

Pursuant to the Continental Airlines, Inc.

Long Term Incentive and RSU Program

[RSU Awards]

This document constitutes your formal Award Notice with respect to RSU Awards as a Participant under the Continental Airlines, Inc. Long Term Incentive and RSU Program (as amended from time to time, the "Program") adopted under the Continental Airlines, Inc. Incentive Plan 2000 (as amended from time to time, the "Incentive Plan 2000").  This Award Notice evidences your receipt of three separate RSU Awards under the Program, as follows:

1.First RSU Award - An RSU Award with respect to the RSU Performance Period commencing on April 1, 2004, and ending on June 30, 2005.  As of the date hereof, the number of RSUs subject to the First RSU Award is ______, and the Target Price applicable to the First RSU Award is $17.4775.

2.Second RSU Award - An RSU Award with respect to the RSU Performance Period commencing on April 1, 2004, and ending on March 31, 2006.  As of the date hereof, the number of RSUs subject to the Second RSU Award is ______, and the Target Price applicable to the Second RSU Award is $20.4775.

3.Third RSU Award - An RSU Award with respect to the RSU Performance Period commencing on April 1, 2004, and ending on December 31, 2007.  As of the date hereof, the number of RSUs subject to the Third RSU Award is ______, and the Target Price applicable to the Third RSU Award is $22.4775.

The number of RSUs subject to an RSU Award and the Target Price applicable to such award shall be subject to adjustment by the Human Resources Committee of the Board of Directors of the Company (the "Committee") as provided in the Program.

The Payment Amount with respect to each of your RSU Awards, assuming the Market Value per Share (generally, the average closing sales price of a share of Company Stock over 20-consecutive Trading Days) at any date during the applicable RSU Performance Period has been equal to or greater than the Target Price applicable to such RSU Award, will be an amount equal to 100% of the RSU Value, determined as of the last day of the applicable RSU Performance Period (or, in the event of a Change in Control, as of the date of the Change in Control, or in the event of death, Disability or Retirement, as of the date of such event).  The RSU Value of an RSU Award, as of a specified date, is determined by multiplying the number of RSUs subject to such award as of the specified date times the Market Value per Share as of the specified date.  Receipt of a Payment Amount is also conditioned on your continuous employment with the Company and its subsidiaries until the last day of the RSU Performance Period (with limited exceptions for certain terminations of employment, such as death, Disability, and Retirement).  A Payment Amount may be pro-rated as provided in the Program under certain circumstances.

Prior to any payment under the Program, the Committee must (with limited exceptions) certify in writing that the Market Value per Share at any date during the applicable RSU Performance Period has been equal to or greater than the Target Price with respect to the related RSU Award.

Capitalized terms used in this Award Notice are defined in the Program, and your participation is subject to the terms of the Program and the Incentive Plan 2000.  The Program and the Incentive Plan 2000 are hereby incorporated into this Award Notice by reference.

If you have any questions, or wish to obtain a copy of the Program or the Incentive Plan 2000, please contact _____________________.

CONTINENTAL AIRLINES, INC.

 

By:_________________________

Michael Campbell

Senior Vice President -

Human Resources and 
Labor RelationsCERTIFICATIONS*

EXHIBIT 10.11(b)

AWARD NOTICE

to [name]

April 14, 2004

Pursuant to the Continental Airlines, Inc.

Long Term Incentive and RSU Program

[NLTIP Award]

This document constitutes your formal Award Notice with respect to an NLTIP Award as a Participant under the Continental Airlines, Inc. Long Term Incentive and RSU Program (as amended from time to time, the "Program") adopted under the Continental Airlines, Inc. Incentive Plan 2000 (as amended from time to time, the "Incentive Plan 2000").  This Award Notice evidences your receipt of an NLTIP Award under the Program with respect to the NLTIP Performance Period commencing on April 1, 2004, and ending on December 31, 2006 (the "Performance Period").

The Human Resources Committee of the Board of Directors of the Company (the "Committee") has established certain performance goals for purposes of NLTIP Awards under the Program.  The performance goals relate to (1) the EBITDAR Margin achieved by the Company for the Performance Period as compared to the average of the EBITDAR Margins achieved by the companies in the Industry Group (currently Alaska Air Group, Inc., America West Holdings Corporation, AMR Corporation, Delta Air Lines, Inc., Northwest Airlines Corporation, Southwest Airlines Co., UAL Corporation and US Airways Group, Inc.) for such period (such average is referred to as the "Entry EBITDAR Margin") and (2) the Company's achievement of a Cash Hurdle as of the last day of the Performance Period.  EBITDAR Margin (which is more specifically defined in the Program) generally means the EBITDAR achieved during the Performance Period by the Company (or a company in the Industry Group, as the case may be) divided by the Company's (or such other company's) cumulative revenues over the Performance Period.  The Cash Hurdle performance goal is satisfied if the Company's cash flow over the Performance Period is such that the Company's total unrestricted cash, cash equivalents and short-term investments as of the last day of the Performance Period is equal to or greater than a target amount specified by the Committee.  For purposes of NLTIP Awards under the Program for the Performance Period, the specific performance targets established by the Committee are as follows: (1) Target EBITDAR Margin equal to Entry EBITDAR Margin plus 100 Basis Points; (2) Stretch EBITDAR Margin equal to Target EBITDAR Margin plus 100 Basis Points; and (3) Cash Hurdle of $1.0 billion.

The potential Payout Percentage applicable to your NLTIP Award for the Performance Period will vary depending on the EBITDAR Margin achieved by the Company for such period as compared to the Entry EBITDAR Margin for such period.  Based on your position and pay at April 14, 2004, your potential Payout Percentage is equal to ___% plus (1) if the Company's EBITDAR Margin with respect to the Performance Period exceeds the Entry EBITDAR Margin with respect to such period, an additional percentage equal to (x) ___ divided by (y) 100, for each Basis Point that the Company's EBITDAR Margin with respect to the Performance Period exceeds the Entry EBITDAR Margin with respect to such period, up to and including the Target EBITDAR Margin with respect to the Performance Period, and (2) if the Company's EBITDAR Margin with respect to the Performance Period exceeds the Target EBITDAR Margin with respect to such period, an additional percentage equal to (x) ____ divided by (y) 100, for each Basis Point that the Company's EBITDAR Margin with respect to the Performance Period exceeds the Target EBITDAR Margin with respect to such period, up to and including the Stretch EBITDAR Margin with respect to the Performance Period.

The Payment Amount with respect to your NLTIP Award for the Performance Period, assuming that both the Cash Hurdle for such period is achieved and the Company's EBITDAR Margin is at least equal to the Entry EBITDAR Margin for such period, will be your Payout Percentage times your Base Amount (base annual salary plus a deemed bonus) in effect as of the earlier of the last day of the Performance Period, the date of your death, Disability or Retirement, or the day immediately preceding the date upon which you suffer a Qualifying Event in connection with, after, or in contemplation of a Change in Control.  Receipt of a Payment Amount is also conditioned on your continuous employment with the Company and its subsidiaries until the last day of the Performance Period (with limited exceptions for certain terminations of employment, such as death, Disability, and Retirement).  A Payment Amount may be pro-rated as provided in the Program (for example, if you become a participant in the Program after April 14, 2004, or if your employment terminates under certain circumstances prior to the last day of the Performance Period).

Prior to any payment under the Program, the Committee must (with limited exceptions) certify in writing that the performance goals have been met.

Capitalized terms used in this Award Notice are defined in the Program, and your participation is subject to the terms of the Program and the Incentive Plan 2000.  The Program and the Incentive Plan 2000 are hereby incorporated into this Award Notice by reference.

If you have any questions, or wish to obtain a copy of the Program or the Incentive Plan 2000, please contact _____________________.

CONTINENTAL AIRLINES, INC.

 

By:_________________________

Michael Campbell

Senior Vice President -

Human Resources and 
Labor RelationsCERTIFICATIONS*

EXHIBIT 10.12

CONTINENTAL AIRLINES, INC.

1600 SMITH ST.

HOUSTON, TEXAS  77002

March 12, 2004

Mr. Gordon M. Bethune

Chairman of the Board and Chief Executive Officer

Continental Airlines, Inc.

1600 Smith St., Dept. HQSEO

Houston, TX  77002

Dear Mr. Bethune:

The purpose of this letter agreement is to amend your employment agreement with Continental Airlines, Inc. (the "Company") to take into account the March 12, 2004 amendment to the definition of "Change in Control" in the Company's various employee benefit plans and programs, including the Incentive Plan 2000 and the Long Term Incentive Performance Award Program.  The definition of Change in Control was amended to delete references to certain Excluded Persons and to update those individuals who comprise the Incumbent Board, all as such terms are used in the Change in Control definition.  The Company has provided you a copy of the amended Change in Control definition.

You and the Company agree that your current employment agreement is amended so that all references therein to "Change in Control" (other than the reference to "Change in Control" that appears in clause (ii) of Section 4.7 of your current employment agreement, which shall not be affected by this amendment) refer to such amended "Change in Control" definition.   

If you agree with the foregoing, please sign the enclosed copy of this letter agreement and return the enclosed copy to me, whereby this letter agreement shall be a binding agreement between you and the Company and shall amend your current employment agreement accordingly.

Sincerely,

/s/ Michael H. Campbell

Michael H. Campbell

Senior Vice President - Human

Resources and Labor Relations

Agreed:

/s/ Gordon M. Bethune_____

Gordon M. Bethune

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